12
Standards and interpretations issuedbut not yet in force:
At the date of preparation of these consolidated financial statements, the most significant
standards and interpretations that had been published by the IASB but which had not yet
come into force, either because their effective date is subsequent to the date of the
consolidated financial statements or because they had not yet been adopted by the European
Union, were those listed below.
The directors have assessed the potential impact of applying these standards in the future and
consider that their entry into force will not have a material effect on the consolidated financial
statements.
New standards, amendments and interpretations:
Obligatory application
in annual reporting
periods beginning
on or after:
Approved for use in the EuropeanUnion
IFRS 10, Consolidated Financial Statements
(issued inMay 2011)
Supersedes the requirements relating to consolidated financial
statements in IAS 27
Annual reporting periods
beginning on or after 1
January 2014 (1)
IFRS 11, Joint Arrangements (issued inMay
2011)
Supersedes the current IAS 31, Interests in Joint Ventures
Annual reporting periods
beginning on or after 1
January 2014 (1)
IFRS 12, Disclosure of Interests in Other Entities
(issued inMay 2011)
Single IFRS presenting the disclosure requirements for interests in
subsidiaries, associates, joint arrangements and unconsolidated entities
Annual reporting periods
beginning on or after 1
January 2014 (1)
IAS 27 (Revised), Separate Financial Statements
(issued inMay 2011)
The IAS is revised, since as a result of the issue of IFRS 10 it applies
only to the separate financial statements of an entity
Annual reporting periods
beginning on or after 1
January 2014 (1)
IAS 28 (Revised), Investments in Associates and
Joint Ventures (issued inMay 2011)
Revision in conjunction with the issue of IFRS 11, Joint Arrangements
Annual reporting periods
beginning on or after 1
January 2014 (1)
Transition rules: Amendments to IFRS 10, 11 and
12 (issued in June 2012)
Clarification of the rules for transition to these standards
Annual reporting periods
beginning on or after 1
January 2014 (1)
Investment Entities: Amendments to IFRS 10,
IFRS 12 and IAS 27 (issued in October 2012)
Exception from consolidation for parent companies that meet the
definition of investment entities
Annual reporting periods
beginning on or after 1
January 2014
Amendments to IAS 32, Financial Instruments:
Presentation - Offsetting Financial Assets and
Financial Liabilities (issued inDecember 2011)
Additional clarifications to the rules for offsetting financial assets and
financial liabilities under IAS 32
Annual reporting periods
beginning on or after 1
January 2014
Not yet approved for use in the EuropeanUnion
IFRS 9, Financial Instruments: Classification and
Measurement (issued in November 2009 and in
October 2010) and subsequent amendments to
IFRS 9 and IFRS 7 on effective date and
transition disclosures (issued inDecember 2011)
and hedge accounting and other amendments
(issued in November 2013)
Replaces the IAS 39 requirements relating to the classification,
measurement and derecognition of financial assets and liabilities and
hedge accounting
Not yet defined (2)
Amendments to IAS 36 – Recoverable Amount
Disclosures for Non-Financial Assets (issued in
May 2013)
Clarifies when certain disclosures are required and extends the
disclosures requiredwhen recoverable amount is based on fair value less
costs to sell
Annual reporting periods
beginning on or after 1
January 2014
Amendments to IAS 39 - Novation of Derivatives
and Continuation of Hedge Accounting (issued in
June 2013)
The amendments establish the cases inwhich -and subject towhich
criteria- there is no need to discontinue hedge accounting if a derivative
is novated.
Annual reporting periods
beginning on or after 1
January 2014
Amendments to IAS 19 –Defined Benefit Plans:
Employee Contributions (issued in November
2013)
The amendments were issued to allow employee contributions to be
deducted from the service cost in the same period in which they are
paid, provided certain requirements aremet
Annual reporting periods
beginning on or after 1
July 2014
Improvements to IFRSs, 2010-2012 cycle and
2011-2013 cycle (issued in December 2013)
Minor amendments to a series of standards
Annual reporting periods
beginning on or after 1
July 2014
IFRIC 21, Levies (issued inMay 2013)
This interpretation addresses the accounting for a liability to pay a levy
that is triggered by an entity undertaking an activity on a specified date.
Annual reporting periods
beginning on or after 1
July 2014
(1) The European Union postponed themandatory effective date by one year. The original IASB application date was 1 January 2013.
(2) In November 2013 the IASB removed themandatory effective date of IFRS 9 and a new datewill not be set until the standard is complete. The new
date is not expected to be earlier than annual reporting periods beginning on or after 1 January 2017.
