ANNUAL REPORT ‘12
NOTES TO THE FINANCIAL STATEMENTS
180
amendment will have impact on the Group’s financial statements.
• IAS 12 (alteration), “Income tax: estimated recovery of underlying assets” (applicable in the EU to reporting
periods beginning on or after 1 January 2013). This alteration requires an Entity to measure the deferred taxes
related to assets, depending on whether the Entity expects to recover the net value of the asset through use
or sale, except for investment properties measured according to the fair value model. This alteration incorporates
in IAS 12 the principles included in the SIC 21, which is revoked. This amendment will have impact on the Group’s
financial statements.
• IAS 19 (revised 2011), “Employee benefits” (applicable to reporting periods beginning on or after 1 January
2013). This revision introduces significant differences in the recognition and measurement of expenses related
to defined benefits and termination benefits, as well as the disclosures to be made for all the benefits granted
to employees. Actuarial gains and losses are now recognised immediately and only in “Other comprehensive
income” (use of the corridor method not being allowed). The financial cost of funded plans is calculated on the
net base of the non-funded liability. The termination benefits only qualify as such if there is no obligation for
the employee to render future service. The ANA Group will apply this norm in the reporting period in which it
comes into effect.
• Improvements to the norms 2009-2011 cycle, to be applied principally to reporting periods that begin on or
after 1 January 2013. This alteration is still awaiting adoption by the European Union. The annual improvements
2009-2011 cycle affects the norms: IFRS 1, IAS 1, IAS 16, IAS 32 and IAS 34. These improvements will be
adopted by the Group, when applicable, except for the improvements to IFRS 1, seeing that the financial state-
ments for the Group are already presented in IFRS.
• IFRS 1 (alteration), “First-time adoption of IFRS” (applicable in the EU to reporting periods beginning on or
after 1 January 2013). This alteration is aimed at including a specific exemption for entities who were previously
operating in hyperinflationary economies and adopt IFRS for the first time. The exemption allows an Entity to
measure certain assets and liabilities at fair value and use the fair value as “considered cost” in the statement of
the opening financial position for the IFRS. Another alteration introduced refers to the replacement of the specific
reference dates with "date of transition to IFRS" in the exemptions to the retroactive application of IFRS. This
amendment does not apply to the ANA Group.
• IFRS 1 (alteration), “First-time adoption of IFRS – Government Loans” (applicable to reporting periods
beginning on or after 1 January 2013). This alteration is still awaiting adoption by the European Union. This
alteration is designed to clarify how entities that adopt IFRS for the first time should enter on their accounts a
government loan with an interest rate lower than the market rate. It also introduces an exemption to the retroac-
tive application similar to that which was given to entities who were already reporting in IFRS in 2009. This
amendment does not apply to the ANA Group.
• IFRS 10 (new), “Consolidated financial statements” (applicable in the EU to reporting periods beginning on or
after 1 January 2014). IFRS 10 replaces all the principles associated with the control and consolidation of
accounts included in IAS 27 and SIC 12, altering the definition of control and the criteria applied for determining
control. The basic principle that the consolidated accounts present the parent company and its subsidiaries as
a single entity remains unchanged. The Group will apply this norm in the reporting period in which it comes into
effect.
