A range of new standards, amendments to standards and interpretations are first applicable in the first reporting period of a financial year beginning after 1 January 2013 and were not applied as these consolidated financial statements were prepared. Those that may be relevant to the Group are shown below. The Group does not intend to apply these standards early.
|
27 |
Seperate Financial Statements (2011) |
1 Jan. 2014 |
|
|
IAS |
28 |
Investments in Associates and Joint Ventures (2011) |
1 Jan. 2014 |
|
10 |
Consolidated Financial Statements |
1 Jan. 2014 |
|
|
IFRS |
11 |
Joint Arrangements |
1 Jan. 2014 |
|
IFRS |
12 |
Disclosures of Interests in Other Entities |
1 Jan. 2014 |
|
IFRS |
10 12 |
Transition Guidance - Amendment to IFRS 10 12 |
1 Jan. 2014 |
|
IFRS |
9 |
Financial Instruments |
Not yet endorsed |
|
IAS |
32 |
Offsetting Financial Assets and Financial Liabilities - Amendments to IAS 32 |
1 Jan. 2014 |
|
IFRS |
9 |
Mandatory Effective Date and Transition Disclosures - Amendments to IFRS 9 and IFRS 7 |
Not yet endorsed |
|
IFRS |
10, 12 |
Investment Entities - Amendment to IFRS 10, 12 and IAS 27 |
1 Jan. 2014 |
|
IFRIC |
21 |
Levies |
Not yet endorsed |
|
IAS |
36 |
Amendment IAS 36 Recoverable Amount Disclosures for Non-Financial Assets |
1 Jan. 2014 |
|
IAS |
39 |
Novation of Derivatives and Continuation of Hedge Accounting (Amendment) |
1 Jan. 2014 |
|
IAS |
19 |
Defined Benefit Plans: Employee Contributions |
Not yet endorsed |
|
IFRS |
9 |
Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39 |
Not yet endorsed |
|
IFRS |
All |
Annual Improvements 2011-2013 |
Not yet endorsed |
|
IFRS |
All |
Annual Improvements 2010-2012 |
Not yet endorsed |
|
IFRS |
14 |
Regulatory Deferral Accounts |
1 Jan. 2016 |
The application of these new IFRSs is expected to have the following effects on the consolidated financial statements:
Consolidation standard IFRS 9
IFRS 9 follows a new approach to the categorisation and measurement of financial assets and now differentiates between only two measurement categories (measurement at fair value or amortised cost) on the basis of the entity’s business model or on the characteristic features of the contractual cash flows of the respective financial asset. Impairment must be measured in line with a standard method.
UNIQA is observing the development but cannot yet describe precise effects, because of the ongoing endorsement process.
Consolidation standards IFRS 10-12
IFRS 10 (2011) introduces a new control model that focuses on whether the Group has control over an investee, is exposed to risks from or has rights to variable returns from its involvement with the investee, and can use its control to influence these returns. In accordance with the transitional provisions of IFRS 10 (2011), the Group must re-evaluate the control of its investees as of 1 January 2014.
The new control model will not change the Group’s scope of consolidation.
In accordance with IFRS 11, the Group has classified its interests in joint arrangements either as joint operations (when the Group has rights to the assets attributable to a joint operation and obligations for its liabilities) or as joint ventures (when the Group has rights only to the net assets of an arrangement). In this assessment, the Group considered the structure of the arrangements, the legal form of all independent vehicles, the conditions of the contractual arrangements and other matters and circumstances. Previously, the classification focused exclusively on the structure of the arrangement.
At present, the Group has no joint arrangements to which IFRS 11 is applicable.
As a result of IFRS 12, the Group will expand its disclosures regarding its interests in subsidiaries and in financial investments recognised at equity.
Recoverable amount disclosures for non-financial assets
As a result of this amendment to IAS 36, the Group must expand its disclosures on recoverable amounts when these are based on fair value less costs to sell and impairment is recognised.
For all other IFRSs to be applied in future, there are either no relevant transactions or no effects on the consolidated financial statements are expected.
