LensCrafters 2011 Annual Report Download - page 198

ANNUAL REPORT 2011> 122 |
minimum funding contributions. The amendments had no significant effect on the Group’s
consolidated financial statements as of December 31, 2011.
IFRIC 19 – Extinguishing financial liabilities with equity instruments, issued in November
2009. The interpretation is effective for annual periods beginning on or after July 1, 2010.
The interpretation clarifies the accounting by an entity when the terms of a financial
liability are renegotiated and results in the entity issuing equity instruments to a creditor
to extinguish all or part of the financial liability. It requires a gain or loss to be recognized
in profit or loss, which is measured as the difference between the carrying amount of the
financial liability and the fair value of the equity instruments issued. If the fair value of the
equity instruments issued cannot be reliably measured, the equity instruments should be
measured to reflect the fair value of the financial liability extinguished.
IAS 32 amendment – Classification of rights issues, issued in October 2009. The amendment,
applicable to annual periods beginning on or after February 1, 2010, addresses the
accounting for rights issues that are denominated in a currency other than the functional
currency of the issuer. Provided certain conditions are met, such rights issues are now
classified as equity regardless of the currency in which the exercise price is denominated.
The amendment applies retrospectively in accordance with IAS 8 – Accounting policies,
changes in accounting estimates and errors. The amendment had no significant effect on
the Group’s consolidated financial statements as of December 31, 2011.
IFRS 7 – Financial Instruments: Disclosures. The amendment, applicable to annual periods
beginning on or after July 1, 2010, emphasizes the interaction between qualitative and
quantitative disclosures about the nature and extent of risks arising from financial liabilities.
The amendment eliminates the requirement to disclose the carrying amount of financial assets
that would otherwise be past due or impaired where their terms were renegotiated. The
amendment also eliminates the requirement to disclose the fair value of collateral and other
credit enhancements, which can be potentially misleading, although an entity is still required
to disclose a description of the collateral and its financial effects. The amendment had no
significant effect on the Group’s consolidated financial statements as of December 31, 2011.
IAS 1 – Presentation of Financial Statements. The amendment, applicable to annual periods
beginning on or after January 1, 2011, requires, either in the statement of changes in equity
or in the notes, an analysis of other comprehensive income by item. The amendment had no
significant effect on the Group’s consolidated financial statements as of December 31, 2011.
IAS 27 – Consolidated and separate financial statements. The amendment clarifies the
transition requirements for amendments arising as a result of IAS 27. The amendment had
no significant effect on the Group’s consolidated financial statements as of December 31,
2011.
IAS 34 – Interim Financial Reporting. The amendment clarifies that the information included
in the interim financial reporting on significant transactions and events should update the
relevant information presented in the most recent annual report. The amendment had no
significant effect on the Group’s consolidated financial statements as of December 31,
2011.