Annual Report: - Gorenjska banka

2.1.1. Existing standards and interpretations amended in 2011
In 2011, the following amendments to the existing standards and interpretations issued by the
International Accounting Standards Board (the IASB) and adopted by the EU were in force:
• Amendments to IAS 24 ‘Related Party Disclosures’ – Simplification of Disclosure Requirements
for Companies Related to the Government and Interpretation of the Definition of Related Party as
adopted by the EU on 19 July 2010 (effective for annual periods beginning on or after 1 January 2011);
• Amendments to IAS 32 ‘Financial Instruments: Presentation’ – Accounting for Rights Issues as
adopted by the EU on 23 December 2009 (effective for annual periods beginning on or after 1
February 2010);
• Amendments to IFRS 1 ‘First-time Adoption of International Financial Reporting Standards’ - IFRS
7 Disclosure Exemption for First-time Adopters as adopted by the EU on 30 June 2010 (effective
for annual periods beginning on or after 1 July 2010);
• Amendments to various standards and interpretations ‘Improvements to IFRSs (2010)’, which arise
from the annual IFRS improvements project published on 6 May 2010 (IFRS 1, IFRS 3, IFRS 7,
IAS 1, IAS 27, IAS 34, IFRIC 13), mainly with the purpose of eliminating inconsistencies and text
interpretations as adopted by the EU on 18 February 2011 (amendments are effective for annual
periods beginning on or after 1 July 2010 or on or after 1 January 2011, depending on the standard/
interpretation);
• Amendments to IFRIC 14 ‘IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding
Requirements and their Interaction’ – Advance Payment Requirements in Regard to the Minimum
Funding as adopted by the EU on 19 July 2010 (effective for annual periods beginning on or after
1 January 2011); and
• IFRIC 19 ‘Extinguishing Financial Liabilities with Equity Instruments’ as adopted by the EU on 23
July 2010 (effective for annual periods beginning on or after 1 July 2010).
Adoption of the above amendments to the existing standards did not cause any changes in the
Bank’s accounting policies.
2.1.2. Standards and interpretations issued by the IASB and adopted by the EU, but not yet in force
The following amendment was issued and adopted by the EU, but was not yet in force as at 31
December 2011:
• Amendments to IFRS 7 ‘Financial Instruments: Disclosures’ – Transfer Transactions of Financial
Assets as adopted by the EU on 22 November 2011 (effective for annual periods beginning on or
after 1 July 2011). The objective of these amendments is to improve the quality of information on
financial assets transferred, which an entity still, at least partially, recognizes as they do not meet
the criteria for derecognition; and financial assets an entity no longer recognises as they meet the
derecognition criteria but is still involved with them in a way.
The Bank decided not to apply these amendments to the standard before entering into force. The
Bank expects that the adoption of the standard will not have a significant impact on the Bank’s
financial statements in the period of initial application.
2.1.3. Standards and interpretations issued by the IASB, but not yet adopted by the European Union
At present, the IFRS as adopted by the EU do not significantly differ from regulations that were
adopted by the IASB, with the exception of the following standards, amendments to the existing
standards and interpretations, which as at 31 December 2011 have not been validated for use:
• IFRS 9 ‘Financial Instruments’ (effective for annual periods beginning on or after 1 January 2015);
• IFRS 10 ‘Consolidated Financial Statements’ (effective for annual periods beginning on or after
1 January 2013);
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Gorenjska banka, d. d., Kranj
Annual Report 2011
Financial Report