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CONSOLIDATED FINANCIAL STATEMENTS AND CONSOLIDATED MANAGEMENT REPORT 2015
although this standard still has not been adopted in the European Union.The Group plans to adopt the new standards
at the required date of application using the total retrospective method. In 2015, the Group performed a preliminary
evaluation of IFRS 15, which is subject to changes arising from a more detailed analysis underway. The Group is also
considering the clarifications issued by the IASB in July 2015 draft regulations, and will supervise any other developments.
The Group’s business is chiefly based on advertising sales in its own media (which is the most significant portion) as
well as others; there is also another type of income which in general terms is very closely related to the Group’s TV
activity, which is its sole line of business encompassing the sale and distribution of film production rights, online games
and contests, the distribution of agency services, or the operation of merchandising rights.
Advertising revenues from its own media is the main component of total income, and a preliminary estimate reveals
that the new legislation should not significantly affect the recognition and accounting methods. These are specific and
unique services in which commercial obligations are clearly defined and identified, the consideration of which is linked
to meeting certain commercial targets which are revealed when they are accounted for, and are entirely linked to
performance requirements agreed upon with the client, granting it the right to be paid for services rendered.
Regarding the remaining services comprising the Group’s base income, and pending a more detailed analysis to be
performed during the course of the year, at this time the impact of the new regulations on the current accounting
treatment is not considered material.
Amendments to IFRS 11 - Acquisition of an interest in a joint operation
The amendments to IFRS 11 require that a joint operator recognize the acquisition of an investment in a joint operation
constituting a business by applying the relevant principles for business combinations in IFRS 3. These amendments
likewise clarify that investments originally held in the joint operation are not remeasured during the acquisition of
additional shares while joint control is maintained. An exception was also added to the scope of these amendments so
that they are not applicable when the parties sharing joint control are under the common control of a parent.
The amendments are applicable to the initial acquisitions of shares in joint operations, as well as the acquisition of any
additional shares in the same joint operation. They must be applied prospectively for the years commencing January
1, 2016 or after, although their early application is permitted. The Group does not expect relevant effects from these
amendments.
Amendments to IAS 16 and IAS 38 Clarification of acceptable methods of depreciation
and amortization
These amendments clarify that income is reflected as a pattern of economic benefits arising from operating a business
(comprising part of its assets), rather than economic profit consumed by using the asset.Therefore, it is not possible to
depreciate PP&E items using the depreciation method based on income, and may only be used in certain limited situations
to depreciate the intangible assets.These amendments are prospectively applicable for the periods commencing January
1, 2016 or after, although their early application is permitted.These amendments will not have an impact on the Group’s
consolidated financial statements.
Amendment to IAS 27 - Equity method in separate financial statements
These amendments permit entities to use the equity method in the accounting treatment of its subsidiaries, joint
ventures, and associates on their separate financial statements. Entities having applied the IFRS and decide to switch
to the equity method must apply this change retroactively. First-time IFRS adopters applying the equity method to
their separate financial statements must do so from the date of the transition. These modifications must be applied
retroactively for the years commencing January 1, 2016 or after, although their early application is permitted. These
amendments will not have an impact on the Group’s consolidated financial statements.