Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
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The principal changes relate to:
IFRS 2
Share-based payments - The definition of “vesting conditions” and “market conditions”
were clarified and the concepts of “performance conditions” and “service conditions” were
defined separately.
IFRS 3 Business combinations - The amendments clarify that a contingent consideration classified
as an asset or as a liability must be measured at fair value at each reporting date, whether the
contingent consideration is a financial instrument in application of IAS 39 or a non-financial asset
or liability. The changes in the fair value must be recognised to the profit/(loss) for the period.
IFRS 8 Operating Segments - The amendments require an entity to provide disclosure on the
evaluations made by Management in the application of the operating segment aggregation,
including a description of the aggregated operating segments and of the economic indicators
considered in determining whether these operating segments have “similar economic
characteristics”. The amendments also clarify that the reconciliation between
the total assets of the
operating segments and the total assets of the entity must be presented only if the total assets of
the operating segments are regularly reviewed by the Chief Operating Decision-Maker
(“CODM”).
IFRS 13 Fair Value Measurement - The Basis for Conclusions were modified in order to clarify
that with the issue of IFRS 13 current trade receivables and payables may be recorded without
recording the
effects of discounting, where these effects are not significant.
IAS 16 Property, Plant and Equipment and IAS 38 Intangible assets - The amendments eliminated
inconsistencies concerning the recording of accumulated amortisation and depreciation in the case
in which the restatement criterion is applied. The new requirements clarify that the gross carrying
amount is adjusted consistently with the revaluation of the carrying amount of the asset and that
the depreciation or amortisation provision is equal to the difference between the gross carrying
amount and
the carrying amount, less the impairments recorded.
IAS 24 Related party disclosures - with the amendment to IAS 24, the IASB:
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extended the definition of “related party” to entities providing within the Group key
management services;
Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
65
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clarified that it is sufficient to provide the total amount of the cost recharged for the provision
of management services without breaking down the fees paid or due.
Amendment to IFRS 11 Joint Arrangements
The amendments, published by the IASB in May 2014 and approved by the European Commission in
November 2015, provide clarification on the accounting treatment of the acquisition of investments
under joint control which constitute a business.
Amendments to IAS 16 Property, Plant and Equipment and IAS 38 Intangible assets
The amendments, published by the IASB in May 2014 and approved by the European Commission in
December 2015, clarify that revenue-based methods to calculate depreciation are not appropriate as
revenues generated from an activity which includes the utilisation of an asset generally reflect factors
differing from the consumption of the economic benefits of the asset itself. IASB also clarified that
revenues generally are not considered an adequate basis to measure the consumption of the economic
benefits generated from an intangible asset. However this presumption may not be applicable in
certain limited circumstances.
Improvements to IFRS: 2012-2014 cycle
In September 2014, the IASB published the “Annual Improvements to IFRS’s:
2012-2014 Cycle”,
which includes the amendments to the standards within the annual improvement process.
The principal changes relate to:
IFRS 5 Non-current Assets Held-for-Sale and Discontinued Operations - The amendment
introduces specific guidelines to IFRS 5 in the case in which an entity reclassifies an asset (or a
disposal group) from the held-for-sale category to the held-for-distribution category (or vice
versa), or where the requirements to classify an asset as held-for-distribution are no longer
present;
IAS 19 Employee Benefits - The amendment to IAS 19 clarifies that high quality corporate bonds
utilised to calculate the discount rate of post-employment benefits should be in the same currency
as that utilised for the
payment of the benefits;
IAS 34 Interim Reporting - The amendment clarifies the requirements where the disclosure is
presented in the interim financial report, but outside of the interim financial statements. The
amendment requires that this disclosure is included through a cross-reference from the interim
financial statements to other parts of the interim financial report and that this document is made