Tiscali 2013 Annual Report Download - page 81

Annual financial report as at 31 December 2013
Date
File Name
Status
Page
-
Annual Report as at 31
December 2013
81
IFRS 13 - Fair value valuation
This represents a transversal framework to be referred to each time other accounting standards
require or permit the application of the fair value approach. The standard provides a guide on how to
establish the fair value, also introducing specific disclosure requisites. The application, on a forecast
basis, of this standard has not had any significant impacts on these consolidated financial statements;
Amendments to IFRS 7 – Offsetting financial assets and liabilities
The amendment requires the extension of the disclosure regarding the offsetting of financial assets
and liabilities, for the purpose of permitting the users of the financial statements to assess the effects,
including potential, of the netting agreements (including the netting rights associated with assets or
liabilities stated in the financial statements) on the financial position of the company. The Group
adopted these amendments as from 1 January 2013, retrospectively. The adoption of these
amendments has not had any effect on the disclosure included or on the amounts reported in these
consolidated financial statements.
Amendments to IAS 12 - Deferred taxes : recovery of underlying assets
The amendment introduces a concession in the accounting registration of the deferred taxes on the
basis of the methods by means of which the book value of the underlying assets will be recovered.
This concession refers to the arrangements in which differentiated rates are envisaged according to
whether the company decides to sell rather than use these assets in its operating cycle. The
application, on a retroactive basis, of this amendment has not had any impacts on these consolidated
financial statements.
2009-2011 annual cycle of improvements to the international accounting standards
These concern formal amendments and clarifications to standards already existing, whose retroactive
application has not had any impacts on these consolidated financial statements; In detail, the following
standards have been amended:
 IAS 1 - Presentation of financial statements; the amendment clarifies how the
comparative disclosure must be presented in the financial statements and specifies
that the company can decide voluntarily to present additional comparative disclosure.
In detail, it specifies that a company must present a third balance sheet at the start of
the previous year in addition to the minimum comparative disclosure schedules
required if:
 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;