ANNUAL REPORT 2016
f)
Amendment to IFRS 10, 12 e IAS 28, ‘Investment entities: applying consolidation exception’.
This amendment clarifies that the exemption from the obligation to prepare consolidated
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 interest in
an associate, or joint venture, which is an investment entity. This standard had no impact
on the entity.
g)
IFRS 11 (amendment), ‘Accounting for the acquisition of interests in joint operations’. This
amendment adds new guidance on how to account for the acquisition of an interest in a
joint operation that constitutes a business, through the application of IFRS 3’s principles.
This standard had no impact on the entity.
h)
Annual Improvements 2010 - 2012. The 2010-2012 annual improvements affects: IFRS 2,
IFRS 3, IFRS 8, IFRS 13, IAS 16 and 38, and IAS 24. This standard had no impact on the
entity.
i)
Annual Improvements 2012 - 2014. The 2012-2014 annual improvements affects: IFRS 5,
IFRS 7, IAS 19 and IAS 34. This standard had no impact on the entity.
2.
Standards that have been published and are mandatory for the accounting periods begin-
ning on or after 1 January 2017, and were already endorsed by the EU.
a)
IFRS 9 (new), ‘Financial instruments’ (effective for annual periods beginning on or after 1
January 2018). IFRS 9 replaces the guidance in IAS 39, regarding: (i) the classification and
measurement of financial assets and liabilities; (ii) the recognition of credit impairment
(through the expected credit losses model); and (iii) the hedge accounting requirements
and recognition. The impact of this standard is being assessed by Ibersol’s management.
b)
IFRS 15 (new), ‘Revenue from contracts with customers’ (effective for annual periods
beginning on or after 1 January 2018). This new standard, applies only to contracts with
customers to provide goods or services, and requires an entity to recognise revenue when
the contractual obligation 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”. The impact of this standard is being assessed by Ibersol’s management.
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