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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available to readers of the financial statements in the same manner and according to the same
timelines as the
interim financial statements;
IFRS 7 - Financial Instruments: Disclosure - The document introduces further guidelines to
clarify if a servicing contract constitutes a residual involvement in an asset transferred for the
purposes of the disclosure required in relation to transferred assets.
The amendments to IAS 1, published in December 2014 and approved by the European Commission
in December 2015, are applied from periods beginning January 1, 2016 or subsequently.
The principal changes relate to:
-
significance and aggregation of information:
-
aggregation/deaggregation of accounts;
-
other items of the statement of comprehensive income;
-
order of the explanatory notes;
-
partial results in the financial statements.
Amendment to IAS 27 Separate Financial Statements
The amendments to IAS 27, published in August 2014 and approved by the European Commission in
December 2015, allow entities to use the equity method to measure investments in subsidiaries, joint
ventures and associates in the separate financial statements.
Amendments to IFRS 10, IFRS 12 and IAS 28
The amendments, published in December 2014 and approved by the European Commission in
September 2016, are applied retrospectively from periods beginning January 1, 2016 or subsequently.
The principal changes relate to:
-
IFRS 10 Consolidated Financial Statements – The amendments to IFRS 10 clarify that the
exemption from the presentation of consolidated financial statements applies to a parent in
turn controlled by an investment company, when the investment entity measures all its
subsidiaries at fair value.
-
IAS 28 Investments in Associates – The amendment to IAS 28 permits
a company which is not
an investment entity and that has an investment in an investment entity valued at equity, to
maintain the fair value applied by the investment company for its interest in subsidiaries.
Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
67
-
IFRS 12 Disclosure on investments in other entities – the amendment to IFRS 12 clarifies that
this standard is not applicable to investment entities who prepare their financial statements
measuring all subsidiaries at fair value through the income statement.
Accounting standards, amendments and interpretations approved by the EU and applicable
from January 1, 2016
IFRS 15 Revenue from Contracts with Customers
The standard, issued by the IASB in May 2014, amended in April 2016 and
approved by the European
Commission in September 2016, introduces a framework which establishes whether, when and to
what extent revenue will be recognised. IFRS 15 is applied from periods beginning January 1, 2018 or
consequently (date modified through amendment of September 2015, postponing the application date
by one year from January 1, 2017) and permits advanced application. On first application, IFRS 15
must be applied retroactively. A number of simplifications are however permitted (“practical
expedients”), in addition to an alternative approach (“cumulative effect approach”) which avoids the
restatement of periods presented for comparative disclosure; in this latter case, the effects from the
application of the new standard must be recognised to the initial equity of the period of first
application of IFRS 15. With the amendment of April 2016, the IASB clarified a number of
provisions and at the same time additional simplifications, in order to reduce costs and the complexity
for those applying the new standard for the first time.
The F.I.L.A. Group is assessing the potential effects from application of IFRS 15 on the consolidated
financial statements.
IFRS 9 – Financial instruments
The standard, issued by the IASB in July 2014 approved by the European Commission in November
2016, replaces IAS 39 – Financial Instruments: Recognition and Measurement. IFRS 9 introduces
new provisions for the classification and measurement of financial instruments, including a new
model for expected losses from impairments on financial assets, and new general provisions for
hedging operations. In addition, the standard includes provisions for the recognition and accounting
elimination of financial instruments in line with the current IAS 39. The new standard is applicable
from January 1, 2018 and advance adoption is permitted. IFRS 9 indicates as a general rule that
application should take
place prospectively, although a number of exceptions are permitted.
The F.I.L.A. Group is assessing the potential effects from application of IFRS 15 on the consolidated
financial statements.