Airbus 2015 Annual Report Download - page 200

AIRBUS GROUP FINANCIAL STATEMENTS 2015 l 18 l
Notes to the IFRSConsolidatedFinancialStatements
2.1 Basis of Presentation
4. Change in Accounting Policies and Disclosures
First-time Application
The accounting policies applied by the Group for preparing its 2015 year-end Consolidated Financial Statements are the same as
last year except for the first time application of IFRIC21 “Levies” which has not had a material impact on the Group’s Consolidated
Financial Statements or on its basic and diluted earnings per share.
New, Revised or Amended IFRS Standards and Interpretations Issued but not yet Applied
A number of new or revised standards, amendments and improvements to standards as well as interpretations are not yet effective
for the year ended 31December 2015 and have not been applied in preparing these Consolidated Financial Statements and
early adoption is not planned:
Standards and amendments
IASB effective date for
annual reporting periods
beginning on or after Endorsement status
IFRS9 “Financial instruments” 1January 2018 Not yet endorsed
IFRS15 “Revenue from contracts with customers” 1January 2018 Not yet endorsed
Amendment to IAS1 “Disclosure initiative” 1January 2016 Endorsed
Amendments to IFRS10 and IAS28 “Sale or contribution of assets between
an investor and its associate or joint venture” -Not yet endorsed
Amendments to IFRS11 “Accounting for acquisition of interests in joint operations” 1January 2016 Endorsed
Amendments to IAS16 and IAS38 “Clarification of acceptable methods
of depreciation and amortisation” 1January 2016 Endorsed
Annual improvements to IFRS2012-2014 1January 2016 Endorsed
amount of total deferred tax assets could be reduced, through
valuation allowances recognition, if estimates of projected future
taxable income and benefits from available tax strategies are
lowered, or if changes in current tax regulations are enacted that
impose restrictions on the timing or extent of the Group’s ability
to utilise future tax benefits. The basis for the recoverability test
of deferred tax assets is the same as the Group’s latest five year
operative planning also taking into account certain qualitative
aspects regarding the nature of the temporary differences.
Qualitative factors include but are not limited to an entity’s history
of planning accuracy, performance records, business model,
backlog, existence of long-term contracts as well as the nature
of temporary differences (see Note15 “Income tax”).
Other subjects that involve assumptions and estimates
are further described in the respective notes (see Note6
“Acquisitions and disposals”, Note17 “Intangible assets” and
Note21 “Trade receivables and liabilities”.
IFRS9 “Financial Instruments”
IFRS9, published in July2014, replaces the existing guidance in
IAS39 “Financial instruments: recognition and measurement”.
IFRS9 includes revised guidance on the classification and
measurement of financial instruments, including a new expected
credit loss model for calculating impairment on financial assets,
and the new general hedge accounting requirements. It also
carries forward the guidance on recognition and derecognition
of financial instruments from IAS39.
An assessment of the materiality of IFRS9 impact on the
Group’s Financial Statements is currently being performed.
IFRS15 “Revenue from Contracts with Customers”
On May2014, the IASB issued IFRS15 which establishes a
single comprehensive framework for determining when to
recognise revenue and how much revenue to recognise. IFRS15
will replace the current revenue recognition standards IAS18
“Revenue” and IAS11 “Construction contracts” and related
interpretations when it becomes effective.
IFRS15 will require the Group to identify the different performance
obligations it assumes under a contract, and account for them
separately based on their relative stand-alone selling prices.
For all contracts, including long-term construction contracts
currently accounted for under the PoC method, the Group
will only be able to recognise revenue once certain conditions
Financial Statements 2015
11 22 33 44 55
QRegistration Document 2015
Annual Report 2015 Financial Statements 2015