Ubisoft 2014 Annual Report Download - page 111

Financial statements
2014
106
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 financial statements.
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
reclassified 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.
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, 2014, (adopted or being adopted by the European Union) and presented
below:
Standards
Consequences for the Group
Annual
Improvements
2010-2012
Improvements to International
Financial Reporting Standards
The “annual improvements” of the IASB amended a number of existing
standards. They are applicable to financial years beginning on or after
July 1, 2014.
Annual
Improvements
2011-2013
Improvements to International
Financial Reporting Standards
The “annual improvements” of the IASB amended a number of existing
standards. They are applicable to financial years beginning on or after
July 1, 2014.
Amendment to
IAS 19
Defined Benefit Plans:
Employee Contributions
The objective of the amendments is to simplify the recognition of
contributions that are independent of an employee’s length of service.
IAS 27 (revised)
Separate Financial Statements
(effective for annual periods
beginning on or after January 1
2014)
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 2014)
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.
Amendment to
IAS 32
Financial instruments:
Presentation – Offsetting
Financial Assets and Financial
Liabilities (effective for annual
periods beginning on or after
January 1 2014)
This amendment provides clarification in particular on possessing “an
enforceable right to offset recognized amounts.”
IFRS 9
Financial Instruments (Phase 1:
Classification and Measurement
of Financial Assets and
Financial Liabilities
IFRS 9 outlines a unique method for determining whether a financial
asset must be measured at amortized cost or at fair value. This
method is based on the way in which the entity manages its financial
instruments (its business model) and the contractual features of cash
flows attached to the financial assets.
IFRS 10
Consolidation (applicable to
financial years beginning on or
after January 1, 2014)
This standard provides a single consolidation model that identifies
control as the basis for the consolidation of all kinds of entities.
IFRS 11
Partnerships (applicable to
financial years beginning on or
after 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
IFRS 12
Disclosure of Interests in Other
Entities (applicable to financial
years beginning on or after
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
effects of those interests on the financial position, financial
performance and cash flows of the entity.
IFRS transition
IFRS transition guidance
These amendments provide clarifications on the IFRS 10 transition