Tiscali 2013 Annual Report Download - page 138

Annual financial report as at 31 December 2013
Date
File Name
Status
Page
-
Annual Report as at 31
December 2013
138
 it retroactively applies an accounting standard, retroactively recalculates the
items in its financial statements or reclassifies certain items in its financial
statements, and
 the retroactive application, the retroactive recalculation or the reclassification
have a significant impact on the disclosure presented in the balance sheet at
the start of the previous year.
When a company reclassifies the comparative balances, it must indicated (including at
the start of the previous year) the nature of the reclassification, the amount of each
item reclassified and the reasons for the reclassification;
 IAS 16 - Property, plant and equipment; the amendment clarifies that if the spare
parts and equipment satisfy the requisites for being classified as “Property, plant and
equipment” they must be recognised and valued according to IAS 16, otherwise they
must be recognised and valued as inventories;
 IAS 32 - Financial instruments: presentation in the financial statements and
supplementary information; the amendment lays down that the income taxes
related to the distributions to holders of instruments representing capital and those
linked to transaction costs relating to transactions on the share capital, must be
recorded as per the provisions of IAS 12;
 IAS 34 - Interim financial reporting; the amendment lays down that, in the interim
financial statements, the total of the assets and liabilities of a specific sector must be
indicated only if this figure is duly provided at the highest operational decision-making
level and if the same has undergone a significant change with respect to the last set
of annual financial statements presented.
The Company has decided not to avail itself of the faculty, where envisaged, of going ahead with early
adoption of other international accounting standards, interpretations and amendments to the same,
issued and approved, but whose date of initial application is subsequent to 1 January 2013.
International accounting standards and/or interpretations issued but not yet in force and/or
approved
The new Standards and Interpretations significant for the Company, already issued but not yet in force
or not yet approved by the European Union as of 31 December 2013, and therefore not applicable, are
listed briefly below. None of these Standards or Interpretations have been adopted by the Group in
advance. The preliminary analysis carried out does not envisage significant impacts on the financial
statements from the application of these Principles and Interpretations.
 Amendments to IAS 32 - Financial instruments: presentation - offsetting financial assets and
liabilities - these amendments more fully clarify the requirements necessary for offsetting financial
assets and liabilities already present in this standard. These changes were approved by the
European Union in December 2012 (EU Regulation No. 1256/2012) and apply as from 1° January
2014.
 IFRS 10 – Consolidated financial statements - The new standard replaces IAS 27 “Consolidated
and separate financial statements” - limited to the part concerning the consolidated financial
statements - and SIC 12 “Consolidation - Special purpose entities. Further to the issue of the new
standard, IAS 27 - renamed “Separate financial statements” - contains the principles and
guidelines for the drafting of the separate financial statements. The new IFRS 10 contains a
definition of the single control model which applies to all the investee companies and which
represent the determining factor for establishing whether an investee must be consolidated or not.
The accounting treatment and consolidation procedures are by contrast unchanged with respect to
that currently envisaged by IAS 27. This standard was approved by the European Union in
December 2012 (EU Regulation No. 1254/2012) and applies as from 1° January 2014.