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The 2014 consolidated financial statements, which were approved by the shareholders at
the Annual General Meeting on 22 April 2015 and are included for comparison purposes,
were also prepared in accordance with EU-IFRSs applied on a basis consistent with that
of 2015.
Standards and interpretations effective in 2015:
The standards, amendments and interpretations that came into force in 2015 and that were
taken into account in preparing the accompanying consolidated financial statements are
described below:
New standards, amendments and interpretations:
Obligatory application
in annual reporting
periods beginning
on or after:
Approved for use in the European Union
IFRIC 21, Levies (issued in May 2013)
This interpretation addresses the accounting for a liability to pay a levy.
17 June 2014 (1)
Improvements to IFRSs, 2011-2013 cycle (issued
in December 2013)
Minor amendments to a series of standards.
1 January 2015 (2)
(1) The EU endorsed IFRIC 21 (EU Journal of 14 June 2014), changing the original effective date established by the IASB (1 January 2014) to 17 June
2014.
(2) The IASB established that these improvements would come into force on or after 1 July 2014.
New standards, amendments and interpretations mandatorily applicable on or after
1 January 2015
IFRIC 21, Levies
The interpretation addressees the timing of recognition of a liability to pay a levy if that
liability is based on financial data for a period other than that in which the activity that
triggers the payment of the levy occurs.
The interpretation states that the liability must be recognised when the obligating event
giving rise to the recognition thereof occurs, which is normally identified by legislation.
The recognition principles outlined above must be applied to both the annual and interim
financial statements. This means that the interim financial statements will not include
any prepaid expense in respect of a levy if there is no present obligation to pay the levy
at the end of the interim reporting period.
The entry into force of this interpretation did not have any impact on the consolidated
financial statements.
Improvements to IFRSs, 2011-2013 cycle
The improvements to this cycle include amendments to the following standards:
IFRS 3, Business Combinations: amendment to the scope of the standard in relation to
joint ventures, which clarifies that IFRS 3 does not apply to the formation of a joint
arrangement in the financial statements of the joint arrangement itself.
IFRS 13, Fair Value Measurement: amendment to the scope of portfolio measurement.
The scope of this exception for measuring the fair value of groups of financial assets and
financial liabilities on a net basis was amended to clarify that the references to financial
assets and financial liabilities should be read as applying to all contracts within the scope
of IAS 39 or IFRS 9, regardless of whether they meet the definitions of financial assets or
financial liabilities in IAS 32.
IAS 40, Investment Property: interrelationship with IFRS 3. The amendments clarify that
IAS 40 and IFRS 3 are not mutually exclusive and both standards may have to be
applied.