ANNUAL REPORT ‘12
NOTES TO THE FINANCIAL STATEMENTS
179
2_ACCOUNTING POLICIES
The main accounting policies applied while preparing these financial results are described below. These policies were
applied consistently to all the years presented herein, unless otherwise indicated.
2.1_BASIS FOR THE PRESENTATION
These financial statements sheets were prepared according to the IFRS adopted by the European Union (“IFRS”),
issued and in force or issued and adopted prior to 31 December 2012.
Thus, they were prepared according to the principle of historic cost basis, except with regard to derivative financial
instruments, the financial assets available for sale, which are recorded according to their fair value in the statement
of financial position and financial assets, which are recorded according to their fair value through profit.
The preparation of the financial statements in accordance with the IFRS requires the use of some important
estimates that affect the amounts of assets and liabilities as well as the amounts of income and costs during the
reported period. These estimates and assumptions are derived from a better knowledge of management with regard
to current events and activities. However, it is not expected that significant adjustments of the values of assets
and liabilities in future years will result from these estimates. The areas that involve a greater degree of judgement
or where the estimates are more significant for the financial statements are described in Note 4.
2.2_IFRS DISCLOSURES – NEW RULES AS OF 31 DECEMBER 2012
2.2.1_Norms and interpretations that came into effect on 1 January 2012
The new norms adopted by the European Union, which came into effect on 1 January 2012 are as follows:
• IFRS 7 (alteration), “Financial instruments: Disclosures – Transfers of financial assets” (applicable to reporting
periods beginning on or after 1 July 2011). This alteration to IFRS 7 refers to the disclosure requirements for
financial assets transferred to third parties but which are not derecognised on the balance sheet due to the
entity maintaining associated obligations or on-going involvement. This amendment will have no impact on the
ANA Group’s financial statements.
2.2.2_New norms and alterations, which despite already having been published, they only go into effect
for annual periods which begin on or after 1 July 2012
Norms
• IAS 1 (alteration), “Presentation of financial statements” (applicable to reporting periods beginning on or after
1 July 2012). This alteration requires Entities to make a separate presentation of items entered on the accounts
as Other comprehensive income, depending on whether or not these may be recycled in the future as income
for the financial period and the corresponding fiscal impact, if the items are shown as pre-tax income. This
