With the exception of the following changes, the Group applied the accounting policies outlined consistently to all periods presented in these consolidated financial statements.
The Group applied the following new standards and amendments to standards, including all of the following amendments to other standards, with these first being applied as of 1 January 2014.
|
10 |
Consolidated Financial Statements |
|
|
IFRS |
11 |
Joint Arrangements |
|
IFRS |
10‑12 |
Transition Guidance - Amendment to IFRS 10‑12 |
|
IFRS |
10, 12 |
Investment Entities - Amendment to IFRS 10, 12 and IAS 27 |
|
IFRS |
12 |
Disclosures of Interests in Other Entities |
|
IAS |
27 |
Separate Financial Statements (2011) |
|
IAS |
28 |
Investments in Associates and Joint Ventures (2011) |
|
32 |
Offsetting Financial Assets and Financial Liabilities - Amendments to IAS 32 |
|
|
IAS |
39 |
Novation of Derivatives and Continuation of Hedge Accounting (Amendment) |
|
IFRIC |
21 |
Levies |
Application of these new mandatory IFRSs has the following impact on the financial statements:
Control
IFRS 10 “Consolidated financial statements” is based on the existing definition of control in terms of controlling subsidiaries to determine whether a company is to be included in the parent company’s consolidated financial statements. The standard includes a series of additional features and application guidelines in complex cases in order to determine whether there is control.
The Group’s basis of consolidation has not changed even under the new control model.
Joint Arrangements
In the assessment as to whether there is joint management, IFRS 11 “Joint Arrangements” focuses on the parties’ actual rights and obligations in relation to the entities involved. IFRS 11 makes a distinction between two types of joint arrangements: joint operations and joint ventures. Joint operations are provided if the shareholders acquire rights to the assets and obligations for the liabilities under the joint arrangement. A shareholder accounts for their share in the assets, liabilities, sales revenues and expenses managed jointly. In contrast, joint ventures are provided if the shareholder has rights to the net assets in the joint arrangement. Joint ventures are accounted for at equity
The Group does not currently have any joint arrangements to which IFRS 11 applies.
Disclosure of Interests in Other Entities
IFRS 12 “Disclosure of Interests in Other Entities” consolidates the revised disclosure obligations related to IAS 27, IFRS 10, IAS 31 and/or IFRS 11 and IAS 28 into one standard, including structured entities and other off-balance-sheet constructions.
Additional disclosures have been made based on the new application of IFRS 12 “Disclosure of Interests in Other Entities”, essentially for associates (Table 7).
Any other new mandatory IFRSs were either inapplicable for the Group or had no material impact on it.
