Annual Report and Consolidated Account
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ods to calculate the depreciation / amortization of
an asset is generally presumed to be an inappro-
priate basis for measuring the consumption of the
economic benefits embodied in an asset. It shall be
applied prospectively. It is not expected that its ap-
plication has significant impacts.
• IAS 16 and IAS 41
(amendment), ‘Agriculture: bearer
plants’ (effective for annual periods beginning on or
after 1 January 2016). This amendment is still subject
to endorsement by European Union. This amend-
ment defines the concept of a bearer plant and re-
moves it from the scope of IAS 41 – Agriculture, to the
scope of IAS 16 – Property, plant and equipment, with
the consequential impact on measurement. Howev-
er, the produce growing on bearer plants will remain
within the scope of IAS 41 – Agriculture. It is not ex-
pected that its application has significant impacts.
• IAS 19
(amendment), ‘Defined benefit plans – Em-
ployee contributions’ (effective for annual periods
beginning on or after 1 July 2014). This amendment
is still subject to endorsement by European Union.
This amendment apply to contributions from em-
ployees or third parties to defined benefit plans
and aims to simplify the accounting when contri-
butions are independent of the number of years of
service. It is not expected that its application has
significant impacts.
• IAS 27
(amendment), ‘Equity method in separate fi-
nancial statements’ (effective for annual periods be-
ginning on or after 1 January 2016). This amendment
is still subject to endorsement by European Union.
This amendment allows entities to use equity method
to measure investments in subsidiaries, joint ventures
and associates in separate financial statements. This
amendment applies retrospectively. It is not expected
that its application has significant impacts.
• IAS 27
(revised 2011), ‘Separate financial statements’.
IAS 27 was revised after the issuance of IFRS 10 and
contains the accounting and disclosure requirements
for investments in subsidiaries, joint ventures and as-
sociates when the entity prepares separate financial
statements. The adoption of this amendment had no
impact in the financial statements.
• IAS 28
(revised 2011),’Investments in associates and
joint ventures’. IAS 28 was revised after the issuance
of IFRS 11 and prescribes the accounting for invest-
ments in associates and joint ventures, and sets out
the requirements for the application of equity meth-
od. The adoption of this amendment had no impact
in the financial statements.
b) The following standards, amendments to existing
standards and interpretations have been published
and are mandatory for the Entity’s accounting peri-
ods beginning on or after 1 July 2014 or later peri-
ods, but that the Entity has not early adopted:
Standards:
• IAS 1
(amendment), ‘Disclosure initiative’ (effective for
annual periods beginning on or after 1 January 2016).
This amendment is still subject to endorsement by the
European Union. This amendment provides guidance
on materiality and aggregation, the presentation of
subtotals, the structure of financial statements and the
disclosureof accountingpolicies. It is not expected that
its application has significant impacts.
• IAS 16 and IAS 38
(amendment), ‘Acceptable meth-
ods of depreciation and amortisation calculation’
(effective for annual periods beginning on or after
1 January 2016). This amendment is still subject to
endorsement by the European Union. This amend-
ment clarifies that the use of revenue-based meth-
