Consolidated financial statement 2011 - Aquafin

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
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