Letno poročilo 2009.pdf - UniCredit Banka Slovenija dd

Financial StatementsSummary of Accounting PoliciesThe Bank has not yet completed its analysis of the impact of therevised Standard. Revised Standard is effective on or after 1 July2009• Amendment to IAS 32 Financial Instruments: Presentation -Classification of Rights Issues. The amendment requires that rights,options or warrants to acquire a fixed number of the entity’s ownequity instruments for a fixed amount of any currency, are equityinstruments if the entity offers the rights, options or warrants prorata to all of its existing owners of the same class of its own nonderivativeequity instruments.• The amendments to IAS 32 are not relevant to the Group’s financialstatements as the Group does not apply hedge accounting.Standard is effective on or after 1 February 2010.• Amendment to IAS 39 Financial Instruments: Recognition andMeasurement - Eligible Hedged Items. The amended Standardclarifies the application of existing principles that determinewhether specific risks or portions of cash flows are eligible fordesignation in a hedging relationship. In designating a hedgingrelationship the risks or portions must be separately identifiableand reliably measurable; however inflation cannot be designated,except in limited circumstances.The Bank has not yet completed its analysis of the impact of theamendments to the Standard. Standard is effective on or after1 July 2009.• IFRIC 12 Service Concession Arrangements. The Interpretationprovides guidance to private sector entities on certain recognitionand measurement issues that arise in accounting for public-toprivateservice concession arrangements.IFRIC 12 is not relevant to the Group’s operations as none ofthe Group entities have entered into any service concessionarrangements. Standard is effective on or after 1 April 2009.• IFRIC 15 Agreements for the Construction of Real Estate clarifiesthat revenue arising from agreements for the construction of realestate is recognized by reference to the stage of completion of thecontract activity in the following cases:- The agreement meets the definition of a construction contract inaccordance with IAS 11.3;- The agreement is only for the rendering of services in accordancewith IAS 18 (e.g. the entity is not required to supply constructionmaterials); and- The agreement is for the sale of goods but the revenuerecognition criteria of IAS 18.14 are met continuously asconstruction progresses.In all other cases, revenue is recognized when all of the revenuerecognition criteria of IAS 18.14 are satisfied (e.g. uponcompletion of construction or upon delivery). IFRIC 15 is notrelevant to the Bank’s operations as it does not provide real estateconstruction services nor develops real estate for sale. Standard iseffective on or after 1 January 2010.• IFRIC 16 Hedges of a Net Investment in a Foreign Operationexplains the type of exposure that may be hedged, where in thegroup the hedged item may be held, whether the method ofconsolidation affects hedge effectiveness, the form the hedgedinstrument may take and which amounts are reclassified fromequity to profit or loss on disposal of the foreign operation.IFRIC 16 is not relevant to the Bank’s operations as it does nothave any investments in a foreign operation. Standard is effectiveon or after 1 July 2009.• IFRIC 17 Distributions of Non-cash Assets to Owners applies tonon-reciprocal distributions of non-cash assets to owners actingin their capacity as owners. In accordance with the Interpretation aliability to pay a dividend shall be recognised when the dividendis appropriately authorised and is no longer at the discretion of theentity and shall be measured at the fair value of the assets to bedistributed. The carrying amount of the dividend payable shall beremeasured at each reporting date, with any changes in the carryingamount recognised in equity as adjustments to the amount of thedistribution. When the dividend payable is settled, the difference,if any, between the carrying amount of the assets distributed andthe carrying amount of the dividend payable shall be recognised inprofit or loss.As the interpretation is applicable only from the date ofapplication, it will not impact the financial statements for periodsprior to the date of adoption of the interpretation. Further, sinceit relates to future dividends that will be at the discretion of theManagement Board / shareholders it is not possible to determinethe effects of application in advance. Standard is effective on orafter 1 November 2009.• IFRIC 18 Transfers of Assets from Customers. The Interpretationrequires an entity that receives a contribution in the scope ofthe Interpretation to recognize the item as an asset at its fairvalue if the transferred item meets the criteria for property, plant,and equipment in IAS 16, Property, Plant and Equipment. TheInterpretation also requires the entity to recognize the amount asrevenue; the timing of revenue recognition depends on the factsand circumstances of the particular arrangement.IFRIC 18 is not relevant to the Group’s financial statements asthe Group does normally receive contributions from customers.Standard is effective on or after 1 November 2009.174 2009 Annual Report · UniCredit Bank