Annual Report 2008 English [PDF, 2.69 MB] - Tessenderlo Group

Tessenderlo Group
(Z) Recently issued IFRS
To the extent that new IFRS requirements are expected to be applicable in the future, they have been
summarised hereafter.
• IFRS 8 Operating segments
IFRS 8 “Operating segments” introduces the “management approach” to segment reporting. IFRS 8,
which becomes mandatory for the Group’s 2009 financial statements, will require the disclosure of
segment information based on the internal reports regularly reviewed by the Group’s Chief Operating
Decision Makers in order to assess each segment’s performance and to allocate resources to them.
Currently the Group presents segment information in respect of its business and geographical segments
(see note 2 “Segment reporting”). IFRS 8 is not expected to trigger a material change to the Group’s
current segment reporting.
• Revised IAS 23 Borrowing costs
Revised IAS 23 “Borrowing costs” removes the option to expense borrowing costs and requires that an
entity capitalises borrowing costs directly attributable to the acquisition, construction or production of
a qualifying asset as part of the cost of that asset. The revised IAS 23 will become mandatory for the
Group’s 2009 financial statements and will not constitute a change in accounting policy for the Group.
• IFRIC 13 Customer Loyalty Programs
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IFRIC 13 “Customer Loyalty Programs” addresses the accounting by entities that operate, or otherwise
participate in, customer loyalty programs for their customers. It relates to customer loyalty programs
under which the customer can redeem credits for awards such as free or discounted goods or services.
The Group has not yet determined the potential impact of the interpretation, which becomes mandatory
for the Group’s 2009 financial statements.
• Revised IAS 1 Presentation of financial statements
Revised IAS 1 Presentation of Financial Statements (2007) (endorsed by the European Union) introduces
the term total comprehensive income, which represents changes in equity during a period other than
those changes resulting from transactions with owners in their capacity as owners. Total comprehensive
income may be presented in either a single statement of comprehensive income (effectively combining
both the income statement and all non-owner changes in equity in a single statement), or in an
income statement and a separate statement of comprehensive income. Revised IAS 1, which becomes
mandatory for the Group’s 2009 consolidated financial statements, is not expected to have an impact on
the presentation of the consolidated financial statements.
• Amendments to IAS 32 Financial Instruments: Presentation and IAS 1 Presentation
of Financial Statements – Puttable Financial Instruments and Obligations Arising on
Liquidation
Amendments to IAS 32 Financial Instruments: Presentation and IAS 1 Presentation of Financial
Statements – Puttable Financial Instruments and Obligations Arising on Liquidation (endorsed by the