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BORUSAN HOLDING A.Ş. AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014
(Currency - US Dollars (“USD”) unless otherwise indicated)
2. APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRSs)
2.1 Amendments to IFRSs affecting amounts reported and/or disclosures in the financial statements
None.
2.2 New and Revised IFRSs applied with no material effect on the consolidated financial statements
Amendments to IFRS 10, 11, IAS 27 Investment Entities
1
Amendments to IAS 32
Offsetting Financial Assets and Financial Liabilities
1
Amendments to IAS 36
Recoverable Amount Disclosures for Non-Financial Assets
1
Amendments to IAS 39
Novation of Derivatives and Continuation of Hedge Accounting
1
IFRIC 21
Levies
1
1
Effective for annual periods beginning on or after 1 January 2014.
Amendments to IFRS 10, 11, IAS 27 Investment Entities
This amendment with the additional provisions of IFRS 10 provide 'investment entities' (as defined) an exemption from the consolidation of particular subsidiaries and instead require
that an investment entity measure the investment in each eligible subsidiary at fair value through profit or loss.
Amendments to IAS 32 Offsetting Financial Assets and Financial Liabilities
The amendments to IAS 32 clarify existing application issues relating to the offset of financial assets and financial liabilities requirements. Specifically, the amendments clarify the
meaning of ‘currently has a legally enforceable right of set-off’ and ‘simultaneous realization and settlement’.
Amendments to IAS 36 Recoverable Amount Disclosures for Non-Financial Assets
As a consequence of IFRS 13 Fair Value Measurements, there are amendments in the explanations about the measurement of the recoverable amount of an impaired asset. This
amendment is limited to non-financial assets and paragraphs 130 and 134 of IAS 36 has been changed.
Amendments to IAS 39 Novation of Derivatives and Continuation of Hedge Accounting
This amendment to IAS 39 makes it clear that there is no need to discontinue hedge accounting if a hedging derivative is novated, provided certain criteria are met.
IFRIC 21 Levies
IFRIC 21 identifies the obligating event for the recognition of a liability as the activity that triggers the payment of the levy in accordance with the relevant legislation.