dramáticos 23 esperan, también Razón de más para escaparme
2. LAS OBRAS DRAMÁTICAS
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At the balance sheet date of these financial statements, the following Standards, Revisions and Interpretations adopted by the EU were issued but not yet effective. The adoption of the below presented Amendments and new Standards and Interpretations would have no significant impact on the consolidated financial statements of the Group.
I) IAS 27 Amendment to Consolidated and Separate Financial Statements Effective for annual periods beginning on or after 1 July 2009
II) IAS 32 Amendment to Financial instruments: Presentation – Accounting for rights issues
Effective for annual periods beginning on or after 1 January 2011
III) IAS 39 Amendment to Financial Instruments: Recognition and Measurement – Eligible hedged items
Effective for annual periods beginning on or after 1 July 2009
IV) IFRS 1 Amendment to First time adoption of IFRS – Additional exemptions for First-time Adopters
Effective for annual periods beginning on or after 1 January 2010
V) IFRS 3 (Revised) Business Combinations Effective for annual periods beginning on or after 1 July 2009
VI) IFRIC 12 Service Concession Arrangements Effective for annual periods beginning on or after 30 March 2009
VII) IFRIC 15 Agreements for the Construction of Real Estate Effective for annual periods beginning on or after 1 January 2010
VIII) IFRIC 16 Hedges of a Net Investment in a Foreign Operation Effective for annual periods beginning on or after 1 July 2009
IX) IFRIC 17 Distributions of Non-cash Assets to Owners Effective for annual periods beginning on or after 1 November 2009
X) IFRIC 18 Transfers of Assets from Customers Effective for transfer of assets from customers received on or after 1 November 2009
Standards and Interpretations issued by IASB but not yet adopted by the EU
At present, International Financial Reporting Standards (IFRS) as adopted by the EU do not significantly differ from regula- tions adopted by the International Accounting Standards Board (IASB) except from the following standards, amendments to the existing standards and interpretations, which were not endorsed for use as at 31 December 2009.
I) IFRS 9 Financial Instruments Effective for annual periods beginning on or after 1 January 2013
II) Amendments to IAS 24 Related Party Disclosures Effective for annual periods beginning on or after 1 January 2011
III) Amendments to IFRS 1 First-time Adoption of IFRS Effective for annual periods beginning on or after 1 January 2010
IV) Amendments to IFRS 1 First-time Adoption of IFRS — Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters
Effective for annual periods beginning on or after 1 July 2010
V) Amendments to IFRS 2 Share-based Payment — Group cash-settled share-based payment transactions
Effective for annual periods beginning on or after 1 January 2010
VI) Amendments to IFRIC 14 IAS 19 — The Limit on a defined benefit Asset, Minimum Funding Requirements and their Interaction
Effective for annual periods beginning on or after 1 January 2011
VII) IFRIC 19 Extinguishing Liabilities with Equity Instruments Effective for annual periods beginning on or after 1 July 2010
VIII) Amendments to various standards and interpretations resulting from the Annual quality improvement project of IFRS published on 16 April 2009 (IFRS 2, IFRS 5, IFRS 8, IAS 1, IAS 7, IAS 17, IAS 18, IAS 36, IAS 38, IAS 39, IFRIC 9, IFRIC 16) primarily with a view to removing inconsistencies and clarifying wording
Most amendments are to be applied for annual periods beginning on or after 1 January 2010
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Consolidated Financial Statements | Notes to the Consolidated Financial Statements• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •
2. Summ A rY oF SIGnIFICA n t ACCoun t InG pol ICIeS
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III) Basis of preparation
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (“EU”).
The consolidated financial statements have been prepared on the historical cost basis of accounting, except for certain financial instruments, which are valued at fair value. They are stated in millions of Hungarian forints (HUF m). The mem- bers of the Group maintain accounting, financial and other records in accordance with relevant local laws and accounting requirements. In order to present financial statements which comply with IFRS, appropriate adjustments have been made by the members of the Group to the local statutory accounts.
These financial statements present the consolidated financial position of the Group, the result of its activity and cash flows, as well as the changes in shareholder’s equity. The Group’s significant subsidiaries are shown in Note 13., 14.
From 2002 Richter Group has published consolidated financial statements in accordance with International Financial Reporting Standards. The parent company previously prepared non consolidated IFRS reports.
According to the IFRS each subsidiary, joint venture and associated company has been included in the consolidation from 2005.
The principal accounting policies adopted in the preparation of these financial statements are set out below:
I) Basis of Consolidation
The consolidated financial statements incorporate the financial statements of the Parent Company and enterprises directly or indirectly controlled by the Parent Company (its subsidiaries), the jointly controlled (joint ventures) and those companies where the Parent Company has significant influence (associated companies). Control of an enterprise is achieved where the Parent Company has the power to govern financial and operating policies so as to obtain benefits from its activities.
On acquisition, the assets and liabilities of a subsidiary are included in the consolidated financial statements at their fair values at the date of acquisition. The interest of minority shareholders is stated at the minority’s proportion of the fair values of assets and liabilities recognised.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated financial statements from the effective date of acquisition or up to the effective date of disposal, as appropriate.
All significant inter-company transactions and balances between group enterprises are eliminated in consolidation.
Non-controlling interests in the net assets (excluding goodwill) of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination. Losses applicable to the minority in excess of the non-controlling interest in the subsidiary’s equity are allocated against the interests of the Group ex cept to the extent that the minority has a binding obligation and is able to make an additional investment to cover the losses.
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