Impairment of tangible assets

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Impairment of tangible assets"

Transcription

1 JANUARY 2014 Dutch Accounting Standards 2013 Edition Introduction Major changes applicable from 1 January 2013 The Dutch Accounting Standards Board (DASB) recently published the 2013 edition of the Standards for large and medium-sized entities. Unless stated otherwise, the revised Standards apply to reporting years starting on or after 1 January This factsheet provides an overview of the major changes in the 2013 edition. It does not identify changes with respect to specific industries. In order to provide a complete overview, we start with a summary of the major changes in the Standards that came into effect from the 2013 financial year. We conclude this factsheet with a summary of the major changes in the Standards for small entities, which are published concurrently with the Standards for large and medium-sized entities. Impairment of tangible assets In order to determine the amount of impairment, goodwill has to be allocated to cash-generating units. RJ applies with effect from 1 January It stipulates that upon disposal of operations in a cash generating unit, goodwill should be allocated to the disposed operations in order to determine the gain or loss on the sale. This allocation should be made based on the values of the disposed operations in relation to that of the other operations in the cash generating unit, except if the entity can demonstrate that the application of another method is more effective. The following example illustrates a possible approach for this: Contents Introduction 1 Major changes with effect from 1 January Major changes with effect from 1 January Draft Standards 8 Changes in Standards for small entities 10 In conclusion 11 A company has cash generating unit X, consisting of operations A, B and C. The company sells operation A for 100. Goodwill is allocated to X. The goodwill cannot be reliably allocated to a lower level than X. The recoverable amount of the remaining operations B and C is 300. In the carrying amount of the disposed operation A, 25% of the goodwill allocated to X (100/ ) should be included to calculate the gain or loss on the disposal of A. 1 Dutch Accounting Standards

2 If a restructuring results in a change in the composition of one or more cash generating units to which goodwill has been allocated, RJ requires the entity to reallocate the goodwill as described above. Furthermore, based on RJ , all general operating assets must be allocated to cash generating units to the extent that there is a reasonable and consistent basis for this allocation. If not, it should be determined whether allocation to a higher level is possible. Subsidiary 120 Equity method Application of combination 3 Measurement of participating interests in company financial statements Title 9 Book 2 of the Netherlands Civil Code gives entities the option to prepare their consolidated financial statements in accordance with EU-IFRS in combination with company financial statements under Title 9 Book 2, with the entity applying the same accounting principles as for the consolidated Goodwill 20 Subsidiary 100 Net asset value Equity method vs. net asset value: difference in presentation of goodwill financial statements ( combination 3 ). This option has been provided in order to keep the shareholder s equity and result in accordance with the company financial statements equal to the shareholder s equity and result according to the consolidated financial statements. The DASB has clarified that in the company financial statements, participating interests that are consolidated in the consolidated financial statements may be recognised at net asset value or in accordance with the equity method. If the participating interests are presented at net asset value, goodwill is recognised as a separate balance sheet item; if the equity method is applied, it is included in the participating interests item. Changes in existing equity interests RJ b includes provisions on the recognition in the company financial statements of a number of scenarios when applying combination 3: 2 Dutch Accounting Standards

3 0% 50% 100% step acquisition Measure existing interest at FV Take value adjustment to P&L Revaluation reserve Add to goodwill loss of control Measure new interest at FV Take value adjustment to P&L Revaluation reserve Write off goodwill continuation of control Change in third-party share Take value adjustment to equity No change in goodwill Changes in existing equity interests step acquisition; loss of control with retention of a remaining interest; and transactions with minority shareholders with retention of control. A step acquisition occurs when a entity increases an existing equity interest, whereby it obtains control. For these purposes, loss of control with retention of a remaining equity interest can be regarded as the opposite of a step acquisition. In both cases, the existing or remaining equity interest is measured at fair value at the transaction date, i.e. at the date of acquisition or the date of disposal of the equity interest. Value adjustments of existing and remaining equity interests must be recognised in the profit and loss account. In both cases, unless regular market quotations are available for the residual equity interest, a revaluation reserve has to be recognised equal to the value adjustment of the residual equity interest, as the corresponding gains or losses have not been realised yet. If an entity buys or sells part of an existing equity interest while retaining control, the transaction is recognised directly in equity. This is based on the view, in accordance with IFRS, that these are transactions between shareholders that cannot affect profit and loss account. Under combination 3, the equity and result in the company financial statements are kept identical to the group equity and result in the consolidated financial statements. Guideline for the practical application of IAS 19R in the Netherlands In May 2013, the DASB issued a revised guideline (RJ-Uiting ) that seeks to provide assistance in applying IAS 19R. The changes relate to the measurement of DB plans and specifically to the provisions of IAS 19R on risk sharing and shared funding, such as regarding the recognition of employee contributions. The guideline, which is part of Standard 921 as included in the 2013 edition of the Standards, is not an interpretation of IFRS, nor does it include any requirements or recommendations. For more information, please refer to the factsheet IAS 19R: New rules for pension reporting, which summarises Dutch Accounting Standards 3

4 the major changes in IAS 19R and addresses the potential consequences for companies. Act on management and supervision With effect from 1 January 2013, an amendment was incorporated in Book 2 of the Netherlands Civil Code (NCC) in connection with amendments of the rules on the management and supervision of public (NVs) and private (BVs) limited liability companies. In this context, the DASB issued two guidelines: RJ-Uiting and RJ-Uiting RJ-Uiting stipulates that if there is not a balanced gender ratio in the composition of the management and/or supervisory board, RJ a is applicable. Pursuant to Sections 2:166 and 2:267 NCC, a balanced gender ratio is defined as a management or supervisory board where at least 30% of the positions are held by women and at least 30% by men. However, this only applies to NVs and BVs that satisfy the size criteria referred to in Section 2:397(1) NCC and when the seats on the board(s) in question have been allocated to natural persons. If the management and/or supervisory board do not have a balanced gender ratio, the following should be disclosed in the management report: why there is no balanced gender ratio; what steps the company has taken to achieve a balanced gender ratio; and what steps the company will take to ensure there is a balanced ratio in future. RJ-Uiting states that as a result of the change in the law, it is possible to specify in the articles of association that managerial duties in an NV or BV are allocated to one or more non-executive directors under a one-tier regime. This act does not contain specific requirements regarding the remuneration of the members of the one-tier board. In legal terms, all the members of a one-tier board are considered directors. An NV or BV with a one-tier board does not have a supervisory board. Under a one-tier regime, the supervisory role is performed by the non-executive directors. Section 2:383 BW requires that the amount of the remuneration of the joint directors and joint supervisors be disclosed in the financial statements. As the non-executive directors are not supervisors, no separate disclosure of the remuneration of non-executive directors is required pursuant to the above. Draft orj a stipulates that the total amount paid in remuneration to the directors should be specified into the amount paid to 4 Dutch Accounting Standards

