2012 Annual Report - Italcementi Group

2012 Annual Report
Presentation 4
General information 14
Annual Report Consolidated Annual Report Directors’ report 146
Sustainability disclosure Italcementi S.p.A. Annual Report Separate financial statements 241
Extraordinary session 351
In compliance with European Regulation no. 1606 of July 19, 2002, the policies adopted do not include the
standards and interpretations published by the IASB and the IFRIC through December 31, 2012 that had not
been endorsed by the European Union at that date.
With respect to December 31, 2011, the amendment to IFRS 7 “Financial instruments: disclosures” relating to
disclosures to be made on the transfer of financial assets came into force in 2012; it did not have a material
impact.
At December 31, 2012, the European Union endorsed the following standards and interpretations, which have
not yet come into force, for which early application has not been elected:
Standards and interpretations to come into force in 2013
Amendments to IAS 1 “Presentation of financial statements” relating to the presentation of other
comprehensive income.
Amendments to IAS 19 “Employee benefits”. The main changes refer to treatment of past service costs that
have not vested and the actuarial gains/losses to be immediately recognized respectively in profit/loss for
the period and in other comprehensive income (elimination of the corridor method), the adoption, for plan
assets, of the discount rate used to determine the defined benefit liability.
Amendments to IFRS 7 “Financial instruments: disclosures” regarding offsetting of financial assets and
liabilities.
Amendments to IFRS 1 “First-time adoption of IFRS” regarding severe hyperinflation and removal of fixed
dates for first-time adopters.
Amendments to IAS 12 “Income taxes” with regard to deferred tax and recovery of underlying assets.
IFRS 13 “Fair value measurement”. This new standard sets out guidelines to determine fair value and
disclosures to be made.
IFRIC 20 “Stripping costs in the production phase of a surface mine”.
Adoption of the above-listed standards, amendments and interpretations is not expected to produce material
impacts on the company financial statements, with the exception of IAS 19 “Employee benefits” revised, whose
application, with the elimination of the corridor method, will result in a reduction in opening equity at January 1,
2013 estimated at approximately 7,098 thousand euro (approximately 5,589 thousand euro relating to financial
year 2012 and approximately 1,509 thousand euro to previous years) due to recognition of the net actuarial
losses existing at December 31, 2012.
Standards and interpretations to come into force in 2014
Amendments to IAS 32 “Financial instruments: presentation” regarding offsetting of financial assets and
liabilities.
IFRS 10 “Consolidated financial statements”. The new standard replaces IAS 27 “Consolidated and
separate financial statements” and SIC 12 “Consolidation – Special-purpose entities.
IFRS 11 “Joint arrangements”. The new standard replaces IAS 31 “Interests in joint ventures” and SIC 13
“Jointly controlled entities – Non-monetary contributions by venturers”; it sets out the accounting standards
for entities taking part in joint arrangements.
IFRS 12 “ Disclosure of interests in other entities” which organizes, strengthens and replaces disclosure
requirements concerning interests in subsidiaries, joint arrangements, associates and unconsolidated
structured entities.
As a result of the introduction of the above standards, IAS 27 renamed “Separate financial statements”,
which deals exclusively with the preparation of separate financial statements, and the amendments to IAS
28 “Investments in associates and joint ventures” will come into effect.
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