the European Union and which provides that for the remaining financial statements, the presentation templates be
adjusted to the formats or provisions which, in this connection, are stipulated by the regulatory framework applicable
to the Group. Accordingly, the presentation formats of the aforementioned financial statements contained herein do
not significantly differ from those contained in CNMV Circular 1/2008, dated 30 January, presenting under some head-
ings a greater degree of detail through the inclusion of items provided by CNMV Circular 9/2008, dated 10 December
(amended by CNMV Circular 6/2011, dated 12 December), which renders them more easily comprehensible.
All mandatory accounting principles and measurement bases with a significant effect on the consolidated financial
statements were applied.
i. Adaptation to new standards and interpretations issued
Standards and interpretations effective in 2012
The following Standards and Interpretations, adopted by the EU and the Group, became effective in 2012 but were
without significant impact on these consolidated financial statements:
- Amendments to IFRS 7 Financial instruments: Disclosures - Transfers of financial assets
Additional disclosure requirements for transfers of assets comprising both transferred financial assets that are not
derecognised and, primarily, those that are derecognised in their entirety, but in which the transferor has some
continuing involvement.
- Amendment to IAS 12 – Income taxes – Deferred tax on investment property
The amendment provides an exception to the general principles of IAS 12 affecting deferred tax on investment
property measured using the fair value model in IAS 40 – Investment property. In these cases, the amendments intro-
duce a rebuttable presumption that the carrying amount of such an asset will be recovered entirely through sale.
Standards and interpretations issued but not yet effective
At the date of preparation of these consolidated financial statements, the most significant standards and interpre-
tations that had been published by the IASB but had not become effective, either because their effective date was
subsequent to the reporting date or because they had yet to be adopted by the European Union, are as follows:
- IFRS 9 Financial instruments: Classification and measurement
IFRS 9 will eventually replace the current classification and measurement criteria in IAS 39. Very relevant differences
exist compared to the current standard, including the approval of a new classification method based on just two
categories: amortised cost and fair value; the elimination of the current categories “Held-to-maturity investments”
and “Available-for-sale financial assets”; impairment testing solely for assets at amortised cost; and the prohibition of
bifurcation of embedded derivatives in financial hosts.
Standards,
amendments and interpretations
Mandatory application for
periods beginning
on or after:
IFRS 9
Financial Instruments: Classification and
measurement
1 January 2015
IFRS 10
Consolidated financial statements
1 January 2013
IFRS 11
Joint arrangements
1 January 2013
IFRS 12
Disclosure of interests in other entities.
1 January 2013
IFRS 13
Fair value measurement
1 January 2013
IAS 27 (Revised)
Separate financial statements
1 January 2013
IAS 28 (Revised)
Investments in associates and joint ventures
1 January 2013
Amendment to IAS 1
Presenting other comprehensive income
1 July 2012
Amendment to IAS 19
Employee benefits
1 January 2013
Amendment to IFRS 9 and IFRS 7
Effective date and transition
N/A
Amendment to IAS 32
Offsetting financial assets and financial liabilities
1 January 2014
Amendment to IFRS 7
1 January 2013
Improvements to IFRSs, 2009-2011 cycle
- IAS 1
Clarification of comparative information
requirements
1 January 2013
- IAS 32
Tax consequences of dividends
1 January 2013
- IAS 34
Interim financial reporting and segment reporting
1 January 2013
62
Annual Accounts
6
Notes to the consolidated financial statements for the year ended 31 December 2012
Annual
Report 2012
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