ANNUAL REPORT ‘12
NOTES TO THE FINANCIAL STATEMENTS
181
• IFRS 11 (new), “Joint arrangements” (applicable in the EU to reporting periods beginning on or after 1 January
2014). IFRS 11 is centred on the rights and obligations associated to joint arrangements rather than on the
legal form. Joint arrangements may be Joint Operations (rights over assets and obligations) or Joint Ventures
(rights over the net assets by application of the equity method). Proportional consolidation is no longer allowed
in the measurement of jointly controlled Entities. The Group will apply this new norm in the reporting period in
which it comes into effect.
• IFRS 12 (new), “Disclosure of interests in other entities” (applicable in the EU to reporting periods beginning
on or after 1 January 2014). This norm establishes the disclosure requirements for all types of interests in other
entities, including joint ventures, associates and special purpose entities, in order to assess the nature, risk and
financial impacts associated to the Entity’s interest. The Group will apply this new norm in the reporting period
in which it comes into effect.
• Alteration to IFRS 10, IFRS 11 and IFRS 12, ”Transition regime” (applicable to reporting periods beginning
on or after 1 January 2013). This alteration is still awaiting adoption by the European Union. This alteration
clarifies that, when the application of IFRS 10 results in the accounting of a financial investment in a manner
different from that used previously in accordance with IAS 27/SIC 12, the comparison figures must be reex-
pressed, but only for the previous comparison period. The differences at the date of the start of the comparison
period are recognised in equity. Specific disclosures are required by IFRS 12. The Group will apply this alteration
in the reporting period in which it comes into effect.
• Alteration to IFRS 10, IFRS 12 and IAS 27, “Financial holding entities” (applicable to reporting periods
beginning on or after 1 January 2014). This alteration is still awaiting adoption by the European Union. This
alteration includes the definition of financial holding entities and introduces the regime of exception to the
obligation of consolidation for financial holding entities that qualify as such, since all investments are measured
at fair value. Specific disclosures are required by IFRS 12. The ANA Group will apply this alteration in the
reporting period in which it comes into effect.
• IFRS 13 (new), “Fair value: measurement and disclosure” (applicable to reporting periods beginning on or after
1 January 2013). IFRS 13 aims to improve consistency, by establishing a definition of fair value and constituting
a single basis for the requirements of measurement and disclosure of fair value to be applied across all the IFRSs.
The ANA Group will apply this alteration in the reporting period in which it comes into effect.
• IAS 27 (revised 2011), “Separate financial statements” (applicable in the EU to reporting periods beginning
on or after 1 January 2014). IAS 27 was revised after IFRS 10 was issued and contains the accounting and
disclosure requirements for investments in subsidiaries, joint ventures and associates when an Entity prepares
separate financial statements. The Group will apply this norm in the reporting period in which it comes into
effect.
• IAS 28 (revised 2011), ”Investments in associates and joint enterprises” (applicable in the EU to reporting
periods beginning on or after 1 January 2014). IAS 28 was revised after IFRS 11 was issued to include within
its scope the accounting methods used for investments in associates and joint ventures, establishing the
requirements for the application of the equity method. This norm does not apply to the Group, as there are no
holdings in associates or joint ventures.
