GENERAL MEETING DRAFT - Bankier.pl

The European Commission also transposed some accounting principles which have become effective
after 31 December 2009, for which the Group did not avail itself of the possibility to implement them in
advance. These principles are:
� Improvements to IFRSs (EC regulation 70/2009) (only for revisions to IFRS1 and IFRS5);
� IAS 27: Consolidated and Separate Financial Statements (EC regulation 494/2009);
� Revised IFRS 1: First Time Adoption of IFRSs (EC regulation CE 1136/2009);
� IFRS 3: Business Combination (EC regulation 495/2009);
� IFRIC 12: Service Concession Arrangements (EC regulation 254/2009);
� IFRIC 15: Agreements for the Construction of Real Estate (Reg. CE 636/2009);
� IFRIC 16: Hedges of a Net Investment in a Foreign Operation (EC regulation 460/2009);
� IFRIC 17: Distribution of Non-Cash Assets to Owners (EC regulation 1142/2009);
� IFRIC 18: Trasfers of Assets from Customers (EC regulation 1164/2009);
� Amendments to IAS 32: Financial Instruments – Presentation – Classification of Rights issues (EC
regulation 1293/2009);
� Amendments to IAS 39 Financial Instruments: Recognition and Measurement – Eligible Hedged
Items (EC regulation 839/2009).
It should also be noted that the new IFRS 3: Business Combinations, introduces the option of measuring
minority interests at fair value, with the result that the entire goodwill of the company acquired is reported.
In addition, this standard:
� specifies, that in the event control is acquired by purchasing interests in the company in
successive phases, these must be measured at fair value on the date control is acquired, with any
differences in valuation posted to the income statement;
� indicates that transaction costs incurred as a part of business combination transactions must be
recorded in the income statement;
� provides further clarifications concerning the valuation, on the purchase date, of assets and
liabilities acquired;
� introduces the requirement to measure at fair value any amounts that the purchaser must pay to
the seller upon the occurrence of predetermined circumstances following the acquisition date.
In keeping with the revision of IFRS 3, the IASB also revised IAS 27 indicating, among other things, that:
� purchases of minority equity investments or the sale of a portion of shares held that does not
result in the loss of control of the associate must be recorded under shareholders' equity;
� if there is a loss of control over a subsidiary, the seller must record any remaining interest at fair
value with differences posted to the income statement.
The required changes are under examination. We do not in any case believe that these standards will
have any significant impact on our income statement or balance sheet.
2009 CONSOLIDATED REPORTS AND ACCOUNTS
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