10
The 2013 consolidated financial statements of the Group and the 2013 separate financial
statements of the Group companies, which were formally prepared by the companies'
respective directors, will be submitted for approval at the related Annual General
Meetings, and it is considered that theywill be approvedwithout any changes.
The 2012 consolidated financial statements, which were approved by the shareholders at
the Annual General Meeting on 24 April 2013 and are included for comparison purposes,
were also prepared in accordance with EU-IFRSs applied on a basis consistent with that of
2013.
Standards and interpretations effective in2013:
The standards and interpretations that came into force in 2013 and that were taken into
account in preparing the accompanying consolidated financial statements are described below:
New standards, amendments and interpretations:
Obligatory application in annual
reportingperiods beginningon
or after:
Approved for use in the EuropeanUnion
Amendments to IAS 12, Income Taxes
- Deferred Taxes Arising from Investment
Property (issued inDecember 2010)
On themeasurement of deferred taxes arising
from investment propertymeasured using the
fair valuemodel in IAS 40
Annual reporting periods beginning
on or after 1 January 2013
(Original IASB date: 1 January
2012)
IFRS 13, Fair Value Measurement (issued in
May 2011)
Sets out a framework for measuring fair value
Annual reporting periods beginning
on or after 1 January 2013
Amendments to IAS 1 - Presentation of
Items of Other Comprehensive Income
(issued in June 2011)
Minor amendments relating to the presentation
of items of other comprehensive income
Annual reporting periods beginning
on or after 1 July 2012
Amendments to IAS 19, Employee Benefits
(issued in June 2011)
The amendments affect mainly defined benefit
plans since one of themajor changes is the
elimination of the “corridor”
Annual reporting periods beginning
on or after 1 January 2013
Amendments to IFRS 7, Financial
Instruments: Disclosures - Offsetting
Financial Assets and Financial Liabilities
(issued inDecember 2011)
Introduction of new disclosures relating to the
offsetting of financial assets and financial
liabilities under IAS 32.
Annual reporting periods beginning
on or after 1 January 2013
Improvements to IFRSs, 2009-2011 cycle
(issued inMay 2012)
Minor amendments to a series of standards.
Annual reporting periods beginning
on or after 1 January 2013
IFRIC 20, Stripping Costs in the Production
Phase of a Surface Mine (issued in October
2011)
The IFRS Interpretations Committee addresses
the accounting treatment of thewaste removal
costs incurred in surfacemining.
Annual reporting periods beginning
on or after 1 January 2013
New standards, amendments and interpretationsmandatorily applicable onor after
1 January 2013
Amendments to IAS 12, Income Taxes –Deferred Taxes Arising From Investment
Property
The main change introduced by these amendments is an exception to the general
principles of IAS 12 which affects deferred taxes arising from investment property that is
measured using the fair value model in IAS 40, Investment Property; there is now a
rebuttable presumption in relation to the measurement of the deferred taxes that the
carrying amount of the investment propertywill be recovered entirely through sale.
