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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)
(continued)
2.3 New and revised IFRSs in issue but not yet effective
The Group has not applied the following new and revised IFRSs that have been issued but are not yet effective:
IFRS 9
Financial Instruments
5
Amendments to IAS 19
Defined Benefit Plans: Employee Contributions
1
Annual Improvements to
IFRS 2, IFRS 3, IFRS 8, IFRS 13, IAS 16 and IAS 38, IAS 24
1
2010-2012 Cycle
Annual Improvements to
IFRS 1, IFRS 3, IFRS 13, IAS 40
1
2011-2013 Cycle
IFRS 14
Regulatory Deferral Accounts
2
Amendments to IFRS 11
Accounting for Acquisition of Interests in Joint operations
2
Amendments to IAS 16 and IAS 38
Clarification of Acceptable Methods of Depreciation and Amortisation
2
Amendments to IAS 16 and IAS 41
Agriculture: Bearer Plants
2
IFRS 15
Revenue from Contracts with Customers
4
Amendments to IAS 27
Equity Method in Separate Financial Statements
2
Amendments to IAS 10 and IAS 28
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
2
Annual Improvements to
IFRS 5, IFRS 7, IAS 9, IAS 34
3
2012-2014 Cycle
Amendments to IAS 1
Disclosure Initiative
2
Amendments to IFRS 10, IFRS 12 and IAS 28
Investment Entities: Applying the Consolidation Exception
2
1
Effective for annual periods beginning on or after 1 July 2014.
2
Effective for annual periods beginning on or after 1 January 2016.
3
Effective for annual periods beginning on or after 1 July 2016.
4
Effective for annual periods beginning on or after 1 January 2017.
5
Effective for annual periods beginning on or after 1 January 2018.
IFRS 9 Financial Instruments
IFRS 9, issued in November 2009, introduces new requirements for the classification and measurement of financial assets. IFRS 9 was amended in October 2010 to include requirements
for the classification and measurement of financial liabilities and for derecognition, and in November 2013 to include the new requirements for general hedge accounting. Another
revised version of IFRS 9 was issued in July 2014 mainly to include a) impairment requirements for financial assets and b) limited amendments to the classification and measurement
requirements by introducing a “fair value through other comprehensive income (FVTOCI) measurement category for certain simple debt instruments.
Amendments to IAS 19
Defined Benefit Plans: Employee Contributions
This amendment clarifies the requirements that relate to how contributions from employees or third parties that are linked to service should be attributed to periods of service. In addition,
it permits a practical expedient if the amount of the contributions is independent of the number of years of service, in that contributions, can, but are not required, to be recognised as
a reduction in the service cost in the period in which the related service is rendered.