EDC 2014 SR (UPDATED)

EDC 2014 Performance Report
The nature and the impact of each new standard or amendment are described below:
Investment Entities (Amendments to PFRS 10, Consolidated Financial Statements, PFRS 12,
Disclosure of Interests in Other Entities, and PAS 27, Separate Financial Statements)
These amendments provide an exception to the consolidation requirement for entities that
meet the definition of an investment entity under PFRS 10. The exception to consolidation
requires investment entities to account for subsidiaries at fair value through profit or loss. The
amendments must be applied retrospectively, subject to certain transition relief.
These amendments have no impact to the Company, since none of the entities within the
Company qualifies to be an investment entity under PFRS 10.
PAS 32, Financial Instruments: Presentation - Offsetting Financial Assets and Financial
Liabilities (Amendments)
These amendments clarify the meaning of ‘currently has a legally enforceable right to set-off’
and the criteria for non-simultaneous settlement mechanisms of clearing houses to qualify for
offsetting and are applied retrospectively
These amendments have no impact on the Company, since none of the entities in the
Company has any offsetting arrangements.
PAS 39, Financial Instruments: Recognition and Measurement - Novation of Derivatives and
Continuation of Hedge Accounting (Amendments)
These amendments provide relief from discontinuing hedge accounting when novation of a
derivative designated as a hedging instrument meets certain criteria and retrospective
application is required. These amendments have no impact on the Company as the Company
has not novated its derivatives during the current or prior periods.
PAS 36, Impairment of Assets - Recoverable Amount Disclosures for Non-Financial Assets
(Amendments)
These amendments remove the unintended consequences of PFRS 13, Fair Value
Measurement, on the disclosures required under PAS 36. In addition, these amendments
require disclosure of the recoverable amounts for assets or cash-generating units (CGUs) for
which impairment loss has been recognized or reversed during the period.
The application of these amendments has no impact on the disclosure in the Company’s
consolidated financial statements.
Philippine Interpretation IFRIC 21, Levies (IFRIC 21)
IFRIC 21 clarifies that an entity recognizes a liability for a levy when the activity that triggers
payment, as identified by the relevant legislation, occurs. For a levy that is triggered upon
reaching a minimum threshold, the interpretation clarifies that no liability should be
anticipated before the specified minimum threshold is reached. Retrospective application is
required for IFRIC 21.
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