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• As a consequence of new laws and regulations, with one or more clearing counterparties
replacing the original counterparty, and,
• Any changes in terms of the novated derivative are limited to those necessary to effect
the replacement of the counterparty. No specific disclosure requirements are introduced.
The entry into force of these amendments will not have a significant impact for the Group.
Amendments to IAS19 –DefinedBenefit Plans: Employee Contributions
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 are
met, without having to perform calculations to attribute the reduction to each year of
service. Contributions from employees or third parties set out in the formal terms of a
defined benefit planwill be recognised as follows:
• If the amount of the contributions is independent of the number of years of service, the
contributions can be recognised as a reduction of the service cost in the same period in
which they are paid (this is an accounting option which must be applied consistently over
time).
• But if the amount of the contributions is dependent on a specific number of years of
service, the contributionsmust be attributed to those periods of service in accordance with
paragraph 70 of IAS 19.
The entry into force of these amendments will not have a significant impact for the Group.
IFRIC21, Levies
The interpretation addressees the timing of recognition of a liability to pay a levy if that
liability is based on financial data for a period other than that in which the activity that
triggers the payment of the levy occurs.
The interpretation states that the liability must be recognised when the obligating event
giving rise to the recognition thereof occurs, which is normally identified by legislation.
The recognition principles outlined above must be applied to both the annual and interim
financial statements. This means that the interim financial statements will not include any
prepaid expense in respect of a levy if there is no present obligation to pay the levy at the
end of the interim reporting period.
The Group has evaluated the effects of the entry into force of this interpretation, whichwill
foreseeably not have an impact on the consolidated financial statements, although it is
expected to have an impact on the interim financial statements.