5 the executive directors and that paid to non-executive directors, unless it all relates to a single natural person (executive or non-executive director) in order to provide separate overviews of the costs of the directors responsible for management and of those responsible for supervision. Crisis levy and disclosure of directors remuneration RJ b prescribes how to disclose the crisis levy payable on the remuneration of managing and supervisory directors if an entity, pursuant to Section 2:383(1) or 2:383c NCC, is required to disclose the remuneration of these directors in its financial statements. The entity has the option to include the crisis levy in the presented amount of the remuneration of these directors; it then has to state in the notes whether the crisis levy has been included in the presented amount or not. Regardless of whether the presented remuneration includes the crisis levy or not, the crisis levy on the remuneration should be disclosed in the notes. The following example illustrates how this can be disclosed if the entity opts to include the crisis levy in the presented remuneration. In 2013, the remuneration of the management board totalled 100 (2012: 90). This includes 15 (2012: 10) in respect of the crisis levy. In 2013, the remuneration of the supervisory board totalled 50 (2012: 40). This includes 10 (2012: 5) in respect of the crisis levy. Act on Standardisation of Remuneration of Senior Officials in the Public and Semi-Public Sector In addition to the requirements regarding their directors remuneration under RJ 217.7, public and semi-public institutions are also subject to disclosure requirements under the Act on Standardisation of Remuneration of Senior officials in the Public and Semi-Public Sector ( Wet normering bezoldiging topfunctionarissen publieke en semipublieke sector, WNT). This Act took effect on 1 January 2013, replacing the WOPT (Act on Disclosure of Publicly Funded Remuneration of Senior Officials). This Standard includes a number of disclosure requirements regarding the remuneration of both senior and other officials whose remuneration exceeds the limit referred to in Section 2.3(1) WNT. The limit differs per sector and can be found on The following information should be disclosed in the financial statements: remuneration; social insurance contributions 1 ; taxable fixed and variable expense allowances; provisions for benefits payable in the long term; position or positions held; and duration and size of the employment in the financial year. For senior officials, their name should also be disclosed. The following information should also be disclosed for (senior or other relevant) officials who have terminated their employment: benefits paid during the financial year related to the termination of their employment; their name and the position(s) they held during their employment; and the year in which their employment was terminated. Pursuant to Section 4.2(6) WNT, the entities concerned must also include the comparative figures in their financial statements. An exception is made for the financial statements for the first year in which the Act takes effect (2013), in which the comparative figures for 2012 do not need to be included. 1 The proposal of 22 March 2013 regarding scope changes and other technical changes under the Act on Remuneration of Senior Officials in the Public and Semi-public Sector proposes excluding social insurance contributions from the presented remuneration. Dutch Accounting Standards 5

6 Major changes with effect from 1 January 2014 Financial instruments The following aspects regarding hedge accounting and embedded derivatives have been revised: when applying cost price hedge accounting ineffectiveness is determined in the same way as in fair value hedge accounting and cash flow hedge accounting. Such a quantitative ineffectiveness measurement is only required when the critical terms of the hedge instrument and the hedged position differ. Under cost price hedge accounting, ineffectiveness is only recognised if and to the extent that it concerns a (cumulative) loss; separating the embedded derivatives from the host contract in measurement at cost or lower market value (if certain criteria apply); disclosure of liquidity and cash flow risk related to hedge accounting, for example the disclosure of the obligation to deposit collateral (margin calls). In addition, it is explained that for each subcategory of derivatives to which hedge accounting is applied a separate hedging strategy may be chosen. This means, for example, that fair value hedge accounting can be applied to currency derivatives and cost price hedge accounting to interest rate derivatives. These changes become effective for financial years starting on or after January 2014, with earlier application permitted and recommended. The DASB points out that if the entity is not able to apply the changes for financial years starting on or after January 1, 2013, the entity will have to disclose this fact together with the disclosure of the (qualitative) effect of the changes on the financial statements. Gross or net revenue recognition RJ a to 105d addresses the issue of whether revenues should be recognised gross or net. It explains that amounts the entity receives for its own account should be recognised as 6 Dutch Accounting Standards

7 revenue. Amounts that the entity receives on behalf of third parties are not recognised as revenue. Indicators have also been added based on which it can be determined whether amounts are received for the entity s own account and therefore should be recognised gross: the entity has the primary responsibility for the delivery or implementation, e.g. is responsible towards the client for the deliverables; the entity bears inventory risk; the entity has freedom of action in determining the price, also if indirectly, e.g. by delivering additional goods or services; the entity bears the credit risk for the amount payable by the client. entity, its subsidiaries and other consolidated companies during the financial year, with a breakdown specifying the fees relating to: the audit of the financial statements; other audit engagements; tax advice; and other advisory services. Since it would benefit the assessment of the auditor s independence, it is recommended that the fees of the network of the accounting organisation also be included in the specification. The following example illustrates a possible approach for this (it excludes the comparative figures): Where the entity prepares company and consolidated financial statements, it is recommended that the specification be included in the consolidated financial statements. RJ-Uiting states that two different methods are used in practice for the disclosure of auditors fees: in respect of the financial year in which the work is performed; and in respect of the financial year to which the work relates. The RJ has no preference for either method but intends to prescribe that the chosen method be disclosed in the notes. The relevant Standards also apply to taxes other than income tax. Examples of such taxes include VAT, excise duty and tourist tax. In deviation from this, a specific Standard (RJ a) applies to private motor vehicle and motorcycle tax (BPM), which advises dealers and other vehicle companies to recognise BPM as part of their net sales revenue with a view to mutual comparability. The DASB has not expressed a specific preference for motor vehicle importers. The recognition of BPM and the relevant amount must be disclosed in the financial statements. Illustrative presentation of auditor s fees KPMG Other KPMG Total KPMG accountants N.V. network network Audit of financial statements Other assurance engagements Tax advisory services Other non-assurance services 2-2 Total Disclosure of auditors fees RJ covers a number of issues related to the application of Section 2:382a NCC regarding the disclosure of auditors fees. This section applies to entities that satisfy the size criteria in Section 2:397(1) NCC. It requires entities to disclose information about the fees charged by the auditor to the Dutch Accounting Standards 7

