Tiscali 2014 Annual Report Download - page 88

Annual financial report as at 31 December 2014
Date
File Name
Status
Page
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Annual Report as at 31
December 2014
88
recognised or “reversed”. There have been no impacts on the disclosures provided in the notes to the
consolidated financial statements of the Group.
Amendments to IAS 39 - Novation of derivatives and continuation of hedge accounting
Under these amendments, there would be no need to discontinue hedge accounting if a hedging
derivative was novated, provided that certain criteria are met. These amendments did not have any
impact on the Group's consolidated financial statements.
2010-2012 annual improvement project – As part of the 2010-2012 annual improvement project, the
IASB issued seven amendments to six accounting standards, which include the amendments to IFRS
13 - Fair value measurement. The amendment to IFRS 13, which came into force immediately, and
therefore as from 1 January 2014, clarifies, in the Basis for conclusions, that short-term receivables
and payables which do not have a declared interest rate, can be recognised at the value emerging
from the invoice if the amount of the discounting back is irrelevant. This amendment to IFRS 13 has
not had any impact on the Group.
2011-2013 annual improvement project – As part of the 2011-2013 annual improvement project, the
IASB issued four amendments to four accounting standards, including IFRS 1 - First time adoption of
the IFRS. The amendments to IFRS 1, which is in force as from 1 January 2014, clarifies in the Basis
for Conclusions that an entity may choose to apply the accounting standard already in force or a new
accounting standard not yet obligatory but whose early adoption is permitted, provided that this
standard is applied on a consistent basis in all the periods subject to presentation in the first set of
IFRS financial statements of the entity. This amendment to IFRS 1 has not had any impact on the
Group, since the Group is not a first time adopter.
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 2014, 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
consolidated financial statements from the application of these standards and interpretations.
Standards approved but not yet in force
 IFRIC 21 - Levies - The interpretation defines the accounting treatment of the liabilities for
government taxes and levies other than income taxes in relation to the moment when an entity
can recognise these liabilities. The interpretation was approved by the European Union in June
2014 (Regulation EU 634/2014) and will apply in the financial statements which commence as
from 17 June 2014, or after.
 Amendments to IAS 19 - Employee benefits - defined-benefit plans: contribution by
employees or third parties - These amendments introduce the distinction between types of
contributions envisaging a different accounting approach. These changes were approved by the
European Union in December 2014 (EU Regulation No. 2015/29) and apply in the financial
statements which commence as from 1 July 2014, or subsequently.
 Annual improvements to IFRS cycle 2010-2012 (issued by the IASB in December 2013) -
These amendments, whose applicability is envisaged as from the financial statements which
commence as from 1 July 2014, or subsequently, with the exception of the amendments to IFRS
13 which apply immediately, were approved by the European Union in December 2014
(Regulation EU 2015/28).
 Annual improvements to IFRS cycle 2011-2013 (issued by the IASB in December 2013) -
These amendments, whose applicability is envisaged as from the financial statements which