LensCrafters 2013 Annual Report Download - page 111

arrangement. The standard builds on existing principles by identifying the concept of control as the determining factor
in whether an entity should be included within the consolidated financial statements. The Standard provides additional
guidance to assist in determining control. Proportionate consolidation is no longer allowed. The standard, published in
May 2011, had no impact on the consolidated financial statements of the Group.
IFRS 12—Disclosures of interests in other entities. The standard includes disclosure requirements for all forms
of interests in other entities. The standard, published in May 2011, had no significant impact on the consolidated
financial statements of the Group.
Amendments to IFRS 10, 11 and 12. The amendments provide guidelines on the comparative information. The
standard, published in July 2012, had no impact on the consolidated financial statements of the Group.
IAS 27 (revised 2011) Separate financial statements. The standard includes the provisions on separate financial
statements that are left after the control provisions of IAS 27 have been included in the new IFRS 10. The standard,
published in May 2011, had no impact on the consolidated financial statements of the Group.
IAS 28 (revised 2011) Associates and Joint ventures. The standard includes the requirements for joint ventures,
as well as associates, to be accounted using the equity method following the issue of IFRS 11. The standard, published
in May 2011, had no impact on the consolidated financial statements of the Group.
Amendments and interpretations of existing principles which are effective for reporting periods beginning after
January 1, 2014 and not early adopted.
IFRS 9—Financial instruments, issued in November 2009. The standard is the first step in the process to
replace IAS 39—Financial instruments: recognition and measurement. IFRS 9 introduces new requirements for
classifying and measuring financial assets. The new standard reduces the number of categories of financial assets
pursuant to IAS 39 and requires that all financial assets be: (i) classified on the basis of the model which a company has
adopted in order to manage its financial activities and on the basis of the cash flows from financing activities;
(ii) initially measured at fair value plus any transaction costs in the case of financial assets not measured at fair value
through profit and loss; and (iii) subsequently measured at their fair value or at the amortized cost. IFRS 9 also provides
that embedded derivatives which fall within the scope of IFRS 9 must no longer be separated from the primary contract
which contains them and states that a company may decide to directly record—within the consolidated statement of
comprehensive income—any changes in the fair value of investments which fall within the scope of IFRS 9. The
standard is not applicable until January 1, 2015, but is available for early adoption. The Group is assessing the full
impact of adopting IFRS 9.
Amendments to IAS 32—Financial instruments. The amendments clarify some of the requirements for
offsetting financial assets and financial liabilities on the balance sheet. The standard, published in December 2011, is
effective for annual periods beginning on or after January 1, 2014. The adoption of the standard will not have a
significant impact on the consolidated financial statements of the Group.
Amendments to IAS 36—Impairment of assets. The amendments address the disclosure of information about
the recoverable amount of impaired assets if that amount is based on fair value less cost of disposals. The amendments
are effective for annual periods beginning on or after January 1, 2014. The adoption of the standard will not have a
significant impact on the consolidated financial statements of the Group