Výročná správa 2009 - Komunálna Poisťovňa

(All amount are in thousands of Euros, unless stated otherwise)Classification of Rights Issues – Amendment to IAS 32, Financial Instruments: Presentation(effective for annual periods beginning on or after 1 February 2010). The amendment exemptscertain rights issues of shares with proceeds denominated in foreign currencies from classificationas financial derivatives. The Company is currently assessing the impact of the amendment onits financial statements. The amendment has been adopted by the EU.IAS 24, Related Party Disclosures (amended November 2009, effective for annual periods beginningon or after 1 January 2011). IAS 24 was revised in 2009 by: (a) simplifying the definition ofa related party, clarifying its intended meaning and eliminating inconsistencies from the definitionand by (b) providing a partial exemption from the disclosure requirements for government-relatedentities. The Company is currently assessing the impact of the amended standard on disclosuresin its financial statements. The amendment has not yet been adopted by the EU.IFRS 9, Financial Instruments (issued in November 2009, effective for annual periods beginningon or after 1 January 2013, with earlier application permitted). IFRS 9 replaces those partsof IAS 39 relating to the classification and measurement of financial assets. Key features are asfollows:• Financial assets are required to be classified into two measurement categories: those to bemeasured subsequently at fair value, and those to be measured subsequently at amortizedcost. The decision is to be made at initial recognition. The classification depends on the entity’sbusiness model for managing its financial instruments and the contractual cash flow characteristicsof the instrument.• An instrument is subsequently measured at amortized cost only if it is a debt instrument andboth (i) the objective of the entity’s business model is to hold the asset to collect the contractualcash flows, and (ii) the asset’s contractual cash flows represent only payments of principaland interest (that is, it has only “basic loan features”). All other debt instruments are to bemeasured at fair value through profit or loss.• All equity instruments are to be measured subsequently at fair value. Equity instruments thatare held for trading will be measured at fair value through profit or loss. For all other equityinvestments, an irrevocable election can be made at initial recognition, to recognize unrealizedand realized fair value gains and losses through equity rather than profit or loss. There is to beno recycling of fair value gains and losses to profit or loss. This election may be made on aninstrument-by-instrument basis. Dividends are to be presented in profit or loss, as long as theyrepresent a return on investment. The Company is considering the implications of the standard,the impact on the Group and the timing of its adoption by the Company. The amendmenthas not yet been adopted by the EU.IFRIC 19, Extinguishing Financial Liabilities with equity Instruments (effective for annual periodsbeginning on or after 1 July 2010). This IFRIC clarifies the accounting when an entity renegotiatesthe terms of its debt with the result that the liability is extinguished through the debtorissuing its own equity instruments to the creditor. A gain or loss is recognized in the profit and lossaccount based on the fair value of the equity instruments compared to the carrying amount of thedebt. The amendment has not yet been adopted by the EU.Prepayments of a Minimum Funding Requirement – Amendment to IFRIC 14 (effective for annualperiods beginning on or after 1 January 2011). This amendment will have a limited impact asit applies only to companies that are required to make minimum funding contributions to a definedbenefit pension plan. It removes an unintended consequence of IFRIC 14 related to voluntarypension prepayments when there is a minimum funding requirement. The amendment has not yetbeen adopted by the EU.Limited exemption from comparative IFRS 7 disclosures for first-time adopters - Amendmentto IFRS 1 (effective for annual periods beginning on or after 1 July 2010). Existing IFRS preparerswere granted relief from presenting comparative information for the new disclosures required bythe March 2009 amendments to IFRS 7 ‘Financial Instruments: Disclosures’. This amendment toIFRS 1 provides first-time adopters with the same transition provisions as included in the amendmentto IFRS 7. The amendment has not yet been adopted by the EU.Ročná účtovná závierka a komentár I Company Accounts109