ANNUAL REPORT 2008 - Gorenje Group

95
• Revised IAS 23 Borrowing Costs (effective as from 1 January 2009) removes
the option to expense borrowing costs and requires that an entity capitalise
borrowing costs directly attributable to the acquisition, construction or production
of a qualifying asset as part of the cost of that asset.
The revised IAS 23 will become mandatory for the Group’s 2009 financial
statements and will constitute a change in accounting policy for the Group. In
accordance with the transitional provisions the Group will apply the revised IAS
23 to qualifying assets for which capitalisation of borrowing costs commences
on or after the effective date.
• Amendments to IFRS 2 Share-based Payment (effective as from 1 January
2009) The amendment clarifies the definition of vesting conditions and introduces
the concept of non-vesting conditions. Non-vesting conditions are to
be reflected in grant-date fair value and failure to meet non-vesting conditions
will generally result in treatment as a cancellation.
• Amendments to IFRS 2 are not relevant to the Group’s operations as the
Group does not have any share-based compensation plans.
• Amendments to IAS 1 Presentation of Financial Statements (effective as
from 1 January 2009) The amended standard requires information in financial
statements to be aggregated on the basis of shared characteristics and introduces
a statement of comprehensive income. Items of costs and expenses and
components of other comprehensive income (effectively combining the income
statement and all non-owner changes in equity in a single statement), or in two
separate statements (a separate income statement followed by a statement of
comprehensive income).
• The Group will prepare two separate statements in the consolidated financial
statements for 2009.
• Amendments to IAS 27 Consolidated and Separate Financial Statements
(effective as from 1 January 2009)
The amendments remove the definition of “cost method” currently set out in
IAS 27, and instead require all dividends from a subsidiary, jointly controlled entity
or associate to be recognised as income in the separate financial statements
of the investor when the right to receive the dividend is established.
• Amendments to IAS 27 are not relevant where these refer to the consolidated financial
statements of the Group.
• They will, however, have the impact on the individual financial statements as the
dividends will be recognised prior to the actual dividend payout.
• Amendments to IAS 32 Financial Instruments: Presentation, and IAS 1
Presentation of Financial Statements (effective as from 1 January 2009)
• The amendments introduce an exemption to the principle otherwise applied
in IAS 32 for the classification of instruments as equity; the amendments allow
certain putt-able instruments issued by an entity that would normally be classified
as liabilities to be classified as equity if, and only if, they meet certain conditions.
• The amendments are not relevant to the Group’s consolidated financial statements
as none of the Group companies issued any putt-able instruments in the
past.
• IFRIC 13 Customer Loyalty Programmes (effective as from 1 July 2008)
• It addresses the accounting by entities that participate in customer loyalty programmes
for their customers. It relates to customer loyalty programmes under
which the customer can redeem credits for awards such as free or discounted
goods or services.
IFRIC 13, which becomes mandatory for the Group’s 2009 financial statements,
is not expected to have any impact on the consolidated financial statements.