Cemex 2013 Annual Report Download - page 63

Notes to the consolidated financial statements
2V) Newly issued IFRS not yet adopted
ThereareanumberofIFRSissuedasofthedateofissuanceofthesenancialstatementsbutwhichhavenotyetbeenadopted,whichare
listedbelow.Exceptasotherwiseindicated,CEMEXexpectstoadopttheseIFRSwhentheybecomeeffective.
• During2012and 2013,theIASB issuedIFRS9, Financialinstruments: classicationandmeasurement(“IFRS 9”),whichas issued,
reects the rst part of Phase 1 of the IASB’s project to replace IAS 39. In subsequent phases, the IASB will address impairment
methodology,derecognitionandhedgeaccounting.IFRS9requiresanentitytorecognizeanancialassetoranancialliabilityinits
statementofnancialpositionwhen,andonlywhen,theentitybecomespartytothecontractualprovisionsoftheinstrument.Atinitial
recognition,anentityshallmeasureanancialassetornancialliabilityatitsfairvalueplusorminus,inthecaseofanancialasset
ornancialliabilitynotatfairvaluethroughprotorloss,transactioncoststhataredirectlyattributabletotheacquisitionorissueof
thenancialassetornancialliability.IFRS9iseffectiveforannualperiodsbeginningonorafterJanuary1,2015,withearlyadoption
permitted.CEMEXdoesnotconsiderthatcurrentIFRS9willhaveasignicanteffectontheclassicationandmeasurementofCEMEX’s
nancialassetsandnancialliabilities.Nonetheless,CEMEXwillevaluatetheimpactandwillquantifytheeffecttogetherwiththeother
phases,whenissued,tomakeacomprehensiveanalysis.
• InDecember2011,theIASBamendedIAS32fordisclosurerequirementsfortheoffsettingofassetsandliabilitiesonthestatementof
nancialposition.Theamendedstandardrequiresentitiestodisclosebothgrossinformationandnetinformationaboutbothinstruments
andtransactionseligibleforoffsetinthestatementofnancialpositionandinstrumentsandtransactionssubjecttoanagreement
similar to a master netting arrangement. The scope includes derivatives, sale and repurchase agreements and reverse sale and
repurchaseagreementsandsecuritiesborrowingandsecuritieslendingagreements.TheamendmentstoIAS32areeffectivebeginning
January1,2014andrequireretrospectiveapplication.CEMEXiscurrentlyevaluatingtheimpactofadoptingthisamendedstandard;
nonetheless,CEMEXdoesnotexpectthattheadoptionofthisamendedstandardwillhaveasignicantimpactonitsconsolidated
nancialstatements.
3) Revenues and construction contracts
FortheyearsendedDecember31,2013,2012and2011,netsales,aftersalesandeliminationsbetweenrelatedpartiesresultingfrom
consolidation,wereasfollows:
(Millions of Mexican pesos) 2013 2012 2011
FromthesaleofgoodsassociatedtoCEMEX’smainactivities1 $ 187,335 189,219 182,835
Fromthesaleofservices2  2,523 2,574 2,531
Fromthesaleofothergoodsandservices3  5,803 5,243 4,521
   $ 195,661 197,036 189,887
1 Includesrevenuesgeneratedunderconstructioncontractsaspresentedinthetablebelow.
2 RefersmainlytorevenuesgeneratedbyNeorisN.V.,asubsidiaryinvolvedinprovidinginformationtechnologysolutionsandservices.
3 Refersmainlytorevenuesgeneratedbyminorsubsidiariesoperatingindifferentlinesofbusiness.
FortheyearsendedDecember31,2013,2012and2011,revenuesandcostsrelatedtoconstructioncontractsinprogresswereasfollows:
Recognized to
(Millions of Mexican pesos) date 1 2013 2012 2011
Revenuefromconstructioncontractsincludedinconsolidatednetsales2 $ 3,698 1,319 180 1,027
Costsincurredinconstructioncontractsincludedinconsolidatedcostofsales
3
  (2,695) (1,144) (80) (895)
  Constructioncontractsoperatingprot $ 1,003 175 100 132
1 RevenuesandcostsrecognizedfrominceptionofthecontractsuntilDecember31,2013inconnectionwiththoseprojectsstillinprogress.
2 Revenuesfromconstructioncontractsduring2013,2012and2011,determinedunderthepercentageofcompletionmethod,weremainlyobtainedinMexico
and2013inColombia.
3 Referstoactualcostsincurredduringtheperiods.TheoldestcontractinprogressasofDecember31,2013startedin2010.
AsofDecember31,2013and2012,amountsreceivableforprogressbillingstocustomersofconstructioncontractsand/oradvances
receivedbyCEMEXfromthesecustomerswerenotsignicant.
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