Epson 2015 Annual Report Download - page 67

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66
the possibility of future taxable income and reasonably estimate the timing and amount of future taxable income
based on the business plan. The timing and amount of taxable income may be affected by variable and uncertain
future economic conditions, and changes could have a material impact on Epson’ s consolidated financial
statements in future periods.
The content and amounts related to income taxes are stated in “18. Income Taxes.”
(5) Contingencies
With regard to contingencies, any items that may have a material impact on business in the future are disclosed in
light of all the available evidence as of the fiscal year end date and by taking into account the probability of these
contingencies and their impact on financial reporting.
The content of contingencies is stated in “39. Contingencies.”
5. Changes in Accounting Policies
The following are the accounting standards and interpretations applied by Epson from fiscal year 2014 ended
March 31, 2015. These standards and interpretations did not have a material impact on the consolidated financial
statements of Epson.
IFRS
Summaries of new or amended IFRS
standards or interpretations
IFRS 10
Consolidated Financial Statements
Accounting for investments held by investment entities
IFRS 12
Disclosure of Interests in Other
Entities
Additional disclosure for investments held by investment
entities
IAS 32
Financial Instruments:
Presentation
Clarification of criteria for offsetting financial assets and
liabilities and addition of application guidance
IAS 36
Impairment of Assets
Disclosure of recoverable amounts for non-financial
assets
IAS 39
Financial Instruments:
Recognition and Measurement
Exception to the requirement for the discontinuation of
hedge accounting
IFRIC 21
Levies
Recognition of liabilities related to levies
6. New Accounting Standards Not Yet Adopted
Basis of preparation by the date of approval of the consolidated financial statements, new accounting standards,
amended standards and new interpretations that have been issued, but have not been early adopted by Epson are as
follows.
The implications from adoption of these standards and interpretations are assessed by Epson; however, based on
the Company’s evaluation, none of them will have a material impact on its operating results and financial
condition.
IFRS
Mandatory adoption
(from the year
beginning)
Timing of
adoption by
Epson
Description of new and revised standards
IFRS 9
Financial
Instruments
January 1, 2018
To be determined
Amendments to hedge accounting
Limited changes to classification and
measurement of financial assets, and
introduction of an expected credit loss
impairment model
IFRS 15
Revenue from
Contracts with
Customers
January 1, 2017
To be determined
Amendments to accounting treatment for
recognising revenue