2011 Annual Report - Italcementi Group

2011 Annual Report
Presentation 4
General information 15
Annual Report Consolidated Annual Report Directors’ report 150
Extraordinary session Italcementi S.p.A. Annual Report Separate financial statements 239
first-time adoption. The amendment exempts the reporting entity, on first-time adoption of IFRS, from
providing the comparative data required by IFRS 7 for fair value measurement and liquidity risk.
Amendments to a number of IAS/IFRS/IFRIC as part of the improvement of the same: IFRS 1 “Firsttime
adoption of IFRS”, IFRS 3 “Business combinations”, IFRS 7 “Financial instruments: disclosures”,
IAS 1 “Presentation of financial statements”, IAS 27 “Consolidated and separate financial statements”,
IAS 34 “Interim financial reporting”, IFRIC 13 “Customer loyalty programs”. The above changes had no
material effects for the company.
Amendment to IFRIC 14 “Prepayments of a minimum funding requirement” governing cases where an
entity subject to a minimum funding requirement on defined benefit plans, makes prepayments to
guarantee the limits in question. The benefits arising from the prepayments may be recognized as
assets. This case does not apply to the company.
IFRIC 19 “Extinguishing financial liabilities with equity instruments” which provides guidelines for
accounting treatment of extinction of a financial liabilities through issue of own equity instruments. The
difference between the carrying amount of the financial liability to be extinguished and the initial
measurement of the equity instruments to be issued must be reflected in the income statement.
The application of the new standards, amendments and interpretations has not had a material impact on the
company’s annual accounts.
At December 31, 2011, the European Union had approved an amendment to IFRS 7 “Financial instruments:
disclosures” concerning disclosures to be made on the transfer of financial assets. This amendment is not yet
in effect and the Group has not elected early application.
Standards, amendments and interpretations published by the IASB but not yet endorsed by the European
Union are:
Amendment to IAS 1 “Presentation of financial statements” relating to the presentation of other
components recognized under equity.
Amendment to IAS 12 “Income taxes” with reference to deferred tax: recovery of underlying assets.
Amendments to IAS 19 “Employee benefits”. The main change is the elimination of the “corridor” for
defined benefit plans with the requirement for immediate and full recognition of actuarial gains and
losses in the statement of comprehensive income.
Review of IAS 27 “Consolidated and separate financial statements” and IAS 28 “Investments in
associates”.
Amendments to IFRS 1 “First-time adoption of IFRS” for situations subsequent to hyperinflationary
periods and suppression of fixed dates on first-time adoption.
IFRS 10 “Consolidated financial statements”. This new standard replaces IAS 27 “Consolidated and
separate financial statements” with regard to consolidated financial statements. IAS 27 has been
renamed “Separate financial statements” and deals exclusively with preparation of separate financial
statements.
IFRS 11 “Joint arrangements”. The new standard replaces IAS 31 “Interests in joint ventures”, and
identifies two categories of arrangement, with separate accounting treatments.
IFRS 12 “Disclosure of interests in other entities” which re-organizes and supplements disclosures on
subsidiaries, associates, joint ventures and other equity investments.
IFRS 13 “Fair value measurement”. This new standard provides guidelines for measurement and
disclosure of fair value.
IFRIC 20 “Stripping costs in the production phase of a surface mine”.
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