2012 Annual Report - Italcementi Group

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 Group 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 95 million euro (approximately 28 million euro relating to financial year 2012
and about 67 million euro to previous years), due to recognition of the net actuarial losses existing at
December 31, 2012. The impact arising from the changes in treatment of past service costs and from the
changes in plans is immaterial. Overall, application of the new standards in 2012 would have had a modest
impact on the income statement, with income of approximately 1-2 million euro as a result of elimination of
amortization of the corridor and adoption of the rate used to determined defined benefit liabilities as the rate of
return on plan assets.
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 will be 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”.
The main effect arising from application of the above standards and amendments concerns identification of the
type of joint arrangement, jointly controlled operation or joint venture, in order to establish the appropriate
accounting treatment. Currently the Group consolidates joint venture with the proportionate method, whereas
the new IAS 28 and IFRS 11 contemplate only the equity method.
Standards and interpretations published by the IASB and the IFRIC at December 31, 2012, but not
endorsed by the European Union at that date
IFRS 9 “Financial instruments” and amendments thereto and to IFRS 7.
“Government loans” (amendments to IFRS 1).
Amendments to a number of IFRS issued in 2009-2011.
“Transition guidance” (amendments to IFRS 10, 11 and 12).
Investees (amendments to IFRS 10, 12 and IAS 27).
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