Tiscali 2009 Annual Report Download - page 168

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in the period, called respectively the Income Statement and the Overall Income Statement. Accordingly the
presentation of the Statement of charges to net assets was amended.
• Changed to IAS 23 (Financial Charges) on the 10 December 2008, EC regulation no. 1260-2008 was
published which incorporated the amendments made to IAS 23 (Financial Statement Presentation)
into community law. The main change made to IAS 23 involves the ending of the adoption present in
the previous version of the principle which provided for financial charges to be entered in the income
statement for the period in which they were incurred as an option to their capitalisation (permitted
treatment). Thus in the revised version of IAS 23, financial charges that are directly attributable to the
purchase, construction, or production of an assets that demands a significant period of time prior to
being ready for use or sale (so-called qualifying assets) must be capitalised as part of the cost of the
asset itself. However, no significant effects were noted after revision3 of this principle.
• Amendments to IFRS 2 (Share based payments) EC Regulation 1261-2008 has incorporated the
amendments made to IFRS 2 (Share based payments) into European Community law. The principle
specifies the definition of the “maturity conditions” and states the cases where the failure to achieve a
condition involves noting the cancellation of the right assigned. On 31 December 2009 no accounting
effects were noted to the extent that the stock option plans in existence do not provide for maturity
terms different from service and performance, nor were there any cancellations of the IFRS 8 plans
(Operating Segments). On the 21 November 2007, EC regulation no. 1358-2007 was published which
incorporated IFRS 8 (Operating Segments) into European Community law. This standard demands that
a body shall prepare information (qualitative and quantitative) about the related sectors that form the
scope of information (reportable segments). Reportable segments are components of a body (operating
segments or groups of operating segments) which separate information is available that form the scope
of periodic assessment on the part of the so-called Chief Operating Decision Maker (CODM) with the
purpose of allocating resources to the segment and assessing its results. Financial information must be
presented with the same approaches and using the same criteria as in the internal reports intended for
the CODM. IFRS 8 came into force fro the year 2009 and has replaced IAS 14 (Segment information).
The adoption of the principle has not produced any effect from the point of view of the assessment of
the financial statement items.
• IFRS 8 (Operating Segments). On the 21 November 2007, EC regulation no. 1358-2007 was published
which incorporated IFRS 8 (Operating Segments) into European Community law. This standard
demands that a body shall prepare information (qualitative and quantitative) about the related sectors
that form the scope of information (reportable segments). Reportable segments are components of a
body (operating segments or groups of operating segments) which separate information is available that
form the scope of periodic assessment on the part of the so-called Chief Operating Decision Maker
(CODM) with the purpose of allocating resources to the segment and assessing its results. Financial
information must be presented with the same approaches and using the same criteria as in the internal
reports intended for the CODM. IFRS 8 came into force from the year 2009 and has replaced IAS 14
(Sectoral information). The adoption of the principle has not produced any effect from the point of view
of the assessment of the financial statement items.
• Amendment to IAS 32 (Financial instruments: presentation in the financial statements). On the 17
December 2008, EC regulation no. 53-2009 was published which incorporated the amendments
made to IAS 32 (Financial instruments: presentation in the financial statements) and IAS 1 (Financial
Statement Presentation) into community law. The changes to IAS 32 require, in the presence of certain
conditions, that some financial instruments with options for sale (puttable instruments) or that place a
duty on the body in the case of the liquidation of the same be entered under net assets. The changes
to IAS 1 require certain specific information to be supplied about such instruments. It is not expected
that the changes made will produce significant effects on the consolidated group financial statements.
• IFRIC 13 (Customer loyalty systems). On the 16 December 2008 EC regulation no. 1262-2008 was
published which incorporated the interpretation document IFRIC 13 (Customer loyalty systems), which
Tiscali S.p.A. Accounting Statements and Explanatory Notes