8 Draft standards Liquidation and significant doubt about going concern assumption The DASB has included a proposal in draft Standard orj for the principles for financial statements prepared under the liquidation basis of accounting. Liquidation is defined as a situation where the entity has no longer the ability to continue as a going concern. If the entity has been established for a fixed period or if a decision has been made to continue for a fixed period, it is not necessary to apply the liquidation basis of accounting. The liquidation basis of accounting entails that: all assets are recognised, regardless of whether they have been recognised before, and are stated at their (expected) net realisable value; all liabilities that meet the requirements of RJ are regognised at the best estimate of the amounts required to settle the liabilities (for debts, this is usually the nominal value of the amounts payable); and accruals and deferrals are recognised to account for the expected costs and revenues until the expected settlement date. The transition from the going-concern basis to the liquidation basis should be recognised prospectively, with the difference recognised in profit or loss. The comparative figures are not adjusted. Investment property Draft Standard orj addresses the ambiguity about how to determine the revaluation reserve for investment property carried at fair value. To clarify this, the DASB has proposed introducing a choice for determining the revaluation reserve. Pursuant to Section 2:390(3) NCC, the revaluation reserve may not exceed the balance of the carrying amount based on cost and the carrying amount based on fair value. When determining the carrying amount based on cost, it is recommended that the accumulated depreciation and impairments that would apply if the cost model had been used be taken into account. As an alternative, it is acceptable not to take into account accumulated depreciation and impairments when determining the carrying amount based on cost. The method applied should be disclosed. Pursuant to draft Standard orj it is permitted, in deviation from RJ 140 Changes in accounting principles, to apply any change prospectively. Reverse acquisition In practice, there appears to be some ambiguity about how a reverse acquisition should be recognised in the company financial statements. A reverse acquisition occurs when a Revaluation reserve party obtains the shares in another party in return for the issuance of so many shares that the majority of its voting rights are transferred to the other party. Based on the legal form of the acquisition, the party that issues the shares can be deemed the acquiring party (acquirer), whereas based on the economic substance of the acquisition, the party whose shareholders acquire control over the new combination is deemed to be the acquirer. The new draft Standards orj and orj explains that two ways of recognising a reverse acquisition in the company financial statements are possible: 1. Recognition according to economic substance, whereby the acquirer in the financial statements is the same party as the acquirer in the consolidated financial statements. The acquirer is recognised in the company financial statements at net asset value. The assets and liabilities of the acquirer are restated to their fair value, with the difference between the net assets thus If carried at current value, a revaluation reserve must be formed Carrying amount at cost Investment property = - Carrying amount current value Carrying amount at cost Does not include accumulated depreciation and impairment Includes accumulated depreciation and impairment 8 Dutch Accounting Standards

9 calculated and the purchase price being recognised as goodwill. This is the most appropriate accounting treatment when applying combination Recognition according to legal form. The party that can be deemed the acquiree based on the legal form of the acquisition is recognised at net asset value, which is determined by measuring its assets and liabilities at fair value. The shares issued by this acquiree are recognised at fair value, with the difference between the net asset value and fair value of the issued shares being recognised as goodwill. Method S1 C Purchase accounting Pooling of interest P 100% 100% 100% S2 Valuation acquired assets and liabilities Fair value at acquisition date Carrying amount at start comparative year S1 P Restate comparative figures No Yes S2 100% C Goodwill Yes No Mergers and acquisitions between entities under common control Carry over accounting Carrying amount at acquisition date No No Draft Standards orj and orj stipulate how a merger and acquisition between entities under common control should be recognised in the financial statements of the acquiree. The following methods can be used: the purchase accounting method, the pooling of interests method and the carry-over accounting method. Under the purchase accounting method, the assets and liabilities of the acquiree are restated at the date of acquisition. Mergers and acquisitions Under the pooling of interests method, the acquisition is retrospectively recognised at the start of the financial year, with the comparative figures also being adjusted, based on the carrying amounts of the acquiree. Under the carry-over accounting method, the acquiree is recognised at carrying amount at the date of acquisition without adjusting the comparative figures. Consolidation Draft Standards orj and orj address changes in the international standards for consolidated financial statements. Draft Standard orj proposes a change in the assessment of whether financial instruments contain potential voting rights that can be exercised directly, resulting in significant influence or actual control. In making this assessment, all the facts and circumstances associated with such instruments should be considered, including aspects that were previously excluded, namely the intent of management and the financial ability. Draft Standard orj a proposes to also consider other rights in addition to voting rights, such as protective rights, in determining whether the entity can exercise control. Protective rights are rights that protect those holding them without giving them the ability to exercise control. Examples of protective rights include the right to agree to decisions, such as agreeing to major investments that are not required in the context of ordinary operations, the issuance of shares or bonds, the awarding of directors remuneration, or transactions with other shareholders. Dutch Accounting Standards 9

10 Changes in Standards for small entities Major changes in 2013 edition The DASB recently published the 2013 edition of the Standards for small entities (RJk). This edition is effective for reporting years starting on or after 1 January Below is an overview of the major changes in the 2013 edition. The introduction of the new Act on Remuneration of Senior Officials in the Public and Semi-Public Sector ( Wet normering bezoldiging topfunctionarissen publieke en semipublieke sector, WNT) has led to a number of changes in the Standards for small entities. These changes are identical to those for in the Standards for large and medium-sized entities explained above. Standard B in the Standards for small entities also clarifies that amounts received by the entity on behalf of third parties that are paid on do not qualify as revenue. Amounts received by the entity for its own account should be recognised as revenue. Indicators have also been added for determining whether amounts are received on behalf of third parties or for the entity s own account. The paragraphs relating to this Standard also apply to taxes other than income tax. Examples of such taxes include VAT, excise duty and tourist tax. Draft Standard orj A 2.216, the DASB describes the liquidation basis of accounting. This draft Standard refers to the relevant draft Standard in the Standards for large and medium-sized entities (orj Discontinuation of the entity s activities as a whole is unavoidable ). A number of points concerning small non-profit organisations are also explained in section C1 of the Standards for small entities. 10 Dutch Accounting Standards

11 In conclusion Sources The information in this factsheet is primarily derived from the introduction to the 2012 and 2013 editions of the Dutch Accounting Standards. Further information Your KPMG contact would be pleased to expand further on the information contained in this publication and the consequences for your company. About KPMG KPMG offers services in the field of audit, tax and advisory. We work for a broad spectrum of clients: major domestic and international companies, medium-sized entities, non-profit organisations and government authorities. The complicated issues facing our clients demand a multi-disciplinary approach. Our professionals stand out in their own specialities but, at the same time, work closely together to create added value enabling our clients to excel in their own environment. To this end we rely on a rich source of knowledge and experience gained worldwide in the widest range of organisations and markets. Dutch Accounting Standards 11

12 KPMG Laan van Langerhuize DS AMSTELVEEN T +31 (0) Wiert Smid T +31 (0) The information contained herein is of a general nature and not intended to address the specific circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. As such, no one should act upon such information without appropriate professional advice after a thorough analysis of the particular situation KPMG Accountants N.V., registered with the trade register in the Netherlands under number , is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. The KPMG name, logo and cutting through complexity are registered trademarks of KPMG International.

2 This Standard shall be applied by all entities that are investors with joint control of, or significant influence over, an investee.

