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available to the customer and the entity has promise to transfer the good or service to the
customer is separately identifiable from other promises in the contract.
- Determine the transaction price. An entity shall estimate the amount of consideration to
which it expects to be entitled in exchange for transferring the promised goods or services
to a customer.
- Allocate the transaction price to the performance obligations identified in the contract. An
entity shall allocate the transaction price to each performance obligation on the basis of
the relative stand-alone selling prices of each distinct good or service promised in the
contract.
- Recognise revenue when (or as) the entity satisfies a performance obligation. A
performance obligation is satisfied when control of the promised good or service is
transferred to a customer.
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
Amendments to IAS 19, Defined Benefit 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 plan will be recognised as follows:
- If the amount of the contributions is independent of the number of years of service, such
contributions may be recognised as a reduction of the service cost in the period in which
they are paid (this accounting option must be applied consistently over time).
- However, if the amount of the contributions is dependent on the number of years of
service, an entity must attribute the contributions to periods of service using the same
attribution method required by IAS 19.70.
The entry into force of these amendments will not have a significant impact for the Group.
Amendments to IASs 16 and 38, Clarification of Acceptable Methods of
Depreciation and Amortisation
These amendments clarify that a depreciation or amortisation method that is based on
revenue is not appropriate, since it reflects factors other than the expected pattern of
consumption of the future economic benefits embodied in an asset.
The amendments to IAS 16 clarify that revenue is affected by numerous factors, not all of
which have a bearing upon the way in which an asset is consumed. The amendments cite
as examples changes in sales volumes and prices or inflation.
The amendments to IAS 38, Intangible Assets introduce a rebuttable presumption that an
amortisation method that is based on the revenue is inappropriate for the same reasons as
those stated above in the case of the IAS 16 amendments. However, this presumption can
be overcome only in two very limited circumstances: