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2. APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRSs)
(continued)
2.3 New and revised IFRSs in issue but not yet effective
(continued)
Annual Improvements to 2010-2012 Cycle
IFRS 2:
Amends the definitions of 'vesting condition' and 'market condition' and adds definitions for 'performance condition' and 'service condition'
IFRS 3:
Require contingent consideration that is classified as an asset or a liability to be measured at fair value at each reporting date.
IFRS 8:
Requires disclosure of the judgements made by management in applying the aggregation criteria to operating segments, clarify reconciliations of segment assets only
required if segment assets are reported regularly.
IFRS 13:
Clarify that issuing IFRS 13 and amending IFRS 9 and IAS 39 did not remove the ability to measure certain short-term receivables and payables on an undiscounted basis
(amends basis for conclusions only).
IAS 16 and IAS 38:
Clarify that the gross amount of property, plant and equipment is adjusted in a manner consistent with a revaluation of the carrying amount.
IAS 24:
Clarify how payments to entities providing management services are to be disclosed.
Annual Improvements to 2011-2013 Cycle
IFRS 1:
Clarify which versions of IFRSs can be used on initial adoption (amends basis for conclusions only).
IFRS 3:
Clarify that IFRS 3 excludes from its scope the accounting for the formation of a joint arrangement in the financial statements of the joint arrangement itself.
IFRS 13:
Clarify the scope of the portfolio exception in paragraph 52.
IAS 40:
Clarifying the interrelationship of IFRS 3 and IAS 40 when classifying property as investment property or owner-occupied property.
IFRS 14
Regulatory Deferral Accounts
IFRS 14 Regulatory Deferral Accounts permits an entity which is a first-time adopter of International Financial Reporting Standards to continue to account, with some limited changes, for
'regulatory deferral account balances' in accordance with its previous GAAP, both on initial adoption of IFRS and in subsequent financial statements.
IFRS 14 was issued by the IASB on 30 January 2014 and is applies to an entity's first annual IFRS financial statements for a period beginning on or after 1 January 2016.
Amendments to IFRS 11
Accounting for Acquisition of Interests in Joint operations
This amendment requires an acquirer of an interest in a joint operation in which the activity constitutes a business to:
• apply all of the business combinations accounting principles in IFRS 3 and other IFRSs, except for those principles that conflict with the guidance in IFRS 11
• disclose the information required by IFRS 3 and other IFRSs for business combinations.
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)