Annual report 2012 - Comrod

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