2 This Standard shall be applied by all entities that are investors with joint control of, or significant influence over, an investee. International Accounting Standard 28 Investments in Associates and Joint Ventures Objective 1 The objective of this Standard is to prescribe the accounting for investments in associates and to set out

More information

The statements are presented in pounds sterling and have been prepared under IFRS using the historical cost convention.

The statements are presented in pounds sterling and have been prepared under IFRS using the historical cost convention. Note 1 to the financial information Basis of accounting ITE Group Plc is a UK listed company and together with its subsidiary operations is hereafter referred to as the Company. The Company is required

More information

Transition to International Financial Reporting Standards

Transition to International Financial Reporting Standards Transition to International Financial Reporting Standards Topps Tiles Plc In accordance with IFRS 1, First-time adoption of International Financial Reporting Standards ( IFRS ), Topps Tiles Plc, ( Topps

More information

International Accounting Standard 28 Investments in Associates

International Accounting Standard 28 Investments in Associates International Accounting Standard 28 Investments in Associates Scope 1 This Standard shall be applied in accounting for investments in associates. However, it does not apply to investments in associates

More information

Financial Statements 2013

Financial Statements 2013 TRIPLE JUMP B.V. Amsterdam Financial Statements 2013 Contents Balance Sheet as at December 31, 2013 2 Notes to the 2013 financial statements 3 1 Balance Sheet as at December 31, 2013 2013 2013 2012 2012

More information

Deferred tax A Finance Director's guide to avoiding the pitfalls

Deferred tax A Finance Director's guide to avoiding the pitfalls Deferred tax A Finance Director's guide to avoiding the pitfalls Understanding deferred tax under IAS 12 Income Taxes August 2009 Contents Page Executive Summary 1 Introduction 4 1 Calculating a deferred

More information

Investments in Associates and Joint Ventures

Investments in Associates and Joint Ventures International Accounting Standard 28 Investments in Associates and Joint Ventures In April 2001 the International Accounting Standards Board (IASB) adopted IAS 28 Accounting for Investments in Associates,

More information

Investments in Associates

Investments in Associates Indian Accounting Standard (Ind AS) 28 Investments in Associates Investments in Associates Contents Paragraphs SCOPE 1 DEFINITIONS 2-12 Significant Influence 6-10 Equity Method 11-12 APPLICATION OF THE

More information

NEPAL ACCOUNTING STANDARDS ON BUSINESS COMBINATIONS

NEPAL ACCOUNTING STANDARDS ON BUSINESS COMBINATIONS NAS 21 NEPAL ACCOUNTING STANDARDS ON BUSINESS COMBINATIONS CONTENTS Paragraphs OBJECTIVE 1 SCOPE 2-14 Identifying a business combination 5-10 Business combinations involving entities under common control

More information

Investments in Associates and Joint Ventures

Investments in Associates and Joint Ventures STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 28 Investments in Associates and Joint Ventures This standard applies for annual periods beginning on or after 1 January 2013. Earlier application is

More information

The consolidated financial statements of

The consolidated financial statements of Our 2014 financial statements The consolidated financial statements of plc and its subsidiaries (the Group) for the year ended 31 December 2014 have been prepared in accordance with International Financial

More information

Acal plc. Accounting policies March 2006

Acal plc. Accounting policies March 2006 Acal plc Accounting policies March 2006 Basis of preparation The consolidated financial statements of Acal plc and all its subsidiaries have been prepared in accordance with International Financial Reporting

More information

Group Accounting Policies For the year ended 30 September 2014

Group Accounting Policies For the year ended 30 September 2014 91 Group Accounting Policies The consolidated financial statements have been prepared in accordance with IFRS as endorsed by the EU and in accordance with the Companies Act 2006, as applicable to companies

More information

Sri Lanka Accounting Standard-LKAS 28. Investments in Associates

Sri Lanka Accounting Standard-LKAS 28. Investments in Associates Sri Lanka Accounting Standard-LKAS 28 Investments in Associates -690- Sri Lanka Accounting Standard-LKAS28 Investments in Associates Sri Lanka Accounting Standard LKAS 28 Investments in Associates is set

More information

International Accounting Standard 21 The Effects of Changes in Foreign Exchange Rates

International Accounting Standard 21 The Effects of Changes in Foreign Exchange Rates International Accounting Standard 21 The Effects of Changes in Foreign Exchange Rates Objective 1 An entity may carry on foreign activities in two ways. It may have transactions in foreign currencies or

More information

Adviser alert Deferred tax a Chief Financial Officer s guide to avoiding the pitfalls (revised guide)

Adviser alert Deferred tax a Chief Financial Officer s guide to avoiding the pitfalls (revised guide) Adviser alert Deferred tax a Chief Financial Officer s guide to avoiding the pitfalls (revised guide) February 2013 Overview The Grant Thornton International IFRS team has published a revised version of

More information

NEPAL ACCOUNTING STANDARDS ON INVESTMENT IN ASSOCIATES

NEPAL ACCOUNTING STANDARDS ON INVESTMENT IN ASSOCIATES NAS 25 NEPAL ACCOUNTING STANDARDS ON INVESTMENT IN ASSOCIATES CONTENTS Paragraphs SCOPE 1-2 DEFINITIONS 3-13 Significant influence 7-11 Equity method 12-13 APPLICATION OF THE EQUITY METHOD 14-33 Impairment

More information

International Financial Reporting Standard 5 Non-current Assets Held for Sale and Discontinued Operations

International Financial Reporting Standard 5 Non-current Assets Held for Sale and Discontinued Operations EC staff consolidated version as of 21/06/2012, FOR INFORMATION PURPOSES ONLY EN IFRS 5 International Financial Reporting Standard 5 Non-current Assets Held for Sale and Discontinued Operations Objective

More information

Sri Lanka Accounting Standard LKAS 28. Investments in Associates

Sri Lanka Accounting Standard LKAS 28. Investments in Associates Sri Lanka Accounting Standard LKAS 28 Investments in Associates CONTENTS SRI LANKA ACCOUNTING STANDARD LKAS 28 INVESTMENTS IN ASSOCIATES paragraphs SCOPE 1 DEFINITIONS 2 12 Significant influence 6 10 Equity

More information

LSP Advisory B.V. Report on the first half of 2015

LSP Advisory B.V. Report on the first half of 2015 LSP Advisory B.V. Report on the first half of 2015 LSP Advisory B.V. Financial statements for the period January until June 2015 Table of contents Financial report Directors report 2 Balance sheet as at

More information

The Effects of Changes in Foreign Exchange Rates

The Effects of Changes in Foreign Exchange Rates Indian Accounting Standard (Ind AS) 21 The Effects of Changes in Foreign Exchange Rates (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority.

