Consolidated financial statement 2011 - Aquafin

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36 Consolidated financial statement 2011 NEW AND AMENDED STANDARDS AND INTERPRETATIONS IN EFFECT FOR FINANCIAL YEARS COMMENCING ON 1 JANUARY 2011 OR LATER n Standards that have been published but that have not yet taken effect The standards shown below were published on the date of publication of the Group´s financial statements, but have not yet taken effect: • IFRS 7 Financial Instruments: Disclosures - Amendments to the disclosures 1 , in effect from 1 July 2011 • IFRS 9 Financial instruments 1 , in effect from 1 January 2013 • IFRS 10 The Consolidated and Separate Financial Statement 1 , in effect from 1 January 2013 • IFRS 11 Joint Arrangements 1 , in effect from 1 January 2013 • IFRS 12 Disclosure of Interests in Other Entities 1 , in effect from 1 January 2013 • IFRS 13 Fair Value Measurements 1 , in effect from 1 January 2013 • IAS 1 Presentation of Financial Statements 1 , in effect from 1 July 2012 • IAS 12 Income Taxes – Settlement of Tax Claims 1 , in effect from 1 January 2012 • IAS 19 Employee Benefits 1 , in effect from 1 January 2013 1 These amendments had not yet been approved by the EU as of 30 September 2011. IFRS 7 Financial Instruments: Disclosures The amendments to IFRS 7 are in effect for financial years commencing on or after 1 July 2011 and will lead to better understanding of transactions of financial assets, more specifically with respect to the possible influence of risks associated with the assets sold that continue to be on the entity's account. The amendments furthermore require making additional disclosures if a substantial number of transactions took place towards the end of the financial year. [The group does not expect the amendments to have an impact on the current disclosures.] IFRS 9 Financial Instruments The current version of IFRS 9 sets the first phase for the project of the IASB to replace IAS 39. It applies to the classification and valuation of financial assets and liabilities. The standard applies to financial years commencing on or after 1 January 2013. In the following phases, the IAS will deal with devaluations and hedging. The IASB expects to complete the project in 2012. [The first application of the first phase of IFRS 9 will have an impact on the classification and valuation of the financial assets of the group. The group will evaluate the impact of these and the subsequent phases in its financial statement so that a complete picture can be provided.] IFRS 10 The Consolidated and Separate Financial Statement The standard applies to financial years commencing on or after January 2013. It states that the concept of control is decisive in determining whether an entity should be included in the consolidated financial statement of a parent company. The standard offers additional assistance in assessing control where necessary. [The company is currently assessing the impact of this standard.] IFRS 11 Joint Arrangements The standard applies to financial years commencing on or after 1 January 2013. With respect to the processing of joint arrangements, it concentrates primarily on the rights and obligations of the rules rather than the legal form. The standard obliges the entity to apply a single accounting treatment of interests in jointly controlled entities. [The company is currently assessing the impact of this standard.] IFRS 12 Disclosure of Interests in Other Entities The standard applies to financial years commencing on or after 1 January 2013. It deals with disclosures for all types of interests in other entities, including joint arrangements, associated participation, for entities established for a special purpose and other entities that were not included in the balance statement. [The company is currently assessing the impact of this standard.] IFRS 13 Fair Value Measurements The standard applies to financial years commencing on or after 1 January 2013. It provides a definition of fair value and a single source of fair value measurement and disclosure in the application thereof in IFRS. [The company is currently assessing the impact of this standard.] IAS 1 Presentation of Financial Statements The amendments apply to financial years commencing on or after 1 July 2012. The amendments dictate splitting up the elements in the unrealised results that can be moved to the profit and loss account. The amendments furthermore confirm the existing obligation to show the elements of the unrealised results in a single overview or in two consecutive overviews. [The company is currently assessing the impact of this standard.]
IAS 12 Income taxes The amended standard applies to financial years commencing on or after 1 January 2012. The amendment offers a practical solution to the difficult and subjective assessment of the disposal through use or sale when the asset is valued at fair value in accordance with the standard IAS 40 Investment Property by introducing an assumption that the asset will be disposed of through sale. [The group expects this change to have no impact on its financial position or results.] IAS 19 Employee Benefits The amended standard applies to financial years commencing on or after 1 January 2013. The amendment eliminates the possibility of deferring the recording of profits and losses, known under the name 'corridor method'. The amendments streamline the presentation of changes in assets and liabilities arising from the defined benefit plan. That includes incorporating the revaluations in the unrealised results. Furthermore, they improve the disclosures for defined benefit plans by asking for additional information concerning the characteristics of defined benefit plans and concerning the risks that entities bear by participating in such plans. [The company is currently assessing the impact of this standard.] IFRS 1 – first application of IFRS GENERAL Since 2011 – the first IFRS reporting period – the consolidated financial statements of the Group are prepared in accordance with the standards and interpretations as published by the International Accounting Standards Board (IASB) and accepted in the European Union. The IFRS opening balance at 1 January 2010 (the date of transition to IFRS) was prepared in accordance with IFRS 1 - First application of International Financial Reporting Standards. PRINCIPLES FOR THE PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENT IFRS 1 requires the retroactive application of every IFRS applicable to the reporting date of the first IFRS consolidated financial statement. Several exceptions to that principle are permitted. The Group made use of the following exceptions: • Application of IAS 37 Provisions: the information that was available at the moment of the preparation of the opening balance and that had been sufficient under BE GAAP was used further. The retroactive split of the net provisions in a gross liability and compensation to be received would have been too expensive, which would not have been proportional to the improved quality of the information. IFRS OPENING BALANCE AT 01.01.2010 AND DISCUSSION OF THE DEVIATIONS BE GAAP - IFRS PER BNALACE POST All changes are the result of amendments to the principles for financial reporting and are therefore not the result of corrections of errors that would have been made due to the application of the previous GAAP (Belgian GAAP or BE GAAP) in the previous financial statement. The amounts reported under BE GAAP are Aquafin's unconsolidated figures. Legally, both Aquafin NV and Aquaplus NV can invoke the exemption from subconsolidation included in Section 113 §1 and §2, first paragraph of the Companies Code. Under IFRS, the consolidated figures of the group are reported, including the 100% subsidiary Aquaplus NV. n Discussion of reworking of BE GAAP - IFRS per balance post 1. Tangible fixed assets Assets established, purchased or leased as part of the management agreement The primary impact of the transition of the group to IFRS was on the administrative procedures for the establishment and operation of the tangible fixed assets. All of the infrastructure established, purchased or leased as part of the management agreement with the Flemish Region falls within the scope of interpretation IFRIC 12 - Service Concession Agreements (1). As a result, the infrastructure concerned is not treated as tangible fixed assets in the financial statement of the company. Consolidated financial statement 37
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Consolidated financial statement 2011 - Aquafin

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