Ubisoft 2013 Annual Report Download - page 99

Financial Statements
2013
94
DECLARATION OF CONFORMITY
1.6.4
The consolidated financial statements for the year ended March 31, 2013 have been prepared in
accordance with the International Financial Reporting Standards (IFRS) applicable at March 31, 2013,
as adopted by the European Union.
Only the standards approved by the European Commission and published in its official journal prior
March 31, 2012, and whose application was mandatory as of April 1, 2012, have been applied by the
Group to the consolidated financial statements for the year ended March 31, 2013. No standard or
interpretation whose application has become mandatory since March 31, 2013 has been applied early
to the consolidated financial statements for the year ended March 31, 2013.
The IFRS standards as adopted by the European Union differ in some aspects from the IFRS
standards published by the IASB. However, the Group has made sure that the financial information
presented would not have been substantially different if it had applied IFRS standards as published by
the IASB.
The Group applied the following for the first time as of April 1, 2012:
- IFRS 7 (amended) – Disclosures – Transfers of Financial Assets. Information to be provided
regarding transferred financial assets. The Group has provided a detailed description of the
risks linked to transferred financial assets in which it has continued involvement.
- The revised IAS 19 standard – Employee benefits. Changes to this standard concern the
elimination of the corridor approach, immediate recognition of prior service cost in profit and
compulsory recognition in other comprehensive income of remeasurement impacts.
Options used when preparing financial information during the transition to IFRS
In accordance with the provisions of IFRS 1, the Group opted for the following exemptions from the
general principle of retrospectively applying IFRS when drawing up its opening balance sheet for 2004
and preparing its first IFRS accounts.
Standards
Option chosen
IFRS 2
Share-based payments
The Group has chosen to apply IFRS 2 only to equity instruments issued
after November 7, 2002 for which rights had not yet vested at December
31, 2004. Similarly, liabilities resulting from transactions for which
payment is based on shares and which had been settled before
December 31, 2004 have not been restated.
IFRS 3
Business combinations
The Group has not made any retrospective adjustments for business
combined before January 1, 2004.
IAS 19
Pension commitments and similar
employee benefits
Total unrecognized actuarial differences linked to the corridor existing on
the transition date have been fully recognized under balance sheet
liabilities by writing off against equity.
IAS 21
Translation adjustments due to
foreign activities
Translation differences at January 1, 2004 relative to the exchange rates
used for overseas activities in financial statements have been rebooked
under consolidated reserves in the transitional balance sheet.
IAS 39
Financial instruments
Certain financial instruments have been classed as "financial assets
held
-for-
sale" or "financial assets at fair value through profit and loss"
from the application date of IAS 39 and not from their initial recognition.