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Annual Report 2008 - AMG Advanced Metallurgical Group NV

Annual Report 2008 - AMG Advanced Metallurgical Group NV

information about its

information about its reportable segments. Reportable segments are operating segments or aggregations of operating segments that meet specified criteria. Generally, financial information is required to be reported on the same basis as is used internally for evaluating operating segment performance and deciding how to allocate resources to operating segments. • IFRS 2 Share-based Payments clarifies the definition of a vesting condition and prescribes the treatment for an award that is effectively cancelled. The Company early adopted this amendment as of January 1, 2008. It did not have an impact on the financial position or performance of the Company as no events occurred that this interpretation relates to. • IFRIC 11 IFRS 2: Company and Treasury shares transactions clarifies IFRS 2 in stating whether cash-settled or equity-settled accounting treatment should be used for certain share-based arrangements. Adoption of IFRIC 11 did not have any impact on the consolidated financial statements. • IFRIC 12 Service Concession Arrangements gives guidance on the accounting by operators for public-toprivate service concession arrangements. Adoption of IFRIC 12 did not have any impact on the consolidated financial statements. • IFRIC 14/ IAS 19 Limit on Defined Benefit Asset, Minimum Funding Requirements and their Interaction provides guidance on how to assess the limit on the amount of surplus in a defined benefit scheme that can be recognized as an asset under IAS 19 Employee Benefits. The majority of the Company’s defined benefit plans have been in a deficit. Therefore, the adoption of IFRIC 14 had no material impact on the consolidated financial statements. • IFRIC 8 Scope of IFRS 2 Share-based Payments addresses the accounting for share-based payment transactions in which some or all of goods or services received cannot be specifically identified. It is to be applied to any arrangements where equity instruments are issued for consideration which appears to be less than fair value. Adoption of IFRIC 8 did not have any impact on the consolidated financial statements. (u) Future changes in accounting policies The following new standards, amendments to standards and interpretations are not yet effective for the year ended December 31, 2008. They may, however, be implemented in future years. • IFRS 1 and IAS 27 First-time Adoption of International Financial Reporting Standards and Consolidated and Separate Financial Statements allows an entity to determine the ‘cost’ of investments in subsidiaries, jointly controlled entities or associates in its opening IFRS financial statements in accordance with IAS 27 or using a deemed cost. The amendment to IAS 27 requires all dividends from a subsidiary, jointly controlled entity or associate to be recognized in the income statement in the separate financial statement. Revisions are effective January 1, 2009 and should be applied prospectively. • IFRS 3R Business Combinations and IAS 27R Consolidated and Separate Financial Statements impacts the amount of goodwill recognized in a business combination along with the reported results in the period that an acquisition occurs and the future reported results. IAS 27R requires that a change in the ownership interest of a subsidiary (without loss of control) is accounted for as an equity transaction and therefore neither goodwill nor any gains/losses will be recognized. The amended standard changes the accounting for losses incurred by the subsidiary as well as the loss of control of a subsidiary. These changes will affect future acquisitions or loss of control and transactions with minority interests and are effective for business combinations occurring on or after July 1, 2009. • IAS 1 Revised Presentation of Financial Statements separates owner and non-owner changes in equity and is effective on or after January 1, 2009. The statement of changes in equity will include only details of transactions with owners, with non-owner changes in equity presented as a single line. The revision also introduces the statement of comprehensive income: it presents all items of recognized income and expense, either in one single statement, or in two linked statements. The Company is still evaluating whether it will have one or two statements. • IAS 32 Financial Instruments: Presentation and IAS 1 Presentation of Financial Statements – Puttable Financial Instruments and Obligations Arising on Liquidation are effective beginning January 1, 2009 and provide a limited scope exception for puttable instruments to be classified as equity if they fulfil a number of specified features. The Company has not issued such instruments to date and does not believe it will be impacted in the future. • IAS 39 Financial Instruments: Recognition and Measurement – Eligible Hedged Items addresses the designation of a one-sided risk in a hedged item, and the designation of inflation as a hedged risk or portion in particular situations. It clarifies that an entity is permitted to designate a portion of the fair value changes or cash flow variability of a financial instrument as a hedged item. The Company has concluded that the amendment will have no impact on the financial position or performance as the Company has not entered into any such hedges. The effective date is on or after July 1, 2009. 94 Notes to the Consolidated Financial Statements

