The classification categories proposed for financial liabilities in IFRS 9 were carried forward unchanged from IAS 39.
The impact of adopting this standard has not been assessed.
- IFRS 10 Consolidated financial statements
Replaces current IAS 27 and SIC 12. Amends current definition of control. The new definition of control comprises
three mandatory elements, power over the investee, exposure or rights to variable returns from its involvement with
the investee and the ability to use its power over the investee to affect the amount of these returns.
It is not expected that the entry into effect of this standard will have a material impact on the Group.
- IFRS 11 Joint arrangements
IFRS 11 will replace the current IAS 31. The main change with respect to the current standard is the transition from
proportionate consolidation to equity method consolidation for joint ventures.
It is not expected that the entry into effect of this standard will have a material impact on the Group since the change
in the method of consolidating the Group’s interests in Infobolsa, S.A. and RegisTR, S.A. from proportionate consol-
idation to equity method consolidation will not have a significant impact on the consolidated financial statements.
- IFRS 12 Disclosure of interests in other entities
This is a disclosure regulation encompassing all the financial disclosure requirements concerning interests in other
entities (including subsidiaries, associates, joint ventures or other holdings), introducing new disclosure requirements.
It is not expected that the entry into effect of these amendments will have a material impact on the Group.
- IFRS 13 Fair value measurement
This standard is designed to be the sole source for calculating the fair value of assets or liabilities consistent across
other standards. The current definition of fair value is changed and new clarifications are taken into consideration;
also, more disclosures are required.
It is not expected that the entry into effect of this standard will have a material impact on the Group.
- IAS 27 (Revised) Separate financial statements and IAS 28 (Revised) Investments in associates and joint ventures
These amendments come into effect at the same time as the aforementioned new IFRSs (IFRS 10, IFRS 11 and IFRS 12)
and therefore they will not have any further material impacts to those set forth above.
- Amendment of IAS 1 Presenting other comprehensive income
This amendment basically lays down of the requirement to present separate totals revenue and expenses of “Other
comprehensive income” that might be subsequently recycled (recognised in profit or loss) and those items that will
not be recycled subsequently. It is not expected that the entry into effect of this amendment will have a material
impact on the Group.
- Amendment to IAS 19 Employee benefits
The main change here will affect the accounting treatment of the defined benefit plans, since it eliminates use of the
“corridor” whereby it is currently possible to choose to defer certain actuarial gains or losses. Once the amendment
comes into force, all gains and losses must be immediately recognised. Includes significant changes to presenta-
tion of cost components whereby service costs (past service costs, reductions, plan settlements) and net interest are
expensed, and remeasurements (basically actuarial gains and losses) are recognised in equity as Unrealised gains
(losses) reserve and not subsequently taken to profit and loss. Pursuant to IAS 8, this amendment comprises a change
in accounting policy, and therefore must be applied retroactively as from 1 January 2013 by adjusting the opening
equity balances for the oldest prior period presented as if the new accounting policy had always been applicable. It
will also imply changes in the presentation of cost components on the comprehensive income statement, which will
be grouped and presented differently.
The entry into effect of this amendment will have an impact on the Group, given that past service costs, which were
deferred to date, will be expensed retroactively as from the effective date of the standard. The Group’s directors esti-
mate that applying this standard from 1 January 2012 to 31 December 2012 would have reduced equity and profit for
the year by €654 thousand and €202 thousand, respectively, net of taxes, compared to the figures presented on the
accompanying consolidated financial statements.
- Amendment to IFRS 9 and IFRS 7 Effective date and transition
Deferral of the effective date of IFRS 9 and changes to transition disclosures and requirements. It is not expected that
the entry into effect of these amendments will have a material impact on the Group.
- Amendment to IAS 32 and IFRS 7 Offsetting financial assets and financial liabilities
The amendment to IAS 32 introduces a series of additional clarifications in the implementation guide on the stand-
ard’s requirements for offsetting assets and liabilities and their presentation on the balance sheet. IAS 32 already
indicates that a financial asset or liability may only be offset when the entity has at the time the legal right to offset the
recognised amounts. The amended implementation guide indicates, among other aspects, that to meet this condi-
tion, the right to offset must not depend on future events and must be legally enforceable, both in the normal course
of business and in the event of default, insolvency or bankruptcy of the entity and all counterparties.
63
Annual Accounts
6
Notes to the consolidated financial statements for the year ended 31 December 2012
Annual
Report 2012
/ BME
1...,53,54,55,56,57,58,59,60,61,62 64,65,66,67,68,69,70,71,72,73,...222