Annual Report 2011 - T-Hrvatski Telekom

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IAS 39 Financial instruments: Recognition and
measurement, that eliminate the exemption
for contingent consideration, do not apply
to contingent consideration that arose from
business combinations whose acquisition dates
precede the application of IFRS 3 (as revised in
2008).
34 and add disclosure requirements around: The
circumstances likely to affect fair values of financial
instruments and their classification; Transfers of
financial instruments between different levels of
the fair value hierarchy; Changes in classification of
financial assets; and Changes in contingent liabilities
and assets.
Consolidated financial statements
(b) Measurement of non-controlling interests - The
choice of measuring non-controlling interests
at fair value or at the proportionate share of the
acquiree’s net assets applies only to instruments
that represent present ownership interests and
entitle their holders to a proportionate share
of the net assets in the event of liquidation. All
other components of non-controlling interest
are measured at fair value unless another
measurement basis is required by IFRS.
(c) Un-replaced and voluntarily replaced sharebased
payment awards - The application
guidance in IFRS 3 applies to all sharebased
payment transactions that are part of a business
combination, including un-replaced and
voluntarily replaced share-based payment
awards.
IFRS 7 Financial Instruments - Emphasises the
interaction between quantitative and qualitative
disclosures about the nature and extent of risks
associated with financial instruments.
IAS 1 Presentation of Financial Statements - Clarifies
that an entity will present an analysis of other
comprehensive income for each component of equity,
either in the statement of changes in equity or in the
notes to the financial statements.
IAS 27 Consolidated and Separate Financial
Statements - Clarifies that the consequential
amendments from IAS 27 made to IAS 21 The
effect of changes in foreign exchange rates, IAS 28
Investments in associates, and IAS 31 Interests in
joint ventures, apply prospectively for annual periods
beginning on or after 1 July 2009, or earlier when IAS
27 is applied earlier.
IAS 34 Interim Financial Reporting - Provide guidance
to illustrate how to apply disclosure principles in IAS
IFRIC 13 Customer Loyalty Programmes - The
meaning of ‘fair value’ is clarified in the context of
measuring award credits under customer loyalty
programmes.
Standards and interpretations issued but not yet
effective
Standards and interpretations that have been issued
and are effective for period after 1 January 2011 are
listed below:
Amendments to IFRS 7 Financial Instruments:
Disclosures on Derecognition (effective for annual
periods beginning on or after 1 July 2011)
This amendment will promote transparency in the
reporting of transfer transactions and improve users’
understanding of the risk exposures relating to
transfers of financial assets and the effect of those
risks on an entity’s financial position, particularly
those involving securitisation of financial assets. The
amendment affects disclosure only and has no impact
on the Group’s financial position or performance. The
Group plans to adopt this amendment on its effective
date.
Amendments to IFRS 1 First Time Adoption: Fixed
Dates and Hyperinflation (effective for annual periods
beginning on or after 1 July 2011)
These amendments include two changes to IFRS
1 First-time adoption of IFRS. The first replaces
references to a fixed date of 1 January 2004 with ‘the
date of transition to IFRSs’, thus eliminating the need
for entities adopting IFRSs for the first time to restate
derecognition transactions that occurred before the
date of transition to IFRSs. The second amendment
provides guidance on how an entity should resume
presenting financial statements in accordance
with IFRSs after a period when the entity was