20 / 148
11
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 annual and interim
financial statements. This means that 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, which will
foreseeably not have an impact on the consolidated financial statements, although it is
expected to have an impact on the interim financial statements.
IFRS 9, Financial Instruments: Classification and Measurement
IFRS 9 will in the future replace the current part of IAS 39 relating to classification and
measurement. There are very significant differences with respect to the current standard,
in relation to financial assets, including the approval of a new classification model based on
only two categories, namely instruments measured at amortised cost and those measured
at fair value, the disappearance of the current “held-to-maturity investments” and
“available-for-sale financial assets” categories, impairment analyses only for assets
measured at amortised cost and the non-separation of derivatives embedded in financial
asset contracts.
In relation to financial liabilities, the classification categories proposed by IFRS 9 are
similar to those currently contained in IAS 39 and, therefore, there should not be any very
significant differences except, in the case of the fair value option for financial liabilities, for
the requirement to recognise changes in fair value attributable to own credit risk as a
component of equity
There will also be major changes in relation to hedge accounting, since the approach of
IFRS 9 is very different from that of the current IAS 39 in that it attempts to align hedge
accounting with economic risk management.
The Group is currently analysing the future impact of the adoption of this standard and
foreseeably it will not have a material impact on the consolidated financial statements
IFRS 15, Revenue from Contracts with Customers
An entity shall apply this standard to all contracts with customers other than to those that
are within the scope of other IFRSs, such as lease, insurance contracts and financial
instruments.
This principle is based on applying the following five steps:
- Identify the contract(s) with a customer. The parties to the contract have approved the
contract (in writing, orally or in accordance with other customary business practices).
- Identify the performance obligations in the contract. The customer can benefit from the
good or service either on its own or together with other resources that are readily