Recently Adopted Accounting Pronouncements
Since January 1, 2012 no new accounting pronouncements which are relevant to the Group have been adopted.
New Accounting Pronouncements
The amendments to IAS 1, “Presentation of Financial Statements”, IAS 19, “Employee Benefits”, IAS 32, “Offsetting Financial Assets and Financial Liabilities”, IFRS 7, “Disclosures – Offsetting Financial Assets and Financial Liabilities”, IFRS 10, “Consolidated Financial Statements”, IFRS 11, “Joint Arrangements”, IFRS 12, “Disclosures of Interests in Other Entities” (including amendments to the transition guidance for IFRS 10-12 issued in June 2012), IFRS 13, “Fair Value Measurement”, IFRS 9 and IFRS 9 R, “Financial Instruments” will be relevant to the Group but were not effective as of June 30, 2012 and therefore have not been applied in preparing these financial statements. IFRS 7, “Disclosures – Transfers of Financial Assets”, which requires annual disclosures for transfers of financial assets, became effective for the Group on January 1, 2012 but will only be applied in the 2012 year-end financial statements. While approved by the IASB, each of the standards – except for IAS 1, “Presentation of Financial Statements”, IAS 19, “Employee Benefits” and IFRS 7, “Disclosures – Transfers of Financial Assets” – have yet to be endorsed by the EU. The Group is currently evaluating the potential impact that the adoption of these new accounting pronouncements will have on its consolidated financial statements. The adoption of the amendments to IAS 1 and IFRS 7, “Disclosures – Transfers of Financial Assets” is not expected to have a material impact on the consolidated financial statements.
Improvements to IFRS 2009-2011 Cycle
In May 2012, the IASB issued amendments to IFRS, which resulted from the IASB’s annual improvement project. They comprise amendments that result in accounting changes for presentation, recognition or measurement purposes as well as terminology or editorial amendments related to a variety of individual IFRS standards. The amendments are effective for annual periods beginning on or after January 1, 2013, with earlier application permitted. While approved by the IASB, the amendments have yet to be endorsed by the EU. The adoption of the amendments will not have a material impact on the Group’s consolidated financial statements.