Annual report 2012 - Comrod

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Annual report 2012 32/92Strategies and values | Group | Parent company | Corporate governance | ContactAnnual report Financial statement Notesto associates. The revised standard becomeseffective for annual periods beginning on or after1 January 2014. The amendment is considered tonot have impact on the Group.IAS 32 Offsetting Financial Assets and FinancialLiabilities — Amendments to IAS 32These amendments clarify the meaning of“currently has a legally enforceable right to setoff”.The amendments also clarify the applicationof the IAS 32 offsetting criteria to settlementsystems (such as central clearing house systems)which apply gross settlement mechanisms thatare not simultaneous. These amendments are notexpected to impact the Group’s financial positionor performance and become effective for annualperiods beginning on or after 1 January 2014.IFRS 7 Disclosures — Offsetting Financial Assetsand Financial Liabilities — Amendments to IFRS 7These amendments require an entity to discloseinformation about rights to set-off and relatedarrangements (e.g., collateral agreements).The disclosures would provide users withinformation that is useful in evaluating the effectof netting arrangements on an entity’s financialposition. The new disclosures are required for allrecognised financial instruments that are set offin accordance with IAS 32 Financial Instruments:Presentation. The disclosures also apply torecognised financial instruments that are subjectto an enforceable master netting arrangementor similar agreement, irrespective of whetherthey are set off in accordance with IAS 32. Theseamendments will not impact the Group’s financialposition or performance and become effective forannual periods beginning on or after 1 January 2013.IFRS 9 Financial Instruments: Classification andMeasurementIFRS 9, as issued, reflects the first phase of theIASB’s work on the replacement of IAS 39 andapplies to classification and measurement offinancial assets and financial liabilities as definedin IAS 39. The standard was initially effective forannual periods beginning on or after 1 January2013, but Amendments to IFRS 9Mandatory Effective Date of IFRS 9 and TransitionDisclosures, issued in December 2011, movedthe mandatory effective date to 1 January 2015.In subsequent phases, the IASB will addresshedge accounting and impairment of financialassets. The adoption of the first phase of IFRS9 is considered not to have an effect on theclassification and measurement of the Group’sfinancial assets or financial liabilities. The Groupwill quantify the effect in conjunction with theother phases, when the final standard including allphases is issued.IFRS 10 Consolidated Financial Statements, IAS27 Separate Financial StatementsIFRS 10 replaces the portion of IAS 27Consolidated and Separate Financial Statementsthat addresses the accounting for consolidatedfinancial statements. It also addresses theissues raised in SIC-12 Consolidation — SpecialPurpose Entities. IFRS 10 establishes a singlecontrol model that applies to all entities includingspecial purpose entities. The changes introducedby IFRS 10 will require management to exercisesignificant judgement to determine which entitiesare controlled and therefore are required to beconsolidated by a parent, compared with therequirements that were in IAS 27. Based on the32
Annual report 2012 33/92Strategies and values | Group | Parent company | Corporate governance | ContactAnnual report Financial statement Notespreliminary analyses performed, IFRS 10 is notexpected to have any impact on the currently heldinvestments of the Group. This standard becomeseffective for annual periods beginning on or after 1January 2014.IFRS 11 Joint ArrangementsIFRS 11 replaces IAS 31 Interests in Joint Venturesand SIC-13 Jointly-controlled Entities — NonmonetaryContributions by Venturers. IFRS11 removes the option to account for jointlycontrolled entities (JCEs) using proportionateconsolidation. Instead, JCEs that meet thedefinition of a joint venture must be accounted forusing the equity method. This standard becomeseffective for annual periods beginning on or after 1January 2013, and is to be applied retrospectivelyfor joint arrangements held at the date of initialapplication. The amendment is considered not tohave impact on the Group.IFRS 12 Disclosure of Interests in Other EntitiesIFRS 12 includes all of the disclosures that werepreviously in IAS 27 related to consolidatedfinancial statements, as well as all of thedisclosures that were previously included in IAS 31and IAS 28. These disclosures relate to an entity’sinterests in subsidiaries, joint arrangements,associates and structured entities. A numberof new disclosures are also required, but hasno impact on the Group’s financial position orperformance. This standard becomes effective forannual periods beginning on or after 1 January 2013.IFRS 13 Fair Value MeasurementIFRS 13 establishes a single source of guidanceunder IFRS for all fair value measurements. IFRS 13does not change when an entity is required to usefair value, but rather provides guidance on howto measure fair value under IFRS when fair valueis required or permitted. The Group is currentlyassessing the impact that this standard will haveon the financial position and performance, butbased on the preliminary analyses, no materialimpact is expected. This standard becomeseffective for annual periods beginning on or after 1January 2013.IAS 1 Presentation of Financial StatementsThis improvement clarifies the difference betweenvoluntary additional comparative information andthe minimum required comparative information.Generally, the minimum required comparativeinformation is the previous period. This standardbecomes effective for annual periods beginningon or after 1 January 2013 or later. The standard isnot adopted by EU yet.IAS 16 Property Plant and EquipmentThis improvement clarifies that major spare partsand servicing equipment that meet the definitionof property, plant and equipment are not inventory.The amendment is considered not to have impacton the Group. This standard becomes effective forannual periods beginning on or after 1 January 2013or later, the standard is not adopted by EU yetIAS 32 Financial Instruments, PresentationThis improvement clarifies that income taxesarising from distributions to equity holders areaccounted for in accordance with IAS 12 IncomeTaxes. The amendment is considered not to haveimpact on the Group. This standard becomes effectivefor annual periods beginning on or after 1 January2013 or later, the standard is not adopted by EU yet.33
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