Full annual report - African Bank - Investoreports

IFRS/IFRIC Title and details Expected impact
IAS 28 Investments in Associates and Joint ventures
IAS 28 Investments in Associates and Joint Ventures
(amended) supersedes IAS 28 Investments in
Associates as a result of the issue of IFRS 11 and IFRS
12. The new IAS 28 prescribes the accounting for
investment in associates and sets out the
requirements for the application of the equity method
when accounting for investments in associates and
joint ventures. The disclosure requirements relating to
these investments are now contained in IFRS 12.
IFRS effective for periods beginning 1 January 2014
IAS 32 Financial Instruments: Classification and Measurement
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 or a net
basis or to realise the asset and settle the liability
simultaneously.
The amendments are made to clarify the application
principles on the offsetting requirements for the
financial assets and financial liabilities.
IFRS effective for periods beginning 1 January 2015
>annual financial statements
This amendment will have no significant
impact on the group, as the group does not
have any investments in associates and
joint ventures.
The group will comply with the standard
and will make sure that the set off
requirements are applied correctly when
the standard becomes effective.
IFRS 7 Financial Instruments: Disclosures
Amendments require specific disclosure about the Also effective when IFRS 9 is first applied.
initial application of IFRS 9.
The group will comply with the standard
The amendments defer the effective date of IFRS 9 and will reconsider the classification of its
from periods beginning on or after 1 January 2013 to financial assets into financial assets at
periods beginning on or after 1 January 2015. amortised cost or fair value when the
The amendments to IFRS 7 require additional standard becomes effective.
disclosures on transition from IAS 39 to IFRS 9. The
new transitional disclosures include, but are not
limited to:
Changes in the classifications of financial assets and
financial liabilities, showing separately:
a) the changes in the carrying amounts on the basis of
their measurement categories in accordance with
IAS 39 (i.e. not resulting from a change in
measurement attribute on transition to IFRS 9); and
African Bank Investments Limited | Integrated Report for the year ended 30 September 2012 227