4. Application of New IFRS

A number of amendments to current IFRS and new IFRIC became effective for the periods beginning on or after January 1, 2014:

  • amendments regarding offsetting rules to IAS 32 Financial Instruments: Presentation,
  • amendments in respect of investment entities to IFRS 10 Consolidated Financial Statements, IFRS 12 Disclosure of Interests in Other entities and IAS 27 Separate Financial Statements,
  • amendments to IAS 36 Impairment of Assets, regarding additional disclosure,
  • amendments to IAS 39 Financial Instruments: Recognition and Measurement regarding novation of derivatives and hedge accounting,
  • IFRIC 21 — Levies,
  • Annual improvements 2013.

The Group has initially applied amended standards and new IFRIC while preparing these Consolidated Financial Statements. It has no significant impact on the Group’s Consolidated Financial Statements.