Consolidated Financial Statements
Standards (new and amendments) and interpretations that have been published and
are mandatory for the accounting periods beginning on or after 1 January 2017, but
are not yet endorsed by the EU:
a)
IAS 7 (amendment), ‘Cashflow statement – Disclosure initiative’ (effective for annual periods
beginning on or after 1 January 2017). This amendment is still subject to endorsement by
the European Union. This amendment introduces an additional disclosure about the changes
in liabilities arising from financing activities, disaggregated between cash changes and non-
-cash changes and how it reconciles with the reported cash flows from financing activities,
in the Cash Flow Statement. Its application is not expected to have significant impacts.
b)
IAS 12 (amendment),’Income taxes – Recognition of deferred tax assets for unrealised losses’
(effective for annual periods beginning on or after 1 January 2017). This amendment is still
subject to endorsement by the European Union. This amendment clarifies how to account for
deferred tax assets related to assets measured at fair value, how to estimate future taxable
profits when temporary deductible differences exist and how to assess recoverability of de-
ferred tax assets when restrictions exist in the tax law. Its application is not expected to have
significant impacts.
c)
IAS 40 (amendment), ‘Transfers of Investment property’ (effective for annual periods begin-
ning on or after 1 January 2018). This amendment is still subject to endorsement by the Eu-
ropean Union. This amendment clarifies when assets are transferred to, or from investment
properties, the evidence of the change in use is required. A change of management intention
in isolation is not enough to support a transfer. Its application is not expected to have signi-
ficant impacts.
d)
IFRS 2 (amendment), ‘Classification and measurement of share-based payment transactions’
(effective for annual periods beginning on or after 1 January 2018). This amendment is still
subject to endorsement by the European Union. This amendment clarifies the measurement
basis for cash-settled, share-based payments and the accounting for modifications to a sha-
re-based payment plan that change the classification an award from cash-settled to equity-
-settled. It also introduces an exception to the principles in IFRS 2 that will require an award
to be treated as if it was wholly equity-settled, where an employer is obliged to withhold an
amount for the employee’s tax obligation associated with a share-based payment and pay
that amount to the tax authority. Its application is not expected to have significant impacts.
e)
IFRS 4 (amendment), ‘Insurance contracts (Applying IFRS 4 with IFRS 9)’ transactions’ (ef-
fective for annual periods beginning on or after 1 January 2018). This amendment is still
subject to endorsement by the European Union. This amendment allows companies that
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