Annual Report 2011 - Jordan Investment and Finance bank

Amendments to IFRIC 14:112Prepayments of a Minimum FundingRequirementImprovements on IFRSs issued in2010IFRIC 19 Extinguishing Liabilitieswith Equity InstrumentsMakeslimited-applicationamendments to IFRIC 14 IAS 19 –The Limit on a Defined Benefit Asset,Minimum Funding Requirements andtheir Interaction. The amendmentsapply when an entity is subject tominimum funding requirementsand makes an early paymentof contributions to cover thoserequirements, permitting the benefitof such an early payment to berecognized as an asset.The application of Improvements toIFRSs issued in 2010 which amendedIFRS 1, IFRS 3, IFRS 7, IAS 1, IAS 27,IAS 32, IAS 34 and IFRIC 13 has nothad any material effect on amountsand disclosures reported in theconsolidated financial statements.Requires the extinguishment of afinancial liability by the issue of equityinstruments to be measured at fairvalue (preferably using the fair valueof the equity instruments issued)with the difference between the fairvalue of the instrument issued andthe carrying value of the liabilityextinguished being recognized inprofit or loss. The Interpretationdoes not apply where the conversionterms were included in the originalcontract (such as in the case ofconvertible debt) or to commoncontrol transactions.Notes to the consolidtaed financial statementsNotes to the consolidtaed financial statementsb. New and revised IFRSs issued but not yet effective:The Bank has not applied the following new and revised IFRSs that have beenissued but are not effective yet:Amendments to IAS 12 Income Taxesrelating to Deferred Tax: Recovery ofUnderlying AssetsAmendments to IAS 32 FinancialStatements – Offsetting Financial Assetsand LiabilitiesAmendments to IFRS 7 Financial Instruments:Disclosures / FinancialInstruments – Transfer o f AssetsAmendments to IFRS 7 Financial Instruments:Disclosures – OffsettingFinancial Assets and LiabilitiesIAS 1 Presentation of Financial StatementsIAS 19 Employee BenefitsIAS 27 Separate Financial StatementsIAS 28 Investments in Associates andJoint VenturesIFRS 10 Consolidated FinancialStatementsEffective for annualperiods beginning on or after1 January 20121 January 20141 July 20111 July 20131 July 20121 January 20131 January 20131 January 20131 January 2013113IFRS 11 Joint Arrangements1 January 2013IFRS 12 Disclosures of Interests inOther Entities1 January 2013IFRS 13 Fair Value Measurement1 January 2013IFRIC 20 Stripping Costs in theProduction Phase of a Surface Mine1 January 2013