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accounting treatment for joint ventures, since this type of joint arrangement shall always
be accounted for using the equity method.
IFRS 12 establishes the disclosure requirements for interests in other entities (whether
these be subsidiaries, associates, joint arrangements or other unconsolidated interests).
IAS 27 and IAS 28 are revised in conjunction with the issue of the aforementioned new
IFRSs. Specifically, the contents of IAS 27 (Revised) will apply only to the separate
financial statements of an entity and IAS 28 now prescribes that jointly controlled entities
must be accounted for using the equity method, in the same way as associates.
The entry into force of these amendments did not have any impact on the consolidated
financial statements.
Transition guidance: Amendments to IFRS 10, 11 and 12
These amendments clarify that the initial date of application is the beginning of the annual
reporting period in which IFRS 10 is applied for the first time and that an entity should
assess whether the consolidation conclusion relating to investments is different under IAS
27 and IFRS 10 as at that date.
The entry into force of these amendments did not have any impact for the Group.
Investment entities: Amendments to IFRS 10, IFRS 12 and IAS 27
This amendment establishes an exception to IFRS 10 for investment entities, which are
entities that obtain funds from one or more investors for the purpose of providing those
investor(s) with investment management services solely for returns from those
investments and measure and evaluate the performance of substantially all of their
investments on a fair value basis. Accordingly, under IFRS 9 an investment entity will not
consolidate its subsidiaries but will measure its investment in a subsidiary at fair value
through profit or loss.
The entry into force of these amendments did not have any impact on the consolidated
financial statements.
Amendments to IAS 32, Financial Instruments: Presentation - Offsetting
Financial Assets and Financial Liabilities
This amendment establishes that the rights of set-off must not be contingent on a future
event, and must be legally enforceable both in the normal course of business and in the
event of default, insolvency or bankruptcy of the entity and all of the counterparties. It
also clarifies in which cases a gross settlement system could be considered equivalent to
net settlement.
The entry into force of these amendments did not have any impact for the Group.
Amendments to IAS 36, Recoverable Amount Disclosures for Non-Financial
Assets