• IAS 23 (revised) Borrowing Costs addresses the accounting for the capitalisation of borrowing costs when such costs relate to a qualifying asset. A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use or sale. In accordance with the transitional requirements in the Standard, the Company will adopt this as a prospective change. Accordingly, borrowing costs will be capitalised on qualifying assets with a commencement date after January 1, 2009. The Company is in the process of evaluating the potential impact of this revision. • IFRIC 13 Customer Loyalty Programmes requires customer loyalty credits to be accounted for as a separate component of the sales transaction in which they are granted and therefore part of the fair value of the consideration received is allocated to the award credits and deferred over the period that the award credits are fulfilled. The Company expects that this interpretation will have no impact on the Company’s consolidated financial statements as no such transactions currently exist. • IFRIC 15 Agreement for the Construction of Real Estate becomes effective beginning on or after January 1, 2009 and has to be applied retrospectively. It clarifies when and how revenue and related expenses from the sale of a real estate unit should be recognized if an agreement between a developer and a buyer is reached before the construction of the real estate is completed. Furthermore, the interpretation provides guidance on how to determine whether an agreement is within the scope of IAS 11 or IAS 18. IFRIC 15 will not have an impact on the consolidated financial statements of the Company. • IFRIC 16 Hedges of a Net Investment in a Foreign Operation is to be applied prospectively on or after October 1, 2008. It provides guidance on the accounting for a hedge of a net investment. As such it provides guidance on identifying the foreign currency risks that qualify for hedge accounting in the hedge of a net investment, where within the group the hedging instruments can be held in the hedge of a net investment and how an entity should determine the amount of foreign currency gain or loss, relating to both the net investment and the hedging instrument, to be recycled on disposal of the net investment. The Group is currently assessing which accounting policy to adopt for the recycling on the net investment. • Improvement to IFRSs. The Company has not yet adopted the following amendments and anticipates that these changes will have no material effect on the financial statements. • IFRS 7 Financial Instruments: Disclosures – removes the reference to ‘total interest income’ as a component of finance costs • IAS 8 Accounting Policies, Change in Accounting Estimates and Errors: Clarification that only implementation guidance that is an integral part of an IFRS is mandatory when selecting accounting policies. • IAS 10 Events after the Reporting Date clarify that dividends declared after the end of the reporting period are not obligations • IAS 16 Property, Plant and Equipment held for rental that are routinely sold in the ordinary course of business after rental, are transferred to inventory when rental ceases and they are held for sale. • IAS 18 Revenue replaces the term ‘direct costs’ with ‘transaction costs’ as defined in IAS 39 • IAS 19 Employee Benefits revised the definition of ‘past service costs,’ ‘return on plan assets,’ and ‘short term’ and ‘other long-term’ employee benefits. Amendments to plans that result in a reduction in benefits related to future services are accounted for as curtailment. Deleted the reference to the recognition of contingent liabilities to ensure consistency with IAS 37. • IAS 20 Accounting for Government Grants and Disclosures of Government Assistance: Loans granted in the future with no or low interest rates will not be exempt from the requirement to impute interest. The difference between the amount received and the discounted amount is accounted for as government grant income. • IAS 27 Consolidated and Separate Financial Statements states that when a parent entity accounts for a subsidiary at fair value in accordance with IAS 39 in its separate financial statements, this treatment continues when the subsidiary is subsequently classified as held for sale. • IAS 29 Financial Reporting in Hyperinflationary Economies: revised the reference to the exception to measure assets and liabilities at historical cost, such that it notes property, plant and equipment as being an example, rather than implying that it is a definitive list. • IAS 34 Interim Financial Reporting Earnings per share is disclosed in interim financial reports if an entity is within the scope of IAS 33. • IAS 39 Financial instruments: Recognition and Measurement states that changes in circumstances relating to derivatives are not reclassifications and therefore may be either removed from, or included in, the ‘fair value through profit or loss’ classification after initial recognition. It removed the reference in IAS 39 to a ‘segment’ when determining whether an instrument qualifies as a hedge and it requires the use of the revised effective interest rate when remeasuring a debt instrument on the cessation of fair value hedge accounting. Notes to the Consolidated Financial Statements 95

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