Annual Report and Consolidated Account
014
217
mits first–time adopters to continue to recognise
amounts related to rate regulation in accordance
with their previous GAAP requirements when they
adopt IFRS. However, to enhance comparability with
entities that already apply IFRS and do not recognise
regulatory assets / liabilities, the referred amounts
must be presented separately in the financial state-
ments. It is not expected that its application has sig-
nificant impacts.
• IFRS 15
(new), ‘Revenue from contracts with cus-
tomers’ (effective for annual periods beginning on
or after 1 January 2017). This standard is still sub-
ject to endorsement by European Union. This new
standard, applies only to contracts with customers
to provide goods or services, and requires an entity
to recognise revenue when the contractual obliga-
tion to deliver the goods or services is satisfied and
by the amount that reflects the consideration the
entity is expected to be entitled to, following a five
step approach. It is not expected that its applica-
tion has significant impacts.
Interpretations:
• IFRIC21
(new), ‘Levies’ (effective for annual periods be-
ginning on or after 17 June 2014). Interpretation to IAS
37 and the recognition of a liability, clarifying that the
obligation event that gives rise to a liability to pay a levy
is the activity described in the relevant legislation that
triggers the payment. The entitywill apply this standard
in the period it becomes effective. It is not expected that
its application has significant impacts.
37. SUBSEQUENT EVENTS
There were no subsequent events as of 31 December
2014 that may have a material impact on these finan-
cial statements.
38. APPROVAL OF THE FINANCIAL STATEMENTS
The financial statements were approved by the Board of
Directors and authorised for emission on 7
th
April 2015.
