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IFRS 13 “Fair Value Measurement”
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
measurement and disclosure requirements of IFRS 13 apply when another IFRS requires or permits the item
to be measured 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 Statements. The standard affects does not affect the consolidated and separate financial statements.
Amendments to IAS 19 “Employee Benefits”
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 revised version eliminates the “corridor method” and requires
the recognition of remeasurements (including actuarial gains and losses) arising in the reporting period in
other comprehensive income. Furthermore, this version changes the measurement and presentation of certain
components of defined benefit cost. Under the revised standard, the Group/Company restates its reported
results throughout the comparative periods in accordance with the prescribed transitional provisions of IAS
19 and in accordance with IAS 8 «Accounting Policies, Changes in Accounting Estimates and Errors». The
amendments affect the consolidated and separate financial statements from the difference when recognizing
actuarial earnings/ (losses). This effect is shown in note 3.8.2 of financial statements.
IFRIC 20 “Stripping Costs in the Production Phase of a Surface Mine”
In October 2011, IASB issued IFRIC 20. The Interpretation clarifies the requirements for accounting for stripping
costs associated with waste removal in surface mining, including when production stripping costs should be
recognized as an asset, how the asset is initially recognized, and subsequent measurement. The interpretation
is not applicable to the Group’s/Company’s operations.
Amendments to IFRS 7 “Financial Instruments: Disclosures” - Offsetting Financial Asserts and Financial
Liabilities
In December 2011, IASB published new requirements for disclosures that enable users of Financial Statements
to make better comparison between IFRS and US GAAP based financial statements. The amendments do not
affect the consolidated and separate financial statements.
Amendment to IFRS 1 “First-time Adoption of International Financial Reporting Standards” - Government
loans
In March 2012, IASB issued amendment to IFRS 1, which gives IFRS first-time adopters the option, on a loan by
loan basis, of applying the IFRS requirements retrospectively provided that the necessary information to apply
the requirements to a particular government loan was obtained at the time of initially accounting for that loan.
The amendment does not affect the consolidated and separate financial statements.
Annual Improvements 2009–2011 Cycle
In May 2012, IASB issued Annual Improvements 2009–2011 Cycle, a collection of amendments to 5 International
Financial Reporting Standards (IFRSs), as its latest set of annual improvements. Specifically, includes
improvements for IFRS 1, IAS 1, IAS 16, IAS 32 and IAS 34. The amendments are not significant and have not a
material impact on Group’s/Company’s financial statements.
