Tiscali 2014 Annual Report Download - page 89

Annual financial report as at 31 December 2014
Date
File Name
Status
Page
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Annual Report as at 31
December 2014
89
commence as from 1 July 2014, or subsequently (with the exception of the amendment to IFRS 1
which is in force as from 1 January 2014), were approved by the European Union in December
2014 (Regulation EU 1361/2014).
Standards issued, but not yet approved
 IFRS 9 - Financial Instruments (issued in July 2014) - IFRS 9 will ultimately replace IAS 39
Financial instruments: Recognition and Measurement, and its main objective is to reduce the
complexity. IFRS 9 and all the related amendments have not yet been approved. At the moment,
the impacts deriving from the future application of the standard are not quantifiable (envisaged as
from 1 January 2018).
 IFRS 15 - Revenue from Contracts with Customers – Published jointly by the IASB and FASB
in May 2014, the standard should improve the quality and uniformity of the recognition of the
revenues as well as the comparability of the financial statements drawn up according to the IFRS
and the US GAAP. At the moment, the impacts deriving from the future application of the standard
have not yet been quantified (envisaged as from 1 January 2017, with the possibility of early
adoption).
 Annual improvements to IFRS cycle 2012-2014 (issued by the IASB in September 2014) -
These amendments, whose applicability is envisaged as from 1 January 2016, have not yet been
approved by the European Union. They involve a series of amendments to the IFRS, in response
to the queries which emerged in 2012-2014. The standards subject to amendment are four: IFRS
5 - Non-current Assets Held for Sale and Discontinued Operations, IFRS 7 - Financial
Instruments: Disclosures, IAS 19 - Employee Benefits and IAS 34 - Interim Financial Reporting.
 Amendments to IFRS 10 and IAS 28 - Sale or Contribution of Assets between an Investor
and its Associate or Joint Venture – The amendments have the aim of clarifying the accounting
treatment, both in the case of loss of control over a subsidiary (disciplined by IFRS 10) and in the
cases of downstream transactions disciplined by IAS 28, depending on whether the subject matter
of the transaction is (or is not) a business, as defined by IFRS 3. These amendments, which could
come into force as from 1 January 2016 (with possibility of early application), have not yet been
approved by the European Union.
 Amendments to IAS 27 - Equity Method in Separate Financial Statements – The amendments
to IAS 27 will permit the entities to use the equity method for recording investments in
subsidiaries, joint ventures and associates in the separate financial statements. These
amendments, which will come into force as from 1 January 2016, have not yet been approved by
the European Union.
 Amendments to IAS 16 and IAS 38 - Clarification of Acceptable Methods of Depreciation
and Amortisation – these amendments have the aim of clarifying that an amortisation or
depreciation method based on revenues generated by the asset (so-called revenue-based
method) is not considered appropriate since it exclusively reflects the flow of revenues generated
by this asset and not, by contrast, the method of consumption of the economic benefits
incorporated in the asset. These amendments, which will come into force as from 1 January 2016,
have not yet been approved by the European Union.
 Amendments to IFRS 11 - Accounting for Acquisitions of Interests in Joint Operations –
these amendments have the aim of clarifying the accounting treatment for the acquisitions of
interests in a joint operation which represents a business. These amendments, which will come
into force as from 1 January 2016, have not yet been approved by the European Union.
 Amendments to IFRS 10, IFRS 12 and IAS 28 - Investment entities: Applying the
Consolidation Exception – the amendments have the aim of clarifying certain applicative
aspects on the fair value measurement of the investment entity subsidiaries. These amendments,