Ubisoft 2013 Annual Report Download - page 100

Financial Statements
2013
95
Standards published but whose application is not yet mandatory
Ubisoft has not opted for an early application of the new standards, amendments or interpretations
published at March 31, 2013 (adopted or being adopted by the European Union) and presented below:
Standards
Consequences for the Group
IAS 1 amended
(applicable to accounting periods
starting from July 1, 2012)
The changes are designed to separate components of other
comprehensive income in two sub
-
categories according to whether or
not they are reclassified in income.
Annual
Improvements
2009
-2011
Improvements to International
Financial Reporting Standards
The "annual improvements" of the IASB amended a number of existing
standards. They are applicable to fiscal years beginning on or after
January 1, 2013. The Group does not expect any significant effect from
the first application of these amendments
IAS 12 amended
Deferred taxes - recovery of
underlying assets (effective for
annual periods beginning on or
after January 1, 2013)
This amendment introduces a presumption that the asset is
recovered entirely through sales, unless the entity can
demonstrate that the recovery will happen in another way.
IAS 27 (revised)
Separate Financial Statements
(effective for annual periods
beginning on or after January 1
2013)
The changes are intended to establish provisions for the recognition
and disclosure requirements for investments in subsidiaries, joint
arrangements, associates when an entity prepares separate and
unconsolidated financial statements.
IAS 28 (revised)
Investments in Associates and
Joint Ventures (effective for annual
periods beginning on or after
January 1 2013)
The amendments relate to the accounting for investments in
associates and sets out the requirements in the application of the
method of equity accounting for investments in associates and joint
ventures.
IAS 32 amended
Financial instruments: Presentation
- Offsetting Financial Assets and
Financial Liabilities (effective for
annual periods beginning on or
after January 1 2013)
This amendment provides clarification in particular on possessing "an
enforceable right to offset recognized amounts."
IFRS 1 amended
Government loans
The amendments relate to the accounting for government loans with
below-market interest rates during the first application of IFRS.
IFRS 1 amended
Severe Hyperinflation and
Removal of Fixed Dates (effective
for annual periods beginning on or
after January 1, 2013
)
The amendment introduced prescribes provisions that an entity must
satisfy to go revert to presenting financial statements in accordance
with IFRSs after a period when the entity has not been able to meet
these standards, because its functional currency was subject to severe
hyperinflation
IFRS 7 amended
Information to be provided on
Offsetting Financial Assets and
Financial Liabilities (applicable to
financial years beginning on
January 1, 2014)
This particular amendment requires additional information on all
recognized financial instruments that have been offset in accordance
with paragraph 42 of IAS 32.
IFRS10
Consolidation (applicable to
financia
l years beginning on
January 1, 2014)
This standard provides a single consolidation model that identifies
control as the basis for the consolidation of all kinds of entities.
IFRS11
Partnerships (applicable to
financial years beginning on
January 1, 2014)
The objective of this standard is to establish principles of financial
information for entities that have interests in jointly controlled
operations. This amendment shall have no effect on the consolidated
financial statements
IFRS12
Information to be provided on the
involvement with other entities
(applicable to financial years
beginning on January 1, 2014)
This standard requires an entity to provide information on the nature of
interests in other entities and the risks associated with them and the
eff
ects of those interests on the financial position, financial
performance and cash flows of the entity.
IFRS13
Valuation at fair value (applicable
to financial years beginning on or
after January 1 2013)
This standard establishes a uniform framework for the determination of
fair value and provides guidance on how to assess the fair value of
assets and liabilities, both financial and non
-
financial. It applies when
another IFRS provides or permits fair value or disclosing information
about fair value.
IFRS transition
guidance
amendments 10,
11 and 12
IFRS transition guidance
amendments 10, 11 and 12
These amendments provide clarifications on the IFRS 10 transition
guidance amendments and indicate concessions on comparative
information to be presented by limiting adjustments to the prior period.
Investment
entities: IFRS
amendments 10,
12 and IAS 27
Investment entities: IFRS
amendments 10, 12 and IAS 27
These amendments apply to a particular category of companies,
qualified investment entities, which are
now exempt from the
provisions of the accounting standard on the consolidated financial
statements, IFRS 10.
This text shall have no effect on the Group's consolidated financial
reports.
IFRIC 20
Stripping costs (applicable to
financial years beginning
on or
after January 1, 2013)
This text clarifies the requirements for accounting for stripping costs
incurred during the production phase of a surface mine.
This text shall have no effect on the Group's consolidated financial
reports.