81
80
Annual Financial Statements
reporting by entities that are engaged in
rate-regulated activities. Many countries
have industry sectors that are subject to
rate regulation, whereby governments
regulate the supply and pricing of particu-
lar types of activity by private entities. The
Group will examine the impact of the above
on its Financial Statements, though it is not
expected to have any. The above have not
been adopted by the European Union.
IFRS 15 “Revenue from Contracts
with Customers” (effective for annual
periods starting on or after 01/01/2017)
In May 2014, the IASB issued a new stand-
ard, IFRS 15. The Standard fully converges
with the requirements for the recognition of
revenue in both IFRS and US GAAP. The
new standard will supersede IAS 11 “Con-
struction Contracts”, IAS 18 “Revenue” and
several revenue related interpretations. The
Group will examine the impact of the above
on its Financial Statements, though it is not
expected to have any . The above have not
been adopted by the European Union.
Annual Improvements cycle 2010-2012
(effective for annual periods starting
on or after 01/07/2014)
In December 2013, the IASB issued Annual
Improvements to IFRSs 2010-2012 Cycle,
a collection of amendments to IFRSs, in re-
sponse to eight issues addressed during
the 2010-2012 cycle. The amendments
are effective for annual periods beginning
on or after 1 July 2014, although entities
are permitted to apply them earlier. The is-
sues included in this cycle are the follow-
ing: IFRS 2: Definition of ‘vesting condition’,
IFRS 3: Accounting for contingent consid-
eration in a business combination, IFRS 8:
Aggregation of operating segments, IFRS
8: Reconciliation of the total of the reporta-
ble segments’ assets to the entity’s assets,
IFRS 13: Short-term receivables and paya-
bles, IAS 7: Interest paid that is capitalised,
IAS 16/IAS 38: Revaluation method—pro-
portionate restatement of accumulated
depreciation and IAS 24: Key management
personnel. The Group will examine the
impact of the above on its consolidated/
separate Financial Statements. The above
have been adopted by the European Union
at December 2014.
Annual Improvements cycle 2011-2013
(effective for annual periods starting
on or after 01/07/2014)
In December 2013, the IASB issued Annual Improvements to
IFRSs 2011-2013 Cycle, a collection of amendments to IFRSs,
in response to four issues addressed during the 2011-2013 cy-
cle. The amendments are effective for annual periods beginning
on or after 1 July 2014, although entities are permitted to apply
them earlier. The issues included in this cycle are the following:
IFRS 1: Meaning of effective IFRSs, IFRS 3: Scope exceptions
for joint ventures; IFRS 13: Scope of paragraph 52 (portfolio
exception); and IAS 40: Clarifying the interrelationship of IFRS 3
Business Combinations and IAS 40 Investment Property when
classifying property as investment property or owner-occupied
property. The Group will examine the impact of the above on
its Financial Statements, though it is not expected to have any.
The above have been adopted by the European Union at De-
cember 2014.
Annual Improvements cycle 2012-2014 (effective for
annual periods starting on or after 01/01/2016)
In September 2014, the IASB issued Annual Improvements to
IFRSs 2012-2012 Cycle, a collection of amendments to IFRSs,
in response to four issues addressed during the 2012-2014 cy-
cle. The amendments are effective for annual periods begin-
ning on or after 1 January 2016, although entities are permitted
to apply them earlier. The issues included in this cycle are the
following: IFRS 5: Changes in methods of disposal, IFRS 7: Ser-
vicing Contracts and Applicability of the amendments to IFRS
7 to Condensed Interim Financial Statements, IAS 19: Discount
rate: regional market, and IAS 34: Disclosure of information
elsewhere in the interim financial report. The Group will examine
the impact of the above on its Financial Statements, though it is
not expected to have any. The above have not been adopted by
the European Union.
Defined Benefit Plans: Employee Contributions
(Amendments to IAS 19) (effective for annual periods
starting on or after 01/07/2014)
In November 2013, the IASB published narrow scope amend-
ments to IAS 19 “Employee Benefits” entitled Defined Benefit
Plans: Employee Contributions (Amendments to IAS 19). The
narrow scope amendments apply to contributions from employ-
ees or third parties to defined benefit plans. The objective of the
amendments is to simplify the accounting for contributions that
are independent of the number of years of employee service,
for example, employee contributions that are calculated ac-
cording to a fixed percentage of salary. The Group will examine
the impact of the above on its Financial Statements, though it
is not expected to have any .The above have been adopted by
the European Union.
Amendment to IAS 27: “Equity Method in Separate
Financial Statements» (effective for annual periods
starting on or after 01/01/2016)
In August 2014, the IASB published narrow scope amendments
to IAS 27 “Equity Method in Separate Financial Statements “.
