12 Months Financial Report - Turkish Airlines

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TÜRK HAVA YOLLARI ANONİM ORTAKLIĞINOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER, 20092. BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (Cont’d)2.4 New and Revised International Financial Reporting Standards (Cont’d)Standards and Interpretations that are effective in 2009 with no impact on the 2009 consolidated financialstatements (Cont’d)Amendments to IAS 32 “Financial Instruments: Presentation” and IAS 1 “Presentation of FinancialStatements –Puttable Financial Instruments and Obligations Arising on Liquidation”.The revisions to IAS 32 amend the criteria for debt/equity classification by permitting certain puttablefinancial instruments and instruments (or components of instruments) that impose on an entity anobligation to deliver to another party a pro-rata share of the net assets of the entity only on liquidation, tobe classified as equity, subject to specified criteria being metIAS 39, “Financial Instruments: Recognition and Measurement” Amendments relating tohedging itemsThe amendments provide clarification on two aspects of hedge accounting: identifying inflation as ahedged risk or portion, and hedging with options.“Embedded Derivatives” (Amendments to IFRIC 9 and IAS 39)The amendments clarify the accounting for embedded derivatives in the case of a reclassification of afinancial asset out of the ‘fair value through profit or loss’ category as permitted by the October 2008amendments to IAS 39.UFRYK 15 “Agreements for the Construction of Real Estate”The Interpretation addresses how entities should determine whether an agreement for the construction ofreal estate is within the scope of IAS 11 Construction Contracts or IAS 18 Revenue and when revenuefrom the construction of real estate should be recognized. The requirements have not affected theaccounting for the Group’s construction activities.UFRYK 16 “Hedges of a Net Investment in a Foreign Operation”The Interpretation provides guidance on the detailed requirements for net investment hedging for certainhedge accounting designations.IFRIC 18 “Transfers of Assets from Customers”The Interpretation addresses the accounting by recipients for transfers of property, plant and equipmentfrom ‘customers’ and concludes that when the item of property, plant and equipment transferred meets thedefinition of an asset from the perspective of the recipient, the recipient should recognize the asset at itsfair value on the date of the transfer, with the credit recognized as revenue in accordance with IAS 18Revenue11
TÜRK HAVA YOLLARI ANONİM ORTAKLIĞINOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER, 20092. BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (Cont’d)2.4 New and Revised International Financial Reporting Standards (Cont’d)Standards and Interpretations those are effective in 2009 with no impact on the 2009 consolidatedfinancial statements (Cont’d)IAS 38 'Intangible Assets' Standards ChangesIn addition to improvements in IFRS (2008), IAS 38 standard has been amended as purposes of: Abusiness has only access to purchased products or advertising or promotional expenses could beaccounted to the point of services taken.Amendments to IAS 40 “Investment Property”As part of Improvements to IFRSs (2008), IAS 40 has been amended to include within its scopeinvestment property in the course of construction.Amendments to IAS 39 “Financial Instruments: Recognition, Measurement”, and IFRS 7 “FinancialInstruments: Disclosures regarding reclassifications of financial assets”The amendments to IAS 39 permit an entity to reclassify non-derivative financial assets out of the ‘fairvalue through profit or loss’ (FVTPL) and ‘available-for-sale’ (AFS) categories in very limitedcircumstances. Such reclassifications are permitted from 1 July 2008. Reclassifications of financialassets made in periods beginning on or after 1 November 2008 take effect only from the date when thereclassification is made.Amendments to IAS 20 “Accounting for Government Grants and Disclosure of GovernmentAssistance”:As part of Improvements to IFRSs (2008), IAS 20 has been amended to require that the benefit of agovernment loan at a below-market rate of interest be treated as a government grant. This accountingtreatment was not permitted prior to these amendments.Standards and Interpretations that are issued but not yet effective in 2009 and have not been earlyadoptedUFRS 3, “Business Combinations (2008)”IFRS 3(2008) is effective for business combinations where the acquisition date is on or after thebeginning of the first annual period beginning on or after 1 July 2009. The main impact of the adoptionwill be as follows:a) to allow a choice on a transaction-by-transaction basis for the measurement of non-controllinginterests (previously referred to as ‘minority’ interests) either at fair value or at the non-controllinginterests’ share of the fair value of the identifiable net assets of the acquire,12
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