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B.4 ACCOUNTING STANDARDS, AMENDMENTS AND INTERPRETATIONS
NOT YET APPLICABLE AND NOT ADOPTED EARLY BY THE GROUP
On 21 November 2013, the IASB published an amendment
to
IAS 19 - Employee Contributions
with the aim of providing
more information about the accounting treatment of pension
plans which require plan participants to pay in contributions.
This amendment is effective for financial years beginning on
or after 1 February 2015.
On 12 December 2013, the IASB published the documents
Annual Improvements 2010-2012
and
Annual Improvements
2011-2013
as part of its programme of annual improvements
to its standards; most of the changes involve clarifications or
corrections to existing IFRSs or amendments resulting from
other changes previously made to the IFRSs. The
Annual
Improvements 2010-2012
are effective for financial years
beginning on or after 1 February 2015, while in the case of
the
Annual Improvements 2011-2013
the European Union had
not yet completed the endorsement process needed for their
application.
On 6 May 2014, the IASB issued amendments to
IFRS 11 - Joint
Arrangements
to provide guidance on how to account for the
acquisition of an interest in a joint operation that constitutes
a business. These amendments are effective retrospectively
for financial years beginning on or after 1 January 2016.
On 13 May 2014, the IASB published amendments to
IAS 16 -
Property, Plant and Equipment
and
IAS 38 - Intangible Assets
to provide guidance on acceptable methods of depreciation
and amortisation. In particular, the amendments clarify that
revenue-based methods to calculate depreciation or amor-
tisation are applicable only in limited circumstances. These
amendments are effective retrospectively for financial years
beginning on or after 1 January 2016.
On 29 May 2014, the IASB issued
IFRS 15 - Revenue from
Contracts with Customers
with the aim of improving the
quality and uniformity of revenue reporting. The publication
of this standard is part of the convergence project with the
FASB to improve the comparability of financial statements.
The objective of the standard is to define the time of transfer
of control as a factor in revenue recognition and the amount
that the company is entitled to receive. The standard
therefore defines the following steps to follow for the reco-
gnition of revenue:
1) Identify the contract with the customer;
2) Identify the performance obligations in the contract;
3) Determine the transaction price;
4) Allocate the transaction price to the performance obliga-
tions in the contract;
5) Recognise revenue when (or as) the entity satisfies a
performance obligation.
This standard applies to financial years beginning on or after
1 January 2017.
On 24 July 2014, the IASB issued
IFRS 9 - Financial Instru-
ments
, divided into the following sections:
• classification and measurement of derivative instru-
ments;
• impairment methodology for financial instruments;
• rules for the application of hedge accounting;
• accounting for changes in the reporting entity’s own
credit when measuring the fair value of liabilities.
This standard will apply to financial years beginning on or
after 1 January 2018.
On 12 August 2014, the IASB published some amendments to
IAS 27 – Separate Financial Statements
. The purpose is to allow
entities to use the equity method to account for investments
in associates and joint ventures even in their separate financial
statements. These amendments are effective for financial
years beginning on or after 1 January 2016.
On 11 September 2014, the IASB published amendments to
IFRS 10 – Consolidated Financial Statements
and to
IAS 28 –
Investments in Associates and Joint Ventures
. The purpose is
to clarify how to account for the results of a sale or contribu-
tion of assets between group companies and their associates
and joint ventures. These amendments are effective for
financial years beginning on or after 1 January 2016.
On 25 September 2014, the IASB published
Annual Impro-
vements 2012-2014
as an integral part of its programme
of annual improvements to its standards; most of the
changes are clarifications of existing IFRSs. As at the present
document date, the European Union had not yet completed
the endorsement process needed for the application of these
amendments.
On 18 December 2014, the IASB published amendments to
IAS
1 – Presentation of Financial Statements
, designed to clarify
how to apply the concept of materiality. The amendments
make clear that materiality applies to the financial state-
ments as a whole and that information must be disclosed
only if it is material. If information exists that is necessary
for the reader to understand the financial statements as a
whole, such additional information must be presented in
the financial disclosures even if not required by international
accounting standards. As at the present document date, the