Annual Report and Consolidated Accounts 2015
cation has significant impacts on the consoli-
dated financial statements of future periods.
e) IAS 16 and IAS 41 (amendment), ‘Agriculture:
bearer plants’ (effective for annual periods
beginning on or after 1 January 2016). This
amendment defines the concept of a bearer
plant and removes it from the scope of IAS 41
– Agriculture, to the scope of IAS 16 – Proper-
ty, plant and equipment, with the consequen-
tial impact on measurement. However, the
produce growing on bearer plants will remain
within the scope of IAS 41 - Agriculture. This
standard is not applicable to the entity.
f) IAS 27 (amendment), ‘Equity method in sepa-
rate financial statements’ (effective for annual
periods beginning on or after 1 January 2016).
This amendment allows entities to use equity
method to measure investments in subsidiar-
ies, joint ventures and associates in separate
financial statements. This amendment applies
retrospectively. This standard is not applicable
to the entity.
g) Amendment to IFRS 10, 12 and IAS 28, ‘Invest-
ment entities: applying consolidation excep-
tion’’ (effective for annual periods beginning
on or after 1 January 2016). This amendment is
still subject to endorsement by the European
Union. This amendment clarifies that the ex-
emption from the obligation to prepare con-
solidated financial statements by investment
entities applies to an intermediate parent
which is a subsidiary of an investment entity.
The policy choice to apply the equity method,
under IAS 28, is extended to an entity which
is not an investment entity, but has an inter-
est in an associate, or joint venture, which is
an investment entity. It is not expected that its
application has significant impacts.
h) IFRS 11 (amendment), ‘Accounting for the ac-
quisition of interests in joint operations (effec-
tive for annual periods beginning on or after
1 January 2016). This amendment adds new
guidance on how to account for the acquisi-
tion of an interest in a joint operation that con-
stitutes a business, through the application of
IFRS 3’s principles. It is not expected that its
application has significant impacts.
i) Annual Improvements 2012 - 2014, (effective
for annual periods beginning on or after 1 Janu-
ary 2016). The 2012-2014 annual improvements
affects: IFRS 5, IFRS 7, IAS 19 and IAS 34. It is
not expected that its application has signifi-
cant impacts.
j) IFRS 9 (new), ‘Financial instruments’ (effec-
tive for annual periods beginning on or after 1
January 2018). This standard is still subject to
endorsement by the European Union. IFRS 9
replaces the guidance in IAS 39, regarding: (i)
the classification and measurement of finan-
cial assets and liabilities; (ii) the recognition of
credit impairment (through the expected cred-
it losses model); and (iii) the hedge accounting
requirements and recognition. It is not expect-
ed that its application has significant impacts.
k) IFRS 15 (new), ‘Revenue from contracts with
customers’ (effective for annual periods be-
ginning on or after 1 January 2018). This stand-
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