16 / 148
7
New standards, amendments and interpretations:
Obligatory application in
annual reporting periods
beginning on or after:
Approved for use in the European Union
IFRS 10, Consolidated Financial Statements
(issued in May 2011)
Supersedes the requirements relating to
consolidated financial statements in IAS 27.
IFRS 11, Joint Arrangements (issued in May
2011)
Supersedes the requirements relating to
consolidated financial statements in IAS 31.
IFRS 12, Disclosure of Interests in Other
Entities (issued in May 2011)
Single IFRS presenting the disclosure requirements
for interests in subsidiaries, associates, joint
arrangements and unconsolidated entities
IAS 27 (Revised), Separate Financial
Statements (issued in May 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
1 January 2014 (1)
IAS 28 (Revised), Investments in Associates
and Joint Ventures (issued in May 2011)
Revision in conjunction with the issue of IFRS 11,
Joint Arrangements.
Transition rules: Amendments to IFRS 10, 11
and 12 (issued in June 2012)
Clarification of the guidance for transition to these
standards
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 an investment entity
Amendments to IAS 32, Financial
Instruments: Presentation - Offsetting
Financial Assets and Financial Liabilities
(issued in December 2011)
Additional clarifications to the rules for offsetting
financial assets and financial liabilities under IAS 32.
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 required when recoverable
amount is based on fair value less costs to sell.
1 January 2014
Amendments to IAS 39, Novation of
Derivatives and Continuation of Hedge
Accounting (issued in June 2013)
The amendments establish the cases in which -and
subject to which criteria- there is no need to
discontinue hedge accounting if a derivative is
novated.
(1)
The European Union postponed the mandatory effective date by one year. The original IASB
application date was 1 January 2013
.
New standards, amendments and interpretations mandatorily applicable on or after
1 January 2014
IFRS 10, Consolidated Financial Statements, IFRS 11, Joint Arrangements, IFRS
12, Disclosure of Interests in Other Entities, IAS 27 (Revised), Separate Financial
Statements and IAS 28 (Revised), Investments in Associates and Joint Ventures
The main change in IFRS 10 is the amended definition of control, which is based on the
following three elements of control which the investor must have at all times: power over
the investee; exposure, or rights, to variable returns from its involvement with the
investee; and the ability to use its power over the investee to affect the amount of the
investor’s returns. IFRS 10 also addresses the situation commonly known as “de facto
control”, in which the investor may control another entity even if it holds less than a
majority of the voting rights.
In turn, IFRS 11 changes the approach to analysing joint arrangements and classifies
them into two types: joint operations and joint ventures. For accounting purposes, the
main change proposed by IFRS 11 with respect to the former standard lies in the