Page 125 - MEDIASET ESPAÑA / 2012. Financial Statements, Management and Corporate Governance Report

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FINANCIAL STATEMENTS AND MANAGEMENT. ANNUAL CORPORATE GOVERNANCE REPORT. BALANCE SHEETS 2012
2.2. Changes in accounting policies
a) Standards and interpretations approved by the European Union applicable in 2012
The accounting principles applied in the preparation of the consolidated financial statements for the year ended
December 31, 2012 are the same as those applied to the 2011 consolidated financial statements, except for the
following standards and interpretations, applicable for annual periods beginning on or after January 1, 2012:
• Amendment to IFRS 7 “Disclosures – Transfers of financial assets:” Effective from years beginning July 1, 2011. As the
Group does not have any financial assets, there was no impact on these consolidated financial statements.
b) Standards and interpretations issued by the IASB and approved by the European Union
but not mandatory in 2012
At the date of publication of these consolidated financial statements, the following IFRSs and amendments had been
issued by the IASB and approved by the European Union, but were not mandatory:
• Amendment to IAS 1 “Presentation of Items of Other Comprehensive Income”: Effective from years beginning July
1, 2012.
• IAS 19 (revised) – “Employee Benefits”: Effective from years beginning January 1, 2013.
• IFRS 10 “Consolidated Financial Statements”: Effective from years beginning January 1, 2014.
• IFRS 11 “Joint Agreements”: Effective from years beginning January 1, 2014.
• IFRS 12 “Disclosure of Interests in Other Entities”: Effective from years beginning January 1, 2014.
• IFRS 13 “Fair Value Measurement”: Effective from years beginning January 1, 2013.
• Amendment to IAS 28:“Investments in Associates and Joint Ventures”: Effective from years beginning January 1, 2014.
• IFRIC 20 “Stripping Costs in the Production Phase of a Surface Mine”: Effective from years beginning January 1, 2013.
• Amendment to IAS 32 “Offsetting Financial Assets and Financial Liabilities”: Effective from years beginning January 1,
2014.
• Amendment to IFRS 7: “Disclosures - Transfers of Financial Assets”: Effective from years beginning January 1, 2013.
• Amendment to IAS 12: “Deferred taxes – Recovery of underlying assets”: Effective from years beginning January 1,
2013.
The Group intends to adopt the applicable interpretations and amendments when they come into effect. Although it is
not possible to determine whether their initial application will or will not have a significant impact on these consolidated
financial statements, the Group is currently analyzing their potential impact.
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: