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new standards, 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 Standards are effective for
annual periods beginning on or after 01 January 2014, with earlier adoption permitted. The Group/Company
will assess the impact of new standards in its consolidated/separate financial statements. The Standards have
been adopted by the European Union in December 2012.
Transition Guidance: Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in
Other Entities (Amendments to IFRS 10, IFRS 11 and IFRS 12) (effective for annual periods beginning on or
after 01/01/2013)
In June 2012, IASB issued Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests
in Other Entities: Transition Guidance (Amendments to IFRS 10, IFRS 11 and IFRS 12) to clarify the transition
guidance in IFRS 10 Consolidated Financial Statements. The amendments also provide additional transition
relief in IFRS 10, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities, limiting
the requirement to provide adjusted comparative information to only the preceding comparative period.
Furthermore, for disclosures related to unconsolidated structured entities, the amendments will remove the
requirement to present comparative information for periods before IFRS 12 is first applied. The Transition
Guidance is effective for annual periods beginning on or after 01 January 2013, but in practice is effective for
annual periods beginning on or after 01 January 2014 when the relevant Standards will be effective. The Group/
Company will assess the impact of transition guidance in its consolidated/separate financial statements. This
transition guidance has been adopted by the European Union in April 2013.
Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27) (effective for annual periods beginning on
or after 01/01/2014)
In October 2012, IASB issued Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27). The
amendments apply to a particular class of business that qualifies as investment entities. The IASB uses the
term ‘investment entity’ to refer to an entity whose business purpose is to invest funds solely for returns from
capital appreciation, investment income or both. An investment entity must also evaluate the performance of
its investments on a fair value basis. Such entities could include private equity organizations, venture capital
organizations, pension funds, sovereign wealth funds and other investment funds. The Investment Entities
amendments provide an exception to the consolidation requirements in IFRS 10 and require investment
entities to measure particular subsidiaries at fair value through profit or loss, rather than consolidate them.
The amendments also set out disclosure requirements for investment entities. The amendments are effective
for annual periods beginning on or after 01 January 2014, with earlier adoption permitted. The Group/Company
will assess the impact of amendments in its consolidated/separate financial statements. The amendments
have been adopted by the European Union in November 2013.
Amendments to IAS 32 “Financial Instruments: Presentation” – Offsetting financial assets and financial
liabilities (effective for annual periods beginning 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 amendments are effective for annual periods beginning on or after 01 January 2014, with earlier
adoption permitted. The Group/Company will assess the impact of amendments in its consolidated/separate
financial statements. These amendments have been adopted by the European Union in December 2012.
Amendments to IAS 36 “Impairment of Assets” - Recoverable Amount Disclosures for Non-Financial Assets
(effective for annual periods beginning on or after 01/01/2014)
In May 2013, IASB issued amendments to IAS 36 “Impairment of Assets”. These narrow-scope amendments
address the disclosure of information about the recoverable amount of impaired assets if that amount is based
on fair value less costs of disposal. Earlier application is permitted for periods when the entity has already
