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practical guidance on the recovery of the carrying amount of assets held at fair value or adjusted in accordance
with the requirements of IAS 40 “Investment Property” recovered or acquired within the year. The amendment
is effective for annual periods beginning on or after 01/01/2012. Earlier application is permitted. The Group
will assess the impact of the amendment on its consolidated and separate financial statements. The above
amendment has been adopted by the European Union in December 2012.
• Amendment to IFRS 1 “First-time Adoption of International Financial Reporting Standards” - Severe Hy-
perinflation and Removal of Fixed Dates for First-time Adopters (effective for annual periods beginning on
or after 01/07/2011)
The relevant amendments to IFRS 1 “First-time Adoption of International Financial Reporting Standards” were
issued in December 2010. The amendments replace references to fixed dates for first time adopters of IFRS
by defining “IFRS transition date”. The amendment removes the use of fixed transition date (01 January 2004)
and replaces it with the actual date of transition to IFRS. At the same time, it removes the requirements
for derecognition of transactions that had taken place before the scheduled transition date. The amendment
proposes guidance on how an entity should resume presenting financial statements in accordance with In-
ternational Financial Reporting Standards (IFRSs) after a period when the entity was unable to comply with
IFRSs because its functional currency was subject to severe hyperinflation. The amendments are effective
from 01/07/2011. Earlier application is permitted. The Group will assess the impact of the amendment on its
consolidated and separate financial statements.. This amendment has been approved by the European Union
in December 2012.
New Standards, Interpretations and amendments to existing Standards which have not taken effect yet or
have not been adopted by the European Union
Τhe following new Standards, Revised Standards as well as the following Interpretations to the existing Stan-
dards have been publicized but have not taken effect yet or have not been adopted by the European Union. In
particular:
• Amendments to IAS 1 “Presentation of Financial Statements” – Presentation of Items of Other Compre-
hensive Income (effective for annual periods starting on or after 01/07/2012)
In June 2011, the IASB issued the amendment to IAS 1 “Presentation of Financial Statements”. The amend-
ments pertain to the way of other comprehensive income items presentation. The Group will assess the impact
of the amendment on its consolidated and separate financial statements. The aforementioned amendments
are effective for annual periods starting on or after 01/07/2012. The above amendment has been adopted by
the European Union in June 2012.
• IFRS 9 “Financial Instruments” (effective for annual periods beginning on or after 01/01/2015)
On 12/11/2009 IASB issued the new Standard, the revised IFRS 9 “Financial Instruments: Recognition and
Measurement” which is the first step in IASB project to replace IAS 39. In October 2010, IASB expanded IFRS
9 to add new requirements for classifying and measuring financial liabilities, derecognition of financial instru-
ments, impairment, and hedge accounting. IFRS 9 defines that all financial assets are initially measured at
fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Subse-
quent measurement of financial assets is made either at amortized cost or at fair value, depending on how an
entity manages its financial instruments (its business model) and the contractual cash flow characteristics of
the financial assets. IFRS 9 generally prohibits reclassification between categories, however, when an entity
changes its business model in a way that is significant to its operations, a re-assessment is required of wheth-
er the initial determination remains appropriate. The standard requires all investments in equity instruments
to be measured at fair value. However, if an equity investment is not held for trading, an entity can make an
irrevocable election at initial recognition to measure it at fair value through other comprehensive income with
only dividend income recognized in profit or loss. Fair value profit and loss is not subsequently carried forward
to income statement while dividend income shall still be recognized in the income statement. IFRS 9 abolishes
