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National Grid Gas plc Annual Report and Accounts 2010/11 33
Adoption of new accounting standards
New IFRS accounting standards and
interpretations adopted in 2010/11
During the year ended 31 March 2011, the Company adopted
the following International Financial Reporting Standards
(IFRS), International Accounting Standards (IAS) or
amendments and interpretations by the IFRS Interpretations
Committee. None of the pronouncements had a material
impact on the Company’s consolidated results or assets and
liabilities.
IFRS 3R on business combinations
IAS 27R on consolidated and individual financial
statements
Amendment to IAS 39 Financial Instruments:
Recognition and measurement on eligible hedged items
Revised IFRS 1 on first time adoption of IFRS
IFRIC 17 on distribution of non-cash assets to owners -
Improvements to IFRS 2009
Amendment to IFRS 2 on group cash-settled share-
based payments
Amendment to IFRS 1 on first time adoption of IFRS
Amendment to IAS 32 on classification of rights issues
New IFRS accounting standards and
interpretations not yet adopted
The standards and interpretations listed below were not
effective for the year ended 31 March 2011.
The Company enters into a significant number of transactions
which fall within the scope of IFRS 9 on financial instruments.
The International Accounting Standards Board is completing
IFRS 9 on financial instruments in phases and the Company
is evaluating the impact of the standard as it develops.
IFRS 10, 11, 12 and 13 and the consequent amendments to
IAS 27 and IAS 28 were issued on 12 May 2011. The
Company is evaluating the impact of these standards on the
financial statements.
None of the other standards and interpretations listed below
are expected to have a material impact on the Company’s
consolidated results or assets and liabilities.
IFRS 9 on financial instruments
Revised IAS 24 on related party disclosures
IFRIC 19 on extinguishing financial liabilities with equity
instruments
Amendment to IFRIC 14 on prepayments of a minimum
funding requirement
Amendment to IFRS 1 on comparative IFRS 7
disclosures
Improvements to IFRS 2010
Amendment to IFRS 7 on disclosures for transfers of
financial assets
Amendment to IFRS 1 on severe hyperinflation and
removal of fixed dates for first-time adoption
Amendment to IAS 12 on deferred tax on recovery of
underlying assets
IFRS 10 on consolidated financial statements
IFRS 11 on joint arrangements
IFRS 12 on disclosures of interests in other entities
IFRS 13 on fair value measurements
IAS 27 on separate financial statements
IAS 28 on investment in associates and joint ventures