Notes (forming part of the Consolidated Financial Statements)
Presentation of Financial Statements
Basis of Preparation of Consolidated Financial Statements The following accounting standards and interpretations, issued by the International Accounting Standards Board (“IASB”) or IFRIC (as endorsed by the EU), are effective for the first time in the current financial year:
• IAS 32 (Amendment) Offsetting Financial Assets and Financial Liabilities – effective 1 January 2014 • IAS 36 (Amendments) Recoverable amount disclosures for non-financial assets – effective 1 January 2014 • IFRS 10 Consolidated Financial Statements – effective 1 January 2014 • IFRS 11 Joint Arrangements – effective 1 January 2014 • IFRS 12 Disclosure of Interests in Other Entities – effective 1 January 2014 • IAS 27 Separate Financial Statements – effective 1 January 2014 • IAS 28 Investments in Associates and Joint Ventures
As a result of IFRS 10 (2011), the Group has changed its accounting policy for determining whether it has control over, and consequently consolidates, its investees. IFRS 10 introduces a new control model that focuses on whether the Group has power over an investee, exposure or rights to variable returns from its involvement with the investee and ability to use its power to affect those returns. In accordance with the transitional provisions of IFRS 10, the Group reassessed the control conclusion for its investees at 1 January 2014. No modifications of previous conclusions about control regarding the Group’s investees were required.
The application of the above standards and interpretations has not had a material effect on the net assets, results and disclosures of the Group.
New Standards and Interpretations Endorsed but not yet Effective The IASB and the IFRIC have also issued the following standards and interpretations with an effective date after the date of these Financial Statements:
• IAS 19 (Amendments) Defined Benefit Plans: Employee contributions – effective 1 February 2015 • Annual Improvements to IFRSs: IFRS 2, IFRS 3, IFRS 8, IFRS 13, IAS 16 and IAS 24 – effective 1 February 2015 It is not anticipated that the adoption of any of these standards and interpretations will have a material impact on the Group’s Financial Statements.
New Standards and Interpretations not yet Endorsed and not yet Effective The IASB and the IFRIC have also issued the following standards and interpretations that are yet to be endorsed with an effective date after the date of these Financial Statements:
• IFRS 9 Financial Instruments – effective 1 January 2018 • IFRS 15 Revenue from Contracts with Customers – effective 1 January 2017
These standards will be adopted by the Group in future accounting periods. The Directors do not anticipate that the adoption of any of these standards and interpretations will have a material impact on the Group’s Financial Statements.
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