216
• Amendment to 10 and IAS 28,
‘Sale or contribution
of assets between investor and its Associate or Joint
venture’ (effective for annual periods beginning
on or after 1 January 2016).This amendment is still
subject to endorsement by European Union. This
amendment clarifies that the sale or contribution
of assets between an investor and its associate or
joint venture, entitles the investor to recognise a full
gain or loss when the assets transferred constitute a
business, and only a partial gain or loss (in the share
owned by third parties) when it does not constitute
a business. It is not expected that its application has
significant impacts.
• Amendment to IFRS 10, 12 and IAS 28,
‘Invest-
ment entities: applying consolidation exception’’
(effective for annual periods beginning on or after
1 January 2016). This amendment is still subject to
endorsement by European Union. This amendment
clarifies that the exemption from the obligation to
prepare consolidated financial statements by invest-
ment entities apply to an intermediate parent which
is a subsidiary of an investment entity. The policy
choice to apply equity method, under IAS 28, is ex-
tended to an entity, which is not an investment enti-
ty, but has an interest in an associate or joint venture
which is an investment entity. It is not expected that
its application has significant impacts.
• IFRS 11
(amendment), ‘Accounting for the acquisi-
tions of interests in joint operations (effective for an-
nual periods beginning on or after 1 January 2016).
This amendment is still subject to endorsement by
European Union. This amendment adds new guid-
ance on how to account for the acquisition of an
interest in a joint operation that constitutes a busi-
ness, being applied the principles of IFRS 3 – Busi-
ness combinations. It is not expected that its appli-
cation has significant impacts.
•
Annual Improvement 2010 - 2012,
(generally ef-
fective for annual periods beginning on or after 1
July 2014). These improvements are still subject to
endorsement by European Union. The 2010-2012
annual improvements affects: IFRS 2, IFRS 3, IFRS
8, IFRS 13, IAS 16, IAS 24 and IAS 38. The Entity will
apply improvement 2010 - 2012 in the period it be-
comes effective.
• Annual Improvement 2011 - 2013,
(effective in
European Union for annual periods beginning on
or after 1 January 2015). The 2011-2013 annual im-
provements affects: IFRS 1, IFRS 3, IFRS 13 and IAS
40. It is not expected that its application has signifi-
cant impacts in future financial statements.
• Annual Improvement 2012 - 2014,
(effective for
annual periods beginning on or after 1 January
2016). These improvements are still subject to en-
dorsement by European Union. The 2012-2014 an-
nual improvements affects: IFRS 5, IFRS 7, IAS 19 and
IAS 34. It is not expected that its application has sig-
nificant impacts.
• IFRS 9
(new), ‘Financial instruments’ (effective for
annual periods beginning on or after 1 January
2018). This standard is still subject to endorsement
by European Union. IFRS 9 replaces the guidance in
IAS 39, regarding: (i) the classification and measure-
ment of financial assets and liabilities; (ii) the recog-
nition of credit impairment (through the expected
credit losses model); and (iii) the hedge accounting
requirements and recognition. It is not expected that
its application has significant impacts.
• IFRS 14
(new), ‘Regulatory deferral accounts’ (ef-
fective for annual periods beginning on or after 1
January 2016). This standard is still subject to en-
dorsement by European Union. This standard per-
