Annual Financial Report for the period from 1st of January to the 31st of December 2012
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“cost exception” for unquoted equities and derivatives in unquoted shares, while providing guidance on when
cost represents fair value estimation. The Group Management is going to adopt the requirements of IFRS 9
earlier following the relevant approval of the Standard by the European Union. The current Standard has not
been adopted by the European Union yet.
• IFRS 10 “Consolidated Financial Statements”, IFRS 11 “Joint Arrangements” and IFRS 12 “Disclosure of
Interests in Other Entities”, IAS 27 “Separate Financial Statements” and IAS 28 “Investments in Associates
and Joint Ventures” (effective for annual periods starting on or after 01/01/2013)
In May 2011, IASB issued three new Standards, namely IFRS 10, IFRS 11 and IFRS 12. IFRS 10 “Consolidated
Financial Statements” sets out a new consolidation method, defining control as the basis under consolidation
of all types of entities. IFRS 10 supersedes IAS 27 “Consolidated and Separate Financial Statements” and SIC
12 “Consolidation — Special Purpose Entities”. IFRS 11 “Joint Arrangements” sets out the principles regarding
financial reporting of joint arrangements participants. IFRS 11 supersedes IAS 31 “Interests in Joint Ventures”
and SIC 13 “Jointly Controlled Entities – Non-Monetary Contributions by Venturers”. IFRS 12 “Disclosure of
Interests in Other Entities” unites, improves and supersedes disclosure requirements for all forms of interests
in subsidiaries, under common audit, associates and non-consolidated entities. As a result of these new stan-
dards, IASB has also issued the revised IAS 27 entitled IAS 27 “Separate Financial Statements” and revised IAS
28 entitled IAS 28 “Investments in Associates and Joint Ventures”. The new standards are effective for annual
periods beginning on or after 01/01/2013, while earlier application is permitted. The Group will assess the
impact of the new standards on its consolidated and separate financial statements. The Standards have been
adopted by the European Union in December 2012.
• IFRS 13 “Fair Value Measurement” (effective for annual periods starting on or after 01/01/2013)
In May 2011, IASB issued IFRS 13 “Fair Value Measurement”. IFRS 13 defines fair value, sets out in a single IFRS
a framework for measuring fair value and requires disclosures about fair value measurements. The measure-
ment and disclosure requirements of IFRS 13 apply when another IFRS requires or permits the item to be mea-
sured at fair value. IFRS 13 does not determine when an asset, a liability or an entity’s own equity instrument is
measured at fair value. Neither does it change the requirements of other IFRSs regarding the items measured
at fair value and makes no reference to the way the changes in fair value are presented in the Financial State-
ments. The new Standard is effective for annual periods starting on or after 01/01/2013, while earlier application
is permitted. The Group will assess the impact of the new standard on its consolidated and separate financial
statements. The above Standard has been adopted by the European Union in December 2012.
• Amendments to IAS 19 “Employee Benefits” (effective for annual periods starting on or after 01/01/2013)
In June 2011, the IASB issued the amendment to IAS 19 “Employee Benefits”. The amendments aim to improve
the issues related to defined benefit plans. The new amendments are effective for annual periods starting on
or after 01/01/2013 while earlier application is permitted. The Group will assess the impact of the amend-
ments on its consolidated and separate financial statements. The above amendment has been adopted by the
European Union in June 2012.
• Amendments to IAS 32 “Financial Instruments: Presentation” – Offsetting financial assets and financial
liabilities (effective for annual periods starting on or after 01/01/2014)
In December 2011, IASB issued amendments to IAS 32 “Financial Instruments: Presentation”, which provides
clarification on some requirements for offsetting financial assets and liabilities in the statement of financial
position. The amendment is effective for annual periods beginning on or after 01/01/2014 and earlier applica-
tion is permitted. The Group will assess the impact of the amendment on its consolidated and separate finan-
cial statements. This amendment has been adopted by the European Union in December 2012.
• Amendments to IFRS 7 “Financial Instruments: Disclosures” - Offsetting Financial Asserts and Financial
Liabilities (effective for annual periods starting on or after 01/01/2013)
In December 2011, IASB published new requirements for disclosures that enable users of Financial State-
ments to make better comparison between IFRS and US GAAP based financial statements. The amendment is