More information

different periods sometimes referred to as an accounting mismatch

different periods sometimes referred to as an accounting mismatch Matching the change in FV of the hedging instrument and the hedged item in profit or loss for the same period Hedge accounting is only an issue when normal accounting would put the two fair value changes

More information

Mitchells & Butlers plc Accounting policies under IFRS

Mitchells & Butlers plc Accounting policies under IFRS Mitchells & Butlers plc Accounting policies under IFRS 7 December 2005 Background With effect from 2 October 2005, Mitchells & Butlers plc ( the Group ) is required to prepare its consolidated financial

More information

International Financial Reporting Standard 3 Business Combinations

International Financial Reporting Standard 3 Business Combinations International Financial Reporting Standard 3 Business Combinations Objective 1 The objective of this IFRS is to improve the relevance, reliability and comparability of the information that a reporting

More information

Paper P2 (IRL) Corporate Reporting (Irish) Tuesday 14 June 2011. Professional Level Essentials Module

Paper P2 (IRL) Corporate Reporting (Irish) Tuesday 14 June 2011. Professional Level Essentials Module Professional Level Essentials Module Corporate Reporting (Irish) Tuesday 14 June 2011 Time allowed Reading and planning: Writing: 15 minutes 3 hours This paper is divided into two sections: Section A This

More information

Financial report 2014. Deutsche Bahn Finance B.V. Amsterdam

Financial report 2014. Deutsche Bahn Finance B.V. Amsterdam Financial report 2014 Deutsche Bahn Finance B.V. Table of contents Annual report of the directors 3 Balance sheet as at 31 December 2014 4 Profit and loss account for the year ended 31 December 2014 6

More information

Roche Capital Market Ltd Financial Statements 2009

Roche Capital Market Ltd Financial Statements 2009 R Roche Capital Market Ltd Financial Statements 2009 1 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes to the Financial Statements. Roche Capital Market Ltd,

More information

Roche Capital Market Ltd Financial Statements 2012

Roche Capital Market Ltd Financial Statements 2012 R Roche Capital Market Ltd Financial Statements 2012 1 Roche Capital Market Ltd - Financial Statements 2012 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes

More information

International Financial Reporting Standard 8 Operating Segments

International Financial Reporting Standard 8 Operating Segments International Financial Reporting Standard 8 Operating Segments Core principle 1 An entity shall disclose information to enable users of its financial statements to evaluate the nature and financial effects

More information

New accounting standards for not-for-profit organizations

New accounting standards for not-for-profit organizations New accounting standards for not-for-profit organizations Special March 2011 Flash To our new readers welcome! To our existing loyal readers welcome back! So far, 2011 has been a very busy year, with lots

More information

The Effects of Changes in Foreign Exchange Rates

The Effects of Changes in Foreign Exchange Rates STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 21 The Effects of Changes in Foreign Exchange Rates SB-FRS 21 The Effects of Changes in Foreign Exchange Rates was operative for Statutory Boards financial

More information

Unaudited financial report for the. sixt-month period ended 30 June 2015. Deutsche Bahn Finance B.V. Amsterdam

Unaudited financial report for the. sixt-month period ended 30 June 2015. Deutsche Bahn Finance B.V. Amsterdam Unaudited financial report for the sixt-month period ended 30 June 2015 Deutsche Bahn Finance B.V. Table of contents Annual report of the directors 3 Balance sheet as at 30 June 2015 4 Profit and loss

More information

NAS 09 NEPAL ACCOUNTING STANDARDS ON INCOME TAXES

NAS 09 NEPAL ACCOUNTING STANDARDS ON INCOME TAXES NAS 09 NEPAL ACCOUNTING STANDARDS ON INCOME TAXES CONTENTS Paragraphs OBJECTIVE SCOPE 1-4 DEFINITIONS 5-11 Tax Base 7-11 RECOGNITION OF CURRENT TAX LIABILITIES AND CURRENT TAX ASSETS 12-14 RECOGNITION

More information

EXPLANATORY NOTES. 1. Summary of accounting policies

EXPLANATORY NOTES. 1. Summary of accounting policies 1. Summary of accounting policies Reporting Entity Taranaki Regional Council is a regional local authority governed by the Local Government Act 2002. The Taranaki Regional Council group (TRC) consists

More information

Interim Abbreviated Consolidated Financial Statements of Fortis Bank Polska SA Capital Group for 3 Quarters of 2009

Interim Abbreviated Consolidated Financial Statements of Fortis Bank Polska SA Capital Group for 3 Quarters of 2009 Interim Abbreviated Consolidated Financial Statements of Fortis Bank Polska SA Capital Group for 3 Quarters of 2009 Table of Contents 1. Financial Highlights 3 2. Consolidated Financial Statements of Fortis

More information

CIMA Managerial Level Paper F2 FINANCIAL MANAGEMENT (REVISION SUMMARIES)

CIMA Managerial Level Paper F2 FINANCIAL MANAGEMENT (REVISION SUMMARIES) CIMA Managerial Level Paper F2 FINANCIAL MANAGEMENT (REVISION SUMMARIES) Chapter Title Page number 1 The regulatory framework 3 2 What is a group 9 3 Group accounts the statement of financial position

More information

Financial Reporting Update

Financial Reporting Update Financial Reporting Update February 2009 Issue 50 KPMG CHINA PROFESSIONAL PRACTICE HK(IFRIC) 17 Distributions of non-cash assets to owners In this issue: Scope 1 Issues and IFRIC s consensus 2 Amendments

More information

Volex Group plc. Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement. 1.

Volex Group plc. Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement. 1. Volex Group plc Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement 1. Introduction The consolidated financial statements of Volex Group plc

More information

HKFRS 3 Business Combinations 1 Nelson Lam

HKFRS 3 Business Combinations 1 Nelson Lam HKFRS 3 Business Combinations 1 Nelson Lam 1. Objective of HKFRS 3 The objective of Hong Kong Financial Reporting Standard (HKFRS) 3 is to specify the financial reporting by an entity when it undertakes

More information

IFRS for SMEs IFRS Swiss GAAP FER

IFRS for SMEs IFRS Swiss GAAP FER IFRS for SMEs IFRS Swiss GAAP FER Similarities and differences 2009 Edition IFRS for SMEs IFRS Swiss GAAP FER Similarities and differences 2009 Edition This PricewaterhouseCoopers publication is for those

More information

Investments in Associates and Joint Ventures

Investments in Associates and Joint Ventures AASB Standard AASB 128 August 2011 Investments in Associates and Joint Ventures Obtaining a Copy of this Accounting Standard This Standard is available on the AASB website: www.aasb.gov.au. Alternatively,

More information

Consolidated financial statements

Consolidated financial statements Rexam Annual Report 83 Consolidated financial statements Consolidated financial statements: Independent auditors report to the members of Rexam PLC 84 Consolidated income statement 87 Consolidated statement

