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FINANCIAL STATEMENTS, MANAGEMENT AND CORPORATE GOVERNANCE REPORT.
2011
b) Standards and interpretations adopted by the European Union but not mandatory
in 2011
The Group has not early adopted any standard, interpretation or amendment issued but not effective.
The Group is assessing the impact that the following non-mandatory standards issued by the IASB and endorsed by the
European Union might have on its accounting policies, financial position, or results:
• Amendment to IFRS 7 - Disclosures About Transfers of Assets: effective for annual periods beginning on or after
1 January 2011.
c) Standards and interpretations issued by the IASB but not approved by the
European Union
At the date of publication of these consolidated financial statements, the following IFRSs and amendments had been
issued by the IASB but were not mandatory and had not been approved by the European Union:
• Amendment to IAS 12 Deferred Tax - Recovery of Underlying Assets: effective for annual periods beginning on or
after 1 January 2012.
• Amendments to IAS 1 Presentation of Comprehensive Income: effective for annual periods beginning on or after
1 January 2012.
• IFRS 9 Financial Instruments and amendments to IFRS 9 and IFRS 7 Mandatory Effective Date and Transition
Disclosures: effective for annual periods beginning on or after 1 January 2015.
• IFRS 10 Consolidated Financial Statements: effective for annual periods beginning on or after 1 January 2013.
• IFRS 11 Joint Arrangements: effective for annual periods beginning on or after 1 January 2013.
• IFRS 12 Disclosures of Interests in Other Entities: effective for annual periods beginning on or after 1 January 2013.
• IFRS 13 Fair Value Measurement: effective for annual periods beginning on or after 1 January 2013.
• Amended IAS 19 Employee Benefits: effective for annual periods beginning on or after 1 January 2013.
• IAS 27 amended Separate Financial Statements: effective for annual periods beginning on or after 1 January 2013.
• IAS 28 (revised) Investments in Associates: effective for annual periods beginning on or after 1 January 2013.
• IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine: effective for annual periods beginning on or
after 1 January 2013.
• Amendments to IAS 32 Offsetting Financial Assets and Financial Liabilities: effective for annual periods beginning
on or after 1 January 2014.
• Amendments to IFRS 7 Disclosures – Offsetting of Financial Assets and Financial Liabilities: effective for annual
periods beginning on or after 1 January 2013.
The Group is currently analysing the impact of the application of these standards, amendments and interpretations.
Based on the analyses made so far, the Group estimates that application of these standards and amendments will not
have a significant impact on the consolidated financial statements in the initial period of application.