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IFRS/IFRIC Title and details Expected impact
>annual financial statements
IFRS 7 Financial Instruments: Disclosures
Amendments related to the enhancement of The group will comply with the standard
disclosure about offsetting of financial assets and and will make sure that the set off
financial liabilities.
requirements are applied correctly when
The amendments do not change the current
offsetting model in IAS 32, which requires an entity to
offset a financial asset and financial liability in the
statement of financial position only when the entity
currently has a legally enforceable right to set off and
intends either to settle the asset and liability on a net
basis or to realise the asset and settle the liability
simultaneously.
The amendments clarify the set off requirements as
well as the requirements towards the disclosure of the
financial instruments that are offset.
the standard becomes effective.
IFRS 10 Consolidated Financial Statements
IFRS 10 establishes a new control model for
determining which entities should be consolidated.
The standard also provides guidance on how to apply
the principle of control to specific situations in order to
identify whether an investor controls an investee.
IFRS 10 supersedes a portion of IAS 27 Separate and
Consolidated Financial Statements and SIC 12
Consolidation – Special Purpose Entities.
IFRS 11 Joint Arrangements
The standard supersedes IAS 31 Joint Ventures and
aims to improve on IAS 31 by establishing accounting
principles that are applicable to all joint arrangements.
The standard distinguishes between two types of
joint arrangements, joint operations and joint
ventures. The accounting for joint operations remains
unchanged from IAS 31 and all joint ventures should
be equity accounted in the financial statements of
the venture.
The group is in the process of assessing the
impact that IFRS 10 would have on the
financial statements. Until the process is
completed, the group is unable to
determine the significance of the impact
of IFRS 10.
The standard is not expected to have a
significant impact on the group.
African Bank Investments Limited | Integrated Report for the year ended 30 September 2012 225