Annual report - HSE
Annual report - HSE
Annual report - HSE
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
The Group has decided not to adopt these standards, revisions and interpretations in<br />
advance of their effective dates. The Group anticipates that the adoption of these standards,<br />
revisions and interpretations will have no material impact on the consolidated financial<br />
statements in the period of initial application.<br />
C) Standards and interpretations issued by IFRIC but not yet adopted by the EU<br />
At present, IFRS as adopted by the EU do not significantly differ from regulations adopted<br />
by the International Accounting Standards Board (IASB), except from the following<br />
standards, amendments to the existing standards and interpretations, which were not<br />
endorsed for use as at 28 June 2013.<br />
• IFRS 9 Financial Instruments (effective for annual periods beginning on or after 1 January<br />
2015),<br />
• Amendments to IFRS 1 First-time adoption of IFRS - Government loans (effective for<br />
the annual periods starting on 1 January 2013 or later).<br />
• Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments:<br />
Disclosures - Mandatory Effective Date and Transition Disclosures.<br />
• Amendments to IFRS 10 Consolidated financial statements, IFRS 11 Joint arrangements<br />
and IFRS 12 Disclosure of interests in other entities - Transition Guidance (effective for<br />
annual periods beginning on or after 1 January 2013).<br />
• Amendments to IFRS 10 Consolidated financial statements, IFRS 12 Disclosure of<br />
interests in other entities and IAS 27 Separate financial statements – Investments<br />
(effective for annual periods beginning on or after 1 January 2014).<br />
• Amendments to various standards - Improvements to IFRSs (2012), resulting from the<br />
annual project for improvement of IFRSs published on 17 May 2012 (IFRS 1, IAS 1, IAS 16,<br />
IAS 32, IAS 34) primarily with a view to remove inconsistencies and to clarify wording, will<br />
need to be applied for annual periods beginning on or after 1 January 2013.<br />
The Group anticipates that the adoption of these standards, amendments to the existing<br />
standards and interpretations will have no material impact on the consolidated financial<br />
statements of the Group in the period of initial application.<br />
At the same time, hedge accounting regarding the portfolio of financial assets and liabilities,<br />
whose principles have not been adopted yet by the EU, is still unregulated.<br />
According to the Group’s estimates, application of hedge accounting for the portfolio of<br />
financial assets or liabilities pursuant to IAS 39: Financial instruments: Recognition and<br />
Measurement, would not significantly impact the consolidated financial statements, if<br />
applied as at the date of statement of financial position.<br />
5.5.3 Basis of measurement<br />
The consolidated financial statements are prepared on the basis of historical values of<br />
balance sheet items of the Group, except the following assets and liabilities carried at fair<br />
value:<br />
• derivatives, and<br />
• available-for-sale financial assets (in case the fair value can be reliably determined).<br />
<strong>Annual</strong> Report <strong>HSE</strong> 2012<br />
5 Financial Report of <strong>HSE</strong> Group<br />
171