More information

Investments in Associates and Joint Ventures

Investments in Associates and Joint Ventures IFAC Board Exposure Draft 50 October 2013 Comments due: February 28, 2014 Proposed International Public Sector Accounting Standard Investments in Associates and Joint Ventures This Exposure Draft 50, Investments

More information

SSAP 10 STATEMENT OF STANDARD ACCOUNTING PRACTICE 10 ACCOUNTING FOR INVESTMENTS IN ASSOCIATES

SSAP 10 STATEMENT OF STANDARD ACCOUNTING PRACTICE 10 ACCOUNTING FOR INVESTMENTS IN ASSOCIATES SSAP 10 STATEMENT OF STANDARD ACCOUNTING PRACTICE 10 ACCOUNTING FOR INVESTMENTS IN ASSOCIATES (Issued January 1985; Revised July 1991, February 1999 and May 2001) The standards, which have been set in

More information

IFRS Illustrative Consolidated Financial Statements 2014

IFRS Illustrative Consolidated Financial Statements 2014 IFRS Illustrative Consolidated Financial Statements 2014 1 PKF International Limited administers a network of legally independent member firms which carry on separate businesses under the PKF Name. PKF

More information

SIGNIFICANT GROUP ACCOUNTING POLICIES

SIGNIFICANT GROUP ACCOUNTING POLICIES SIGNIFICANT GROUP ACCOUNTING POLICIES Basis of consolidation Subsidiaries Subsidiaries are all entities over which the Group has the sole right to exercise control over the operations and govern the financial

More information

China Airlines, Ltd. Financial Statements for the Years Ended December 31, 2015 and 2014 and Independent Auditors Report

China Airlines, Ltd. Financial Statements for the Years Ended December 31, 2015 and 2014 and Independent Auditors Report China Airlines, Ltd. Financial Statements for the Years Ended, 2015 and 2014 and Independent Auditors Report INDEPENDENT AUDITORS REPORT The Board of Directors and the Stockholders China Airlines, Ltd.

More information

International Accounting Standard 12 Income Taxes. Objective. Scope. Definitions IAS 12

International Accounting Standard 12 Income Taxes. Objective. Scope. Definitions IAS 12 International Accounting Standard 12 Income Taxes Objective The objective of this Standard is to prescribe the accounting treatment for income taxes. The principal issue in accounting for income taxes

More information

ACCOUNTING POLICY 1.1 FINANCIAL REPORTING. Policy Statement. Definitions. Area covered. This Policy is University-wide.

ACCOUNTING POLICY 1.1 FINANCIAL REPORTING. Policy Statement. Definitions. Area covered. This Policy is University-wide. POLICY Area covered ACCOUNTING POLICY This Policy is University-wide Approval date 5 May 2016 Policy Statement Intent Scope Effective date 5 May 2016 Next review date 5 May 2019 To establish decisions,

More information

International Accounting Standard 12 Income Taxes

International Accounting Standard 12 Income Taxes EC staff consolidated version as of 21 June 2012, EN IAS 12 FOR INFORMATION PURPOSES ONLY International Accounting Standard 12 Income Taxes Objective The objective of this Standard is to prescribe the

More information

Business Combinations

Business Combinations Compiled Accounting Standard AASB 3 Business Combinations This compilation was prepared on 6 March 2006 taking into account amendments made up to and including 22 June 2005. Prepared by the staff of the

More information

Similarities and differences

Similarities and differences www.pwc.ch Similarities and differences IFRS for SMEs IFRS SWISS GAAP FER 2010/11 Edition Some practical examples IFRS for SMEs IFRS SWISS GAAP FER Similarities and differences 2010/11 Edition This PwC

More information

MASB Standard 12. Investments in Associates

MASB Standard 12. Investments in Associates LEMBAGA PIAWAIAN PERAKAUNAN MALAYSIA MALAYSIAN ACCOUNTING STANDARDS BOARD MASB Standard 12 Investments in Associates Any correspondence regarding this Standard should be addressed to: The Chairman Malaysian

More information

Statement of accounting policies

Statement of accounting policies 4 6 C & C G R O U P P L C Statement of accounting policies Significant accounting policies C&C Group plc (the Company ) is a company tax resident and incorporated in Ireland. The Group s financial statements

More information

Consolidated financial statements

Consolidated financial statements Summary of significant accounting policies Basis of preparation DSM s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted

More information

Consolidated Financial Statements 2014. Rabobank Group

Consolidated Financial Statements 2014. Rabobank Group Consolidated Financial Statements 2014 Rabobank Group Contents General information 3 Consolidated statement of financial position 4 Consolidated statement of income 6 Consolidated statement of comprehensive

More information

ABN 17 006 852 820 PTY LTD (FORMERLY KNOWN AS AQUAMAX PTY LTD) DIRECTORS REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2015

ABN 17 006 852 820 PTY LTD (FORMERLY KNOWN AS AQUAMAX PTY LTD) DIRECTORS REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2015 DIRECTORS REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2015 In accordance with a resolution of the Directors dated 16 December 2015, the Directors of the Company have pleasure in reporting on the Company for

More information

In addition, Outokumpu has adopted the following amended standards as of January 1, 2009:

In addition, Outokumpu has adopted the following amended standards as of January 1, 2009: 1. Corporate information Outokumpu Oyj is a Finnish public limited liability company organised under the laws of Finland and domiciled in Espoo. The parent company, Outokumpu Oyj, has been listed on the

More information

Indian Accounting Standard (Ind AS) 21 The Effects of Changes in Foreign Exchange Rates

Indian Accounting Standard (Ind AS) 21 The Effects of Changes in Foreign Exchange Rates Indian Accounting Standard (Ind AS) 21 The Effects of Changes in Foreign Exchange Rates Contents Paragraph OBJECTIVE 1-2 SCOPE 3-7 DEFINITIONS 8-16 Elaboration on the definitions 9-16 Functional currency

More information

KOREAN AIR LINES CO., LTD. AND SUBSIDIARIES. Consolidated Financial Statements

KOREAN AIR LINES CO., LTD. AND SUBSIDIARIES. Consolidated Financial Statements Consolidated Financial Statements December 31, 2015 (With Independent Auditors Report Thereon) Contents Page Independent Auditors Report 1 Consolidated Statements of Financial Position 3 Consolidated Statements

More information

Finnvera Plc s transition to International Financial Reporting Standards (IFRS)

Finnvera Plc s transition to International Financial Reporting Standards (IFRS) Finnvera Plc s transition to International Financial Reporting Standards (IFRS) In accordance with a regulation laid down in 2001 by the EU Commission European companies listed in an EU securities market

More information

Summary of Significant Accounting Policies FOR THE FINANCIAL YEAR ENDED 31 MARCH 2014

Summary of Significant Accounting Policies FOR THE FINANCIAL YEAR ENDED 31 MARCH 2014 46 Unless otherwise stated, the following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements. The Company and

