2014 ANNUAL REPORT

139

B.3 ACCOUNTING STANDARDS, AMENDMENTSAND INTERPRETATIONSAPPLIED IN 2014

The basis of consolidation, themethods applied for translating

foreign company financial statements into the presentation

currency, the accounting standards as well as the accounting

estimates adopted are the same as those used for the conso-

lidated financial statements at 31 December 2013, except for

the accounting standards and amendments discussed below

and obligatorily applied with effect from 1 January 2014 after

being endorsed by the competent authorities.

On 12 May 2011, the IASB issued

IFRS 10, IFRS 11

and

IFRS 12

and amendments to

IAS 27

and

IAS 28

The principal changes were as follows:

IFRS 10 - Consolidated Financial Statements

This standard supersedes

SIC 12 - Consolidation: Special

Purpose Entities

and parts of

IAS 27 - Separate Financial

Statemen

ts. The objective of the new standard is to define

a single control model, which is applicable to all companies,

including special purpose entities.

The standard provides guidance on defining the new concept

of control, which is more detailed than in the past, in order to

assist in the determination of control where this is difficult to

assess.

IAS 27 - Separate Financial Statements

has been revised

following publication of

IFRS 10 - Consolidated Financial

Statements

. The new document, from which all references to

consolidation have been removed, prescribes the accounting

treatment for investments when an entity prepares separate

financial statements.

IFRS 11 - Joint Arrangements

This document supersedes

IAS 31 - Interests in Joint Ventures

and

SIC 13 - Jointly Controlled Entities: Non-Monetary Contri-

butions by Venturers

and establishes principles for identifying

a joint arrangement on the basis of the rights and obligations

arising from the arrangement, rather than its legal form. The

accounting treatment differs according to whether the arran-

gement is classified as a joint operation or a joint venture. In

addition, the existing policy choice of proportionate consolida-

tion for joint ventures has been eliminated.

IFRS 12 - Disclosure of Interests in Other Entities

This document refers to the disclosures concerning interests

in other entities, including subsidiaries, associates and joint

ventures.

The objective is to disclose information that enables users of

financial statements to evaluate the nature of risks associa-

ted with interests in strategic investments (consolidated and

otherwise) intended to be held over the medium to long term.

IFRSs 10, 11

and

12 and IAS 27

were published in the Official

Journal of the European Union on 29 December 2012 and

apply at the latest from the commencement date of the first

financial year starting on or after 1 January 2014.

In November 2013,

Investment Entities (Amendments to IFRS

10, IFRS 12 and IAS 27)

, a document issued by the IASB on

31 October 2012, was published in the Official Journal of the

European Union. These amendments are intended to provide

an exception to the consolidation obligations of IFRS 10 for

companies that manage and measure their investments on a

fair value basis. These amendments apply to financial years

beginning on or after 1 January 2014 and have not entailed any

significant effects for the Group.

Further details about the effects of the above amendments

can be found in Section C. Restatement of comparative

figures.

On 16 December 2011, the IASB published amendments to

IAS

32 - Financial Instruments: Presentation

to clarify the criteria

for offsetting financial instruments.

The amendments clarify that:

• the right of set-off between financial assets and liabilities

must be available at the financial reporting date and not

contingent on a future event;

• this right must be enforceable by all counterparties both

in the normal course of business and in the event of insol-

vency or bankruptcy.

The document was published in the Official Journal of the

European Union on 29 December 2012. The amendments,

which apply retrospectively to financial years beginning on or

after 1 January 2014, have not entailed any significant changes

for the Group.