Unilever 2014 Annual Report Download - page 52

The roup s currently assessng the mpact of the followng new
standards that are not yet effectve and are yet to quantfy the
potental mpact
• IFRS 9 ‘Fnancal Instruments’ reflects all phases of the
fnancal nstruments proect and replaces IAS 39 Fnancal
Instruments Recognton and Measurement The standard
ntroduces new requrements for classfcaton and
measurement, mparment and hedge accountng IFRS 9 s
effectve for annual perods begnnng on or after 1 January
2018 We expect the adopton of IFRS 9 to mpact the
classfcaton and measurement of fnancal assets but have no
mpact on fnancal labltes
• IFRS 15 ‘Revenue from ontracts wth ustomers’ s applcable
to all enttes and supersedes all exstng revenue recognton
requrements under IFRS It apples to all transactons to
provde goods and servces except those n the scope of other
standards Ether full or modfed retrospectve applcaton s
requred for annual perods begnnng on or after 1 January 2017
1 AOUNTIN INFORMATION AND POLIIES
ONTINUED
Informaton about crtcal udgements n applyng accountng
polces, as well as estmates and assumptons that have the most
sgnfcant rsk of causng a materal adustment to the carryng
amounts of assets and labltes wthn the next fnancal year,
are ncluded n the followng notes
• separate presentaton of tems n the ncome statement – note 3
• measurement of defned beneft oblgatons – note 4B
• key assumptons used n dscounted cash flow proectons –
note 9
• utlsaton of tax losses and recognton of other deferred tax
assets – note 6B
• lkelhood of occurrence of provsons and contngences,
ncludng drect and ndrect tax nvestgatons and audts –
notes 19 and 20 and
• measurement of consderaton and assets and labltes
acqured as part of busness combnatons – note 21
REENT AOUNTIN DEVELOPMENTS
ADOPTED BY THE ROUP
The followng new and amended standards are relevant to the
roup and have been adopted for the frst tme n these fnancal
statements, wth no materal mpact
• Amendments to IAS 32 ‘Fnancal Instruments Presentaton’
provdes addtonal gudance on when fnancal assets and
labltes can be offset
• Amendments to IAS 39 ‘Fnancal Instruments Recognton
and Measurement’ provdes relef from dscontnung hedge
accountng when a hedge dervatve s novated
• Amendment to IFRS 13 ‘Far value measurement’ clarfes that
short term recevables and payables wth no stated nterest
rates can be measured at nvoce amounts when the effect of
dscountng s mmateral
• IFRI Interpretaton 21 ‘Leves’ clarfes that an entty
recognses a lablty for a levy when the actvty that trggers
payment, as dentfed by relevant legslaton, occurs
NOT ADOPTED BY THE ROUP
All of the followng new standards, amendments and
nterpretatons are effectve from 1 January 2015 unless
otherwse stated Standards have not yet been endorsed by the
EU unless otherwse stated
The roup does not currently beleve adopton of the followng
new standards would have a materal mpact on the consoldated
results or fnancal poston of the roup
• IFRS 14 ‘Regulatory Deferral Accounts’ permts frst tme
adopters of IFRS to contnue to account for amounts related
to rate regulaton n accordance wth ther prevous AAP
The standard does not apply to the roup
• Amendments to IAS 19 ‘Employee Benefts’ smplfes the
accountng for contrbutons that are ndependent of the
number of years of employee servce These amendments
have been endorsed by the EU
• Amendments to IAS 16 ‘Property, Plant and Equpment’ and
IAS 38 ‘Intangble Assets’ cover clarfcaton of the prncple
of the bass of deprecaton and that revenue based
deprecaton methods are no longer permtted Effectve
from 1 January 2016
89Unilever Annual Report and Accounts 2014 Financial statements