More information

Intangible assets other than Goodwill, Business combinations and Goodwill

Intangible assets other than Goodwill, Business combinations and Goodwill Intangible assets other than Goodwill, Business combinations and Goodwill 1.1. Recognition An entity shall apply the recognition criteria stated in Section Concepts and Principles of IFRS for SMEs for

More information

IFRS Viewpoint. What s the issue? Common control business combinations

IFRS Viewpoint. What s the issue? Common control business combinations IFRS Viewpoint Common control business combinations Our IFRS Viewpoint series provides insights from our global IFRS team on applying IFRSs in challenging situations. Each issue will focus on an area where

More information

NOTES TO THE COMPANY FINANCIAL STATEMENTS

NOTES TO THE COMPANY FINANCIAL STATEMENTS FINANCIAL S 78 79 80 81 82 CONSOLIDATED INCOME CONSOLIDATED OF COMPREHENSIVE INCOME CONSOLIDATED OF FINANCIAL POSITION CONSOLIDATED OF CONSOLIDATED OF CHANGES IN EQUITY 83 NOTES TO THE CONSOLIDATED FINANCIAL

More information

International Financial Reporting Standards (IFRS)

International Financial Reporting Standards (IFRS) FACT SHEET June 2010 IFRS 3 Business Combinations (This fact sheet is based on the standard as at 1 January 2010.) Important note: This fact sheet is based on the requirements of the International Financial

More information

PROJECT IND AS IND AS 12 AS 22 Brief outline, changes and comparison. By: Vitesh D. Gandhi

PROJECT IND AS IND AS 12 AS 22 Brief outline, changes and comparison. By: Vitesh D. Gandhi PROJECT IND AS IND AS 12 AS 22 Brief outline, changes and comparison By: Vitesh D. Gandhi Introduction Indian Accounting Standard (Ind AS) 12 income Taxes have been replaced in place of Accounting Standard

More information

Note 2 SIGNIFICANT ACCOUNTING

Note 2 SIGNIFICANT ACCOUNTING Note 2 SIGNIFICANT ACCOUNTING POLICIES BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS The consolidated financial statements have been prepared in accordance with International Financial Reporting

More information

TCS Financial Solutions Australia (Holdings) Pty Limited. ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015

TCS Financial Solutions Australia (Holdings) Pty Limited. ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015 TCS Financial Solutions Australia (Holdings) Pty Limited ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015 Contents Page Directors' report 3 Statement of profit or loss and other

More information

Conti-Gummi Finance B.V. Maastricht, the Netherlands. Semi-annual report for the period 1 January 2014 till 30 June 2014

Conti-Gummi Finance B.V. Maastricht, the Netherlands. Semi-annual report for the period 1 January 2014 till 30 June 2014 Conti-Gummi Finance B.V. Maastricht, the Netherlands Semi-annual report for the period 1 January 2014 till 30 June 2014 ADDRESS: Bassin 100-106 6211 AK Maastricht Chamber of Commerce: File number 33157039

More information

ADVISORY. KPMG Pensions Accounting Survey in the Netherlands. 2014 year-end preview and 2013 year-end retrospective. kpmg.nl

ADVISORY. KPMG Pensions Accounting Survey in the Netherlands. 2014 year-end preview and 2013 year-end retrospective. kpmg.nl KPMG Pensions Accounting Survey in the Netherlands 2014 year-end preview and 2013 year-end retrospective kpmg.nl ADVISORY 2 KPMG Pensions Accounting Survey in the Netherlands Introduction 3 Headlines 4

More information

08FR-003 Business Combinations IFRS 3 revised 11 January 2008. Key points

08FR-003 Business Combinations IFRS 3 revised 11 January 2008. Key points 08FR-003 Business Combinations IFRS 3 revised 11 January 2008 Contents Background Overview Revised IFRS 3 Revised IAS 27 Effective date and transition Key points The IASB has issued revisions to IFRS 3

More information

A&W Food Services of Canada Inc. Consolidated Financial Statements December 30, 2012 and January 1, 2012 (in thousands of dollars)

A&W Food Services of Canada Inc. Consolidated Financial Statements December 30, 2012 and January 1, 2012 (in thousands of dollars) A&W Food Services of Canada Inc. Consolidated Financial Statements December 30, and January 1, (in thousands of dollars) February 12, 2013 Independent Auditor s Report To the Shareholders of A&W Food Services

More information

Accounting Standard AASB 1041 July 2001. Revaluation of Non-Current Assets

Accounting Standard AASB 1041 July 2001. Revaluation of Non-Current Assets Accounting Standard AASB 1041 July 2001 Revaluation of Non-Current Assets Obtaining a Copy of this Accounting Standard Copies of this Standard are available for purchase from the Australian Accounting

More information

IPSAS 4 THE EFFECTS OF CHANGES IN FOREIGN EXCHANGE RATES ACKNOWLEDGMENT

IPSAS 4 THE EFFECTS OF CHANGES IN FOREIGN EXCHANGE RATES ACKNOWLEDGMENT THE EFFECTS OF CHANGES IN FOREIGN EXCHANGE RATES ACKNOWLEDGMENT This International Public Sector Accounting Standard (IPSAS) is drawn primarily from International Accounting Standard (IAS) 21 (revised

More information

Consolidated and Non-Consolidated Financial Statements

Consolidated and Non-Consolidated Financial Statements May 13, 2016 Consolidated and Non-Consolidated Financial Statements (For the Period from April 1, 2015 to March 31, 2016) 1. Summary of Operating Results (Consolidated) (April 1,

More information

IPSAS 2 CASH FLOW STATEMENTS

IPSAS 2 CASH FLOW STATEMENTS IPSAS 2 CASH FLOW STATEMENTS Acknowledgment This International Public Sector Accounting Standard (IPSAS) is drawn primarily from International Accounting Standard (IAS) 7, Cash Flow Statements published

More information

IPSAS 7 INVESTMENTS IN ASSOCIATES

IPSAS 7 INVESTMENTS IN ASSOCIATES IPSAS 7 INVESTMENTS IN ASSOCIATES Acknowledgment This International Public Sector Accounting Standard (IPSAS) is drawn primarily from International Accounting Standard (IAS) 28 (Revised 2003), Investments

More information

16 BUSINESS ACCOUNTING STANDARD CONSOLIDATED FINANCIAL STATEMENTS AND INVESTMENTS IN SUBSIDIARIES I. GENERAL PROVISIONS

16 BUSINESS ACCOUNTING STANDARD CONSOLIDATED FINANCIAL STATEMENTS AND INVESTMENTS IN SUBSIDIARIES I. GENERAL PROVISIONS APPROVED by Resolution No. 10 of 10 December 2003 of the Standards Board of the Public Establishment the Institute of Accounting of the Republic of Lithuania 16 BUSINESS ACCOUNTING STANDARD CONSOLIDATED

