Vivir mejor - Entel

2. BASIS FOR THE PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTSa) Declaration of ComplianceThe consolidated financial statements, dated December 31, 2011, have been prepared in line with the International Financial Reporting Standards (IFRS) publishedby the International Accounting Standards Board (IASB).On the date on which these consolidated financial statements were published, the IASB had issued the following directives, each with mandatory adoption startingfrom the annual periods indicated for each case:Standards and amendmentsApplication required by:NEW IFRSIFRS 9 – Financial Instruments Annual periods starting February 1, 2015IFRS 10 – Consolidated Financial Statements Annual periods starting January 1, 2013IFRS 11 – Joint Arrangements Annual periods starting January 1, 2013IFRS 12 – Disclosure of Interests in Other Entities Annual periods starting January 1, 2013IFRS 13 – Fair Value Measurement Annual periods starting January 1, 2013145AMENDMENTS TO IFRSIAS 1 – Presentation of Financial StatementsPresentation of Other Components of Comprehensive Income Annual periods starting July 1, 2012IAS 12 – Income TaxesDeferred Tax: Recovery of Underlying Assets Annual periods starting July 1, 2012Report 2011IAS 19 – Employee BenefitsElimination of Corridor Approach for Defined Benefits Annual periods starting January 1, 2013IAS 32 – Financial Instruments PresentationOffsetting Financial Assets and Financial Liabilities Annual periods starting January 1, 2014IRFS 1 – First-time adoption of IFRS(i) Removal of Fixed Dates for First-time Adopters(ii) Severe Hyperinflation Annual periods starting January 1, 2011Amendment to IFRS 7Financial instruments: Information to DiscloseDisclosures of Transfers of Financial Assets Annual periods starting January 1, 2011At the time of writing, no decision has been made to bring forward the adoption of any of these regulatory changes. Furthermore, it is estimated they will not havea significant impact on the Group’s consolidated financial statements for the initial period in which their application becomes compulsory.The consolidated financial statements for Entel Chile S.A. for the year ending December 31, 2011, were approved and authorized for publication at the board meetingheld on January 30, 2012.