Tiscali 2013 Annual Report Download - page 82

Annual financial report as at 31 December 2013
Date
File Name
Status
Page
-
Annual Report as at 31
December 2013
82
 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 Group 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 Group, 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 has been adopted by the Group in
advance. The preliminary analysis carried out does not envisage significant impacts on the
consolidated 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.
 IFRS 11 – Joint arrangements - IFRS 11 replaces IAS 31 “Interests in joint ventures” and SIC 13
“Jointly-controlled entities - conferrals in kind by those taking part in the control and defines the
reference principles for the representation of joint investment agreements. This standard was
approved by the European Union in December 2012 (EU Regulation No. 1254/2012) and applies
as from 1° January 2014.
 IFRS 12 – Disclosure of interests in other entities - IFRS 12 includes – extending the same - all
the requirements in terms of supplementary information which must be provided with regard to
subsidiaries, associated companies, joint arrangements and other investments (so-called
structured entities). This standard was approved by the European Union in December 2012 (EU
Regulation No. 1254/2012) and applies as from 1° January 2014.
 IAS 28 – Investments in associates and joint ventures - Further to the introduction of the new IFRS
10 and 12, IAS 28 was renamed “Investments in associates and joint ventures” and describes the
application of the shareholders’ equity method for investments in jointly-controlled companies, in