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ANNUAL REPORT 2011
36. IFRS STANDARDS ALREADY ISSUED OR
REVIEWED AND FOR FUTURE APPLICATION
a) the impacts of the adoption of standards
and interpretations that became effective on 1
January 2011, are as follows:
Standards:
IAS 32 (amendment),
“Financial instruments:
Presentation – classification of rights issued”
(to apply for the financial years beginning on
or after 1 February 2010). This amendment
refers to expensing of rights issued in a
currency other than the functional currency
of the issuer. If the rights are issued pro rata
to the shareholders by a fixed amount in any
currency, it is a transaction with shareholder
equity to sort. Otherwise, the rights should
be recognised as derivatives liabilities. This
amendment had no impact on the entity’s
financial statements.
IFRS 1 (amendment),
“First-time adoption of
IFRS”. This change allows entities that adopt
IFRS for the first time, to enjoy the same
transitional arrangement of IFRS 7 – “Financial
instruments – Disclosures”, which allows
exemption in the disclosure of comparative to
fair value rating by three levels required by IFRS
7, since the comparative period ends before
31 December 2009. This amendment does
not apply to the entity’s financial statements
already reported on IFRS.
IAS 24 (amendment)
“Related parties”. This
amendmenteliminates thegeneral requirements
for disclosure of related parties to public entities
but it is mandatory for the disclosure of any
significant transactions that have occurred
with public entities or State-related entities.
Additionally the definition of related party has
been changed to eliminate inconsistencies in
the identification and dissemination of related
parties. This amendment had no impact on the
entity’s financial statements.
Annual improvement of standards in 2010,
to be applied mostly to years starting on or
after 1 January 2011. The annual process of
improvement in 2010 affects the standards:
IFRS 1, IFRS 3, IFRS 7, IAS 1, IAS 27, IAS
34 and IFRIC 13. These improvements were
implemented by Ibersol, when applicable, except
for IFRS 1 improvements, has Ibersol financial
statements already reported on IFRS.
Interpretations:
IFRIC14
(amendment)“IAS19-thelimitationtoassets
arisingfromdefinedbenefitplansandtheir interaction
with minimum contributions requirements”. This
amendment clarifies that when the asset is a result
of voluntary prepaymentsmade by futureminimum