Consolidated Financial Statements and Consolidated Management ...

2.1.2. Standards and interpretations issued and not in force
The most significant standards and interpretations published by the IASB on the date these consolidated annual accounts were drawn up but had not
yet entered into force either because the date of their entry into force was subsequent to the date of these consolidated annual accounts or because
they had not been endorsed by the European Union, were the following:
Standards, amendments and interpretations
Approved for use in the European Union
Amendment to IFRS 7 - Financial Instruments: Breakdown
Transfers of financial asset (published in October of 2010)
Yet to be approved for use in the European Union
IFRS 9 - Financial Instruments: Classification and valuation
(published in November 2009 and October 2010)
Amendment to IAS 12 - Taxes on Income - deferred taxes
on real estate properties (published in December 2010)
IFRS 10 - Consolidated Financial Statements (published
in May 2011)
IFRS 11 - Joint Arrangements (published in May 2011)
IFRS 12 - Disclosure of Interests in Other Entities
(published in May 2011)
IFRS 13 - Fair Value Measurement (published in May 2011)
IAS 27 (Reviewed) - Separate Financial Statements
(published in May of 2011)
IAS 28 (Reviewed) - Investments in Associates and Joint
Ventures (published in May 2011)
Amendment of IAS 1 - Presentation of Other
Comprehensive Income (published in June of 2011)
Amendment of IAS 19 - Employee Benefits (published in
June of 2011)
Amendment of IFRS 9 and IFRS 7 - Effective Date and
Transition Disclosures (published in December 2011)
Amendment of IAS 32 - Offsetting Financial Assets and
Liabilities (published in December 2011)
Amendment of IFRS 7 - Offsetting Financial Assets and
Liabilities (published in December 2011)
IFRIC Interpretation 20: Stripping Costs in the Production
Phase of a Surface Mine (published in October 2011)
Contents
Broadens and reinforces the breakdown of financial
asset transfers.
Replaces the classification and valuation
requirements set by IAS 39 for financial assets and
liabilities and account write offs
On the calculation of deferred taxes on real estate
properties according to the IAS 40 fair value model
Replaces the current consolidation requirements
set by IAS 27
Replaces the current IAS 31 on joint ventures
Single standard which sets forth the disclosure of
interests in subsidiaries, associates, joint ventures
and unconsolidated entities.
Sets forth the framework for valuation at fair value
The standard is reviewed, given that the issuance
of IFRS 10 now only includes the separate financial
statements of an entity.
Reviewed in parallel with the issuance of IFRS 11.
Joint arrangements.
Minor amendment on the presentation of the other
comprehensive income
The amendments basically affect defined benefit
plans, given that one of the essential changes
resides in eliminating the "fluctuation band".
Deferral of the effective date for IFRS 9
and amendments to transition requirements
and disclosures.
Additional clarifications on the rules for offsetting
financial assets and liabilities in IAS 32 and
introduction of new disclosures in IFRS 7
The International Financial Reporting
Interpretations Committee addresses the
accounting treatment of the costs of stripping
waste materials in surface mines
Application mandatory for
financial years starting from
Annual periods starting from 1
July 2011
Annual periods starting from 1
January 2015*
Annual periods starting from 1
January 2012
Annual periods starting from 1
January 2013
Annual periods starting from 1
January 2013
Annual periods starting from 1
January 2013
Annual periods starting from 1
January 2013
Annual periods starting from 1
January 2013
Annual periods starting from 1
January 2013
Annual periods starting from 1
January 2012
Annual periods starting from 1
January 2013
N/A
Annual periods starting from 1
January 2014
Annual periods starting from 1
January 2013
Annual periods starting from 1
January 2013
* The original effective date was 1 January 2013. On 16 December 2011, the IASB approved to defer that date to 1 January 2015.
The entry into force of these standards will involve significant impacts in the following cases:
• IFRS 9 - Financial Instruments: Classification and measurement
IFRS 9 will in the future replace the part of the current IAS 39 addressing classification and measurement. There are significant differences with the
law in effect regarding to the current standard on financial assets, including, among others, the approval of a new classification model based on
two categories, amortised cost and fair value, the disappearance of the current classifications “Held to maturity investments” and “Financial assets
available for sale”, impairment analyses only applied to investments at amortised cost, and the no separation of derivatives involved in financial asset
contracts.
Regarding financial liabilities, the classification categories set out by IFRS 9 are similar to those currently applied in IAS 39. There will therefore be no
significant differences, apart from the requirement to book changes in fair value connected with credit risks as an equity component in the case of
financial liabilities included under the fair value option.
So far, the future impact of adoption of this standard has not been analysed.
• Amendment to IAS 12 - Taxes on Income Deferred real estate taxes
The amendment introduces an exception to the general principles set forth in IAS 12, which affects deferred taxes on real estate properties valued in
accordance with the fair value model of IAS 40 - Investment Property. In order to calculate deferred taxes, the assumption is introduced in these cases
that the book value of these assets will be fully recovered through sale.
This amendment will probably have no impact on the Group. A preliminary analysis indicates that it will not lead to any changes in the deferred real
estate taxes currently booked in the balance sheet.
• IFRS 10 - Consolidated Financial Statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosure of Interests in Other Entities,
IAS 27 (Reviewed) Separate Financial Statements and IAS 28 (Reviewed) Investments in Associates and Joint Ventures
IFRS 10 changes the currently existing definition of control. The new definition of control consists of three elements which have to be met: power over
the investee, exposure or the right to variable returns from the investment and the ability to affect those returns through power over the investee.
REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 67