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Consolidated Financial Report |
EXPLANATORY NOTES
2014 Annual Report
Prysmian Group
140
On 20 May 2013, the IASB issued
IFRIC 21 - Levies
, an inter-
pretation of
IAS 37 - Provisions, Contingent Liabilities and
Contingent Assets
. The interpretation, which addresses the
recognition of liabilities for the payment of taxes other than
income taxes, provides guidance on identifying the event that
gives rise to the obligation and when to recognise the liability.
The interpretation applies to financial years beginning on or
after 17 June 2014. The introduction of this interpretation is
not expected to entail any significant effects for the Group.
On 29May 2013, the IASB issued an amendment to
IAS 36 - Im-
pairment of Assets: Recoverable Amount Disclosures for Non-
Financial Assets
to clarify the disclosure of information about
the recoverable amount of impaired assets, if that amount
is based on fair value less costs of disposal. The amendment
requires disclosures about the recoverable amount of such
assets or cash-generating units only when impairment is
recognised or a previous impairment is reversed.
This amendment applies to financial years beginning on
or after 1 January 2014 and has not entailed any significant
effects for the Group.
On 27 June 2013, the IASB published an amendment to
IAS
39 - Financial Instruments: Recognition and Measurement -
Novation of Derivatives and Continuation of Hedge Accounting
which clarifies that it is permitted to continue hedge ac-
counting for a derivative designated as a hedging instrument,
where novation is required by legislation/regulation, provided
specific conditions are met. This amendment applies to
financial years beginning on or after 1 January 2014 and has not
entailed any significant effects for the Group. The amendment
will also appear in
IFRS 9 – Financial Instruments
.