Annual Financial Report for the period from1st of January to the 31st of December 2013
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applied IFRS 13. 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
2013.
Amendments to IAS 39 “Financial Instruments: Recognition and Measurement” - Novation of Derivatives
and Continuation of Hedge Accounting (effective for annual periods beginning on or after 01/01/2014)
In June 2013, IASB issued amendments to IAS 39 “Financial Instruments: Recognition and Measurement”. The
narrow-scope amendments will allow hedge accounting to continue in a situation where a derivative, which
has been designated as a hedging instrument, is novated to effect clearing with a central counterparty as a
result of laws or regulation, if specific conditions are met. Similar relief will be included in IFRS 9 Financial
Instruments. 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
2013.
Interpretation 21: Levies (effective for annual periods beginning on or after 01/01/2014)
In May 2013, IASB issued Interpretation 21 that is an interpretation of IAS 37 Provisions “Contingent Liabilities
and Contingent Assets”. IAS 37 sets out criteria for the recognition of a liability, one of which is the requirement
for the entity to have a present obligation as a result of a past event (known as an obligating event). The
Interpretation clarifies that the obligating event that gives rise to a liability to pay a levy is the activity described
in the relevant legislation that triggers the payment of the levy. The Interpretation is effective for annual periods
beginning on or after 01 January 2014, with earlier adoption permitted. The Group/Company will assess the
impact of interpretation in its consolidated/separate financial statements. The Interpretation has not been
adopted by the European Union yet.
Amendments to IAS 19 “Employee Benefits” – Defined Benefit Plans: Employee Contributions (effective
from 01/07/2014)
In November 2013, IASB issued amendments to IAS 19 “Employee Benefits”. The narrow-scope amendments
apply to contributions fromemployees or third parties to defined benefit plans. The objective of the amendments
is to simplify the accounting for contributions that are independent of the number of years of employee
service, for example, employee contributions that are calculated according to a fixed percentage of salary. The
amendments are effective from 01 July 2014 with earlier adoption permitted. The Group/Company will assess
the impact of amendments in its consolidated/separate financial statements. These amendments have not
been adopted by the European Union yet.
Annual improvements to IFRSs 2010-2012 Cycle & 2011-2013 Cycle (effective from 01/07/2014)
In December 2013, IASB issued Annual improvements to IFRSs 2010-2012 Cycle & 2011-2013 Cycle. The Cycle
2010-2012 includes improvements for IFRS 2, IFRS 3, IFRS 8, IFRS 13, IAS 16, IAS 24 and IAS 38 and in the
Cycle 2011-2013 improvements are relating to IFRS 1, IFRS 3, IFRS 13 and IAS 40. The improvements are
effective from 01 July 2014 with earlier adoption permitted. The Group/Company will assess the impact of the
improvements in its consolidated/separate financial statements. These improvements have not been adopted
by the European Union yet.
IFRS 14 “Regulatory Deferral Accounts” (effective from 01/01/2016)
In January 2014, IASB issued an interim Standard, IFRS 14 Regulatory Deferral Accounts. The aim of this
interim Standard is to enhance the comparability of financial reporting by entities that are engaged in rate-
