Consolidated Financial Statements
(ii) All costs associated with acquisition are recorded as expenses.
Also has been applied since 1 January 2010 the revised IAS 27, which requires that all tran-
sactions with the “non- controlling interest” are recorded in equity, when there is no change
in control of the entity, there is no place to record goodwill or gains or losses. When there is a
loss of control exercised over the entity, any remaining interest on the principal is measured
at fair value, and a gain or loss is recognized in the results of the exercise.
Balances and gains arising from transactions between Group companies are eliminated. Los-
ses not realised are also eliminated, except when the transaction reveals that a transferred
asset is subject to impairment. The subsidiaries’ accounting policies are altered whenever
necessary to ensure consistence with the Group’s policies
(b) Jointly controlled companies
The financial statements of jointly controlled companies were included in these consolidated
financial statements by the equity method, under the adoption of IFRS 11, as of the date
on which the joint control is acquired. According to this method, these companies’ assets,
liabilities, income and costs were included in the annexed consolidated financial statements
in one line in the consolidated statement of financial position and in one line in the con-
solidated statements of comprehensive income. Transactions, balances and dividends paid
among Group companies and jointly controlled companies are not eliminated in the propor-
tion of the control assigned to the Group. The excess acquisition cost compared with the fair
value of the identifiable assets and liabilities on the acquisition date of a jointly controlled
company is recognised as a financial investment.
Jointly controlled companies are listed in Note 5.
2.3 REPORT PER SEGMENT
An operating segment is a component of an entity that engages in business activities from
which it may earn revenues and incur expenses (including revenues and expenses relating to
transactions with other components of the same entity) whose operating results are reviewed
regularly by the entity’s chief operating decision maker to make decisions about resources
to be allocated to the segment and assess its performance and for which separate financial
information is available
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