Under the amendments, entities are permitted to use the equity
method to account for investments in subsidiaries, joint ven-
tures and associates in their separate Financial Statements – an
option that was not effective prior to the issuance of the current
amendments. The Group will examine the
impact of the above on its Financial State-
ments, though it is not expected to have
any . The above have not been adopted by
the European Union.
Amendments to IFRS 10 and IAS
28: “Sale or Contribution of Assets
between an Investor and its Associate
or Joint Venture” (effective for annual
periods starting on or after 01/01/2016)
In September 2014, the IASB published
narrow scope amendments to IFRS 10
and IAS 28 “Sale or Contribution of As-
sets between an Investor and its Associ-
ate or Joint Venture”. The amendments
will be applied by entities prospectively in
respect of sales or contribution of assets
performed in the annual periods starting
on or after 01/01/2016. Earlier application
is permitted, given that this fact is relatively
disclosed in the financial Statements. The
Group will examine the impact of the above
on its Financial Statements, though it is not
expected to have any. The above have not
been adopted by the European Union.
Amendments to IAS 16 and IAS 38:
Clarification of Acceptable Methods
of Depreciation and Amortisation
(effective for annual periods starting
on or after 01/01/2016)
In May 2014, the IASB published amend-
ments to IAS 16 and IAS 38. IAS 16 and
IAS 38 both establish the principle for the
basis of depreciation and amortisation as
being the expected pattern of consump-
tion of the future economic benefits of an
asset. The IASB has clarified that the use
of revenue-based methods to calculate the
depreciation of an asset is not appropriate
because revenue generated by an activity
that includes the use of an asset generally
reflects factors other than the consumption
of the economic benefits embodied in the
asset. The Group will examine the impact
of the above on its Financial Statements,
though it is not expected to have any. The
above have not been adopted by the Euro-
pean Union.
Amendments to IFRS 11: Accounting
for Acquisitions of Interests in Joint
Operations (effective for annual
periods starting on or after 01/01/2016)
In May 2014, the IASB issued amendments
to IFRS 11. The amendments add new
guidance on how to account for the
acquisition of an interest in a joint operation
that constitutes a business and specify the
Amendment to IAS 36 “Impairment of Assets” - Recoverable
Amount Disclosures for Non-Financial Assets (effective for
annual periods starting on or after 01/01/2014)
In May 2013, IASB issued amendments to IAS 36 “Impairment of As-
sets”. These narrow-scope amendments address the disclosure of
information about the recoverable amount of impaired assets if that
amount is based on fair value less costs of disposal. The amendment
does not affect the consolidated/ separate Financial Statements.
Amendments to IAS 39 “Financial Instruments: Recognition
and Measurement” - Novation of Derivatives and Continuation
of Hedge Accounting (effective for annual periods starting on
or after 01/01/2014)
In June 2013, IASB issued narrow-scope amendments to IAS 39 “Fi-
nancial Instruments: Recognition and Measurement”. The purpose of
the amendments is to introduce a limited scope exception in respect
to the suspension of accounting setting off, as per IAS 39. In par-
ticular, it allows hedge accounting to continue in a situation where a
derivative, which has been designated as a hedging instrument, is
novated to effect clearing with a central counterparty as a result of
laws or regulation, if specific conditions are met. Similar relief will be
included in IFRS 9 “Financial Instruments”. The amendments do not
affect the consolidated/ separate Financial Statements.
IFRIC 21 “Levies” (effective for annual periods starting on or
after 01/01/2014)
In May 2013, the IASB issued IFRIC 21. IFRIC 21 provides guidance
on when a company recognizes a liability for a levy imposed by the
state in its Financial Statements. IFRIC 21 is an interpretation of IAS 37
“Provisions, Contingent Liabilities and Contingent Assets”. IAS 37 sets
out criteria for the recognition of a liability, one of which is the present
obligation resulting from a past event, known as an obligating event.
This interpretation indicates that the obligating event is the activity that
triggers the payment of the levy in accordance with the relevant leg-
islation. The amendments do not affect the consolidated/ separate
Financial Statements.
New Standards and Interpretations that have not been applied
yet or have not been adopted by the European Union
Τhe following new Standards, Revised Standards as well as the fol-
lowing Interpretations to the existing Standards have been publicized
but have not taken effect yet or have not been adopted by the Euro-
pean Union. In particular:
IFRS 9 “Financial Instruments” (effective for annual periods
starting on or after 01/01/2018)
In July 2014, the IAB issued the final version of IFRS 9. This version
brings together the classification and measurement, impairment and
hedge accounting models and presents a new expected loss impair-
ment model and limited amendments to classification and measure-
ment for financial assets. The Group will examine the impact of the
above on its Financial Statements, though it is not expected to have
any. The above have not been adopted by the European Union.
IFRS 14 “Regulatory Deferral Accounts” (effective for annual
periods starting on or after 01/01/2016)
In January 2014, the IASB issued a new standard, IFRS 14. The aim
of this interim Standard is to enhance the comparability of financial
