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Annual financial report as at 31 December 2012
Date File Name Status Page
-
Annual Report as at 31
December 2012 75
IAS 12 - Deferred taxes : recovery of underlying assets
This amendment clarifies the determination of the deferred taxes on property investments valued at
fair value. The amendment introduces the refutable presumption that the book value of the property
investment valued using the fair value model envisaged by IAS 40, will be recovered by means of sale
and that, consequently, the related deferred taxation should be valued on a sale basis. The
presumption is refuted if the property investment can be depreciated and held with the aim of using
over time essentially all the benefits deriving from the property investment itself, instead of achieving
these benefits by means of sale. The effective date of adoption of the amendment is for the years
commencing 1 January 2012 or subsequent thereto. The amendment has not had any impact on the
financial position, results or disclosure of the Group.
IFRS 1 – Severe hyperinflation and removal of fixed dates for first-time adopters
The IASB has provided guidelines on how the entity should resume the IFRS financial statement
presentation when the related reporting currency ceases to be subject to severe hyperinflation. The
effective date of adoption of the amendment is for the years commencing 1 July 2011 or subsequently.
This amendment has not had any impact on the Group.
IFRS 7 – Disclosures – Transfers of financial assets
The amendment requires supplementary disclosure relating to the assets transferred which are not
fully derecognised from the financial statements; the company must provide the information which
permits the users of the financial statements to comprehend the relationships between those assets
which are not cancelled and the liabilities associated with the same. If the assets are derecognised in
full, but the company has a residual involvement, disclosure must be provided which allows the users
of the financial statements to assess the nature of the residual involvement of the entity in the
cancelled assets and the risks associated with the same. The effective date of adoption of the
amendment is for the years commencing 1 July 2011 or subsequently. The Group does not have
assets with these characteristics, therefore there have been no impacts on the presentation of the
Group financial statements.
Standards issued, but not yet in force
The standards and interpretation which, as of the date of the drawing up of the Group’s consolidated
financial statements, were already issued but not yet in force, are illustrated below.
During 2012, the following standards were acknowledged at EU level:
Mandatory applic
a
Amendments to IAS 1 (Presentation of financial statements) 1 January
Amendments to IFRS 7 (Financial instruments: Disclosures – offsetting financial assets and liabilities) 1 January
IFRS 13 (Fair value valuation) 1 January
IAS 27 (Separate financial statements) 1 January
IAS 28 (Investments in associates and joint ventures) 1 January
IFRS 10 (Consolidated financial statements) 1 January
IFRS 11 (Joint arrangements) 1 January
IFRS 12 (Disclosure on interests in other entities) 1 January
Amendments to IAS 32 (Financial instruments: presentation - offsetting financial assets and liabilities) 1 January
Any impacts on the Group’s consolidated financial statements deriving from said amendments are
being
assessed.