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CONSOLIDATED FINANCIAL REPORT | EXPLANATORY NOTES
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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 obligations 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 2018.
On 24 July 2014, the IASB issued
IFRS 9 - Financial Instruments
, which is divided into the following sections:
classification and measurement of derivative instruments;
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 applicable to 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 contribution of assets between group companies and their associates and joint
ventures. As at the present document date, the European Union had not yet completed the endorsement
process needed for the application of these amendments, which is deferred until completion of the IASB
project on the equity method.
On 25 September 2014, the IASB published
Annual Improvements 2012-2014
as an integral part of its
programme of annual improvements to its standards; most of the changes are clarifications of existing IFRSs.
These improvements are applicable to financial years beginning on or after 1 January 2016.
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 statements 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 European Union had not yet completed the
endorsement process needed for the application of these amendments.