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ANNUAL FINANCIAL REPORT – REGISTRATION DOCUMENT
64
Exemptions to the retrospective application of IFRS opted for on the first-time adoption of IFRS (April 1, 2004)
The Group chose to use the following exemptions permitted under IFRS 1 for its opening IFRS balance sheet on April 1,
2004:
• Business combinations: the Group elected not to apply IFRS 3 retrospectively to business combinations predating
April 1, 2004.
• Cumulative translation differences: cumulative translation differences at April 1, 2004 were transferred to reserves.
• Share-based payments: the Group elected to apply IFRS 2, effective April 1, 2004, only to instruments granted after
November 7, 2002 and which had not fully vested at January 1, 2005.
New interpretations whose application was mandatory for the 2009-2010 consolidated financial statements
• IAS 1 revised, Presentation of Financial Statements: The Group presents separately a global net result, different
from the income statement. This new schedule presents items previously presented in net equity. This norm did not
have a material impact on its results or financial position.
• IFRS 8, Operating Segments: This norm requires that the Group presents its operating segments according to the
way management monitor the Company. Considering the Group restructuring, its new focus on online business and
the recent launch of the first MMO games developed by Cryptic, the performance of the Group is now presented by
business activities (Online, Retail and Corporate & Other) and no longer by geography.
• Amendment to IAS 23, Borrowing Costs: This norm requires the capitalization of financing costs attributable to
investments. This norm did not have a material impact on its results or financial position.
• Amendment to IAS 38, Intangible Assets - Advertising and Promotional acitivities. This norm requires that
advertising and promotional cost, including mail order catalogues must be charged to expense when incurred. This
amendment did not have a material impact on its results or financial position.
• IFRS 7, Financial Instruments: Disclosures - Amendments enhancing disclosures about fair value and liquidity risk.
This norm requires that advertising and promotional cost, including mail order catalogues must be charged to
expense when incurred. This amendment did not have a material impact on its results or financial position.
• IFRIC 11, Group and Treasury Share Transactions;
• IFRIC 13, Customer Loyalty Programs
• IFRIC 14, The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction
• Amendments to IFRS 2, Cash-settled Share-based Payment Transactions
• Amendments to IAS 1 and IAS 32 – Amendments relating to classification of rights issues. These amendments did
not have a material impact on its results or financial position;
• Amendments to IFRIC 9 and IAS 39 - Amendments for embedded derivatives when reclassifying financial
instruments. These amendments did not have a material impact on its results or financial position.
The Group considers that the new interpretations adopted by the IFRIC which were applicable for the 2008-2009
consolidated financial statements did not have a material impact on its results or financial position.
New standards and interpretations that have been published but which are effective after the issue date of the
2009-2010 consolidated financial statements
The Group elected not to early adopt the following standards and interpretations in its consolidated financial statements
for the year ended March 31, 2010:
• IFRIC 12, Service Concession Arrangements
• IFRIC 15, Agreements for the Construction of Real Estate
• IFRIC 16, Hedges of a Net Investment in a Foreign Operation
• IFRIC 17, Distributions of Non-cash Assets to Owners
• IFRIC 18, Transfers of Assets from Customers
The revised IFRS 3 and amendments to IAS 27 deal respectively with Business Combinations and Change of Scope.
From 2010 onwards, their projective application is mandatory but should not have a material impact on its results or
financial position.
The Group is currently analyzing any future impact of these new standards and interpretations on its financial
statements.