More information

GULF PHARMACEUTICAL INDUSTRIES (A PUBLIC SHAREHOLDING COMPANY) RAS AL KHAIMAH - UNITED ARAB EMIRATES

GULF PHARMACEUTICAL INDUSTRIES (A PUBLIC SHAREHOLDING COMPANY) RAS AL KHAIMAH - UNITED ARAB EMIRATES GULF PHARMACEUTICAL INDUSTRIES (A PUBLIC SHAREHOLDING COMPANY) RAS AL KHAIMAH - UNITED ARAB EMIRATES CONSOLIDATED INTERIM FINANCIAL INFORMATION AND REVIEW REPORT FOR THE SIX MONTH PERIOD ENDED JUNE 30,

More information

Statutory Financial Statements

Statutory Financial Statements Statutory Financial Statements for the year ended December 31, 2007 by Kardan NV, Amsterdam, the Netherlands Consolidated IFRS Financial Statements Consolidated IFRS Balance Sheet 54 Consolidated IFRS

More information

Notes on the parent company financial statements

Notes on the parent company financial statements 316 Financial statements Prudential plc Annual Report 2012 Notes on the parent company financial statements 1 Nature of operations Prudential plc (the Company) is a parent holding company. The Company

More information

Indian Accounting Standard (Ind AS) 12. Income Taxes

Indian Accounting Standard (Ind AS) 12. Income Taxes Indian Accounting Standard (Ind AS) 12 Contents Income Taxes Paragraphs Objective Scope 1 4 Definitions 5 11 Tax base 7 11 Recognition of current tax liabilities and current tax assets 12 14 Recognition

More information

Accounting Advisory News

Accounting Advisory News Issue 2 September 2009 ACCOUNTING ADVISORY SERVICES Accounting Advisory News Switzerland ADVISORY IFRS for SMEs A standard for Switzerland? In July 2009, one of the longest and most controversial projects

More information

The Effects of Changes in Foreign Exchange Rates

The Effects of Changes in Foreign Exchange Rates HKAS 21 Revised July 2012May 2014 Hong Kong Accounting Standard 21 The Effects of Changes in Foreign Exchange Rates HKAS 21 COPYRIGHT Copyright 2014 Hong Kong Institute of Certified Public Accountants

More information

Accounting policies Basis of preparation Significant judgements, key assumptions and estimates Revenue recognition Impairment

Accounting policies Basis of preparation Significant judgements, key assumptions and estimates Revenue recognition Impairment Accounting policies Basis of preparation The accounts have been prepared in accordance with the Companies Act 2006 applicable to companies reporting under International Financial Reporting Standards (IFRS)

More information

Roche Capital Market Ltd Financial Statements 2014

Roche Capital Market Ltd Financial Statements 2014 Roche Capital Market Ltd Financial Statements 2014 1 Roche Capital Market Ltd - Financial Statements 2014 Roche Capital Market Ltd, Financial Statements Roche Capital Market Ltd, statement of comprehensive

More information

HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013

HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013 HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013 HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ASSETS

More information

A Guide to for Financial Instruments in the Public Sector

A Guide to for Financial Instruments in the Public Sector November 2011 www.bdo.ca Assurance and accounting A Guide to Accounting for Financial Instruments in the Public Sector In June 2011, the Public Sector Accounting Standards Board released Section PS3450,

More information

IPSAS 7 INVESTMENTS IN ASSOCIATES

IPSAS 7 INVESTMENTS IN ASSOCIATES IPSAS 7 INVESTMENTS IN ASSOCIATES Acknowledgment This International Public Sector Accounting Standard (IPSAS) is drawn primarily from International Accounting Standard (IAS) 28 (Revised 2003), Investments

More information

Cathay Life Insurance Co., Ltd. Financial Statements As of December 31, 2006 and 2007 With Independent Auditors Report

Cathay Life Insurance Co., Ltd. Financial Statements As of December 31, 2006 and 2007 With Independent Auditors Report Financial Statements With Independent Auditors Report The reader is advised that these financial statements have been prepared originally in Chinese. These financial statements do not include additional

More information

IFRS industry insights

IFRS industry insights IFRS Global Office Issue 2, June 2011 IFRS industry insights Joint arrangements in the energy and resources industry The most significant change will likely be the removal of the option to proportionately

More information

1. Parent company accounting policies

1. Parent company accounting policies Financial Statements Notes to the parent company financial statements 1. Parent company accounting policies Basis of preparation The separate financial statements of the Company are presented as required

More information

TRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS

TRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS TRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS The European Union has approved the adoption of the International Financial Reporting Standards (IFRSs) issued by the International Accounting

More information

Summary of certain differences between International Power s and GDF SUEZ s accounting principles

Summary of certain differences between International Power s and GDF SUEZ s accounting principles GDF Suez Energy International Business Areas and the combined entities (together GDF Suez Energy International ) Combined Financial Information reflects the combination of GDF SUEZ Energy North America,

More information

RAP 12 RECOMMENDED ACCOUNTING PRACTICE

RAP 12 RECOMMENDED ACCOUNTING PRACTICE RECOMMENDED ACCOUNTING PRACTICE RAP 12 Merger Accounting for Common Control Combinations for financial statements prepared under Part IX of the Fifth Schedule to the Securities and Futures (Offers of Investments)

More information

Income Taxes STATUTORY BOARD SB-FRS 12 FINANCIAL REPORTING STANDARD

Income Taxes STATUTORY BOARD SB-FRS 12 FINANCIAL REPORTING STANDARD STATUTORY BOARD SB-FRS 12 FINANCIAL REPORTING STANDARD Income Taxes This version of the Statutory Board Financial Reporting Standard does not include amendments that are effective for annual periods beginning

More information

Summary of significant accounting policies

Summary of significant accounting policies 1 (14) Summary of significant accounting policies The principal accounting policies applied in the preparation of Neste's consolidated financial statements are set out below. These policies have been consistently

More information

Shin Kong Investment Trust Co., Ltd. Financial Statements for the Years Ended December 31, 2014 and 2013 and Independent Auditors Report

Shin Kong Investment Trust Co., Ltd. Financial Statements for the Years Ended December 31, 2014 and 2013 and Independent Auditors Report Shin Kong Investment Trust Co., Ltd. Financial Statements for the Years Ended, 2014 and 2013 and Independent Auditors Report INDEPENDENT AUDITORS REPORT The Board of Directors and stockholder Shin Kong

More information

International Accounting Standard 27 Consolidated and Separate Financial Statements

International Accounting Standard 27 Consolidated and Separate Financial Statements International Accounting Standard 27 Consolidated and Separate Financial Statements Scope 1 This Standard shall be applied in the preparation and presentation of consolidated financial statements for a

More information