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Financial statements 2011
2.14 New standards and interpretations not yet
adopted
The following IFRS and IFRIC interpretations applicable
to EIF were issued but are not yet ef fective. The Fund
has chosen not to early adopt these standards and inter-
pretations. The Fund plans to adopt them at the date of
endorsement by the European Union. The Fund is in the
process of analysing the impact of these standards on
their operations as well as the date at which they plan to
adopt the standards.
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Amendment to IAS 1 – Presentation of financial state-
ments:
The amendments to IAS 1 change the title of the state-
ment of comprehensive income to the statement of
profit or loss and other comprehensive income. How-
ever other titles are allowed. The standard is effective
for financial years beginning on or after 1 July 2012,
although it may be early adopted. The date of the
adoption of this standard by the Fund will also be de-
pendent on the timing of the EU endorsement process.
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IFRS 9 – Financial instruments:
This standard is the first step in a three-part project by
the IASB to replace IAS 39 financial instruments. This
first part, dealing with the classification and measure-
ment of financial assets, simplifies the recognition of
financial assets by requiring such assets to be meas-
ured at either amortised cost or fair value, depend-
ing on certain criteria. The standard is effective for
financial years beginning on or after 1 January 2015,
although it may be early adopted. The date of the
adoption of this standard by the Fund will also be de-
pendent on the timing of the EU endorsement process.
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IFRS 10 – Consolidated financial statements and
IFRS 12 – Disclosure of Interests in other entities:
IFRS 10 provides a single consolidation model that
identifies control as the basis for consolidation for
all types of entities. IFRS 10 replaces IAS 27 – Con-
solidated and Separate financial statements and SIC
12 – Consolidation – Special Purposes Entities. IFRS
12 combines, enhances and replaces the disclosure
requirements for subsidiaries, joint arrangements,
associates and unconsolidated structured entities.
The standard is effective for financial years beginning
on or after 1 January 2013, although it may be early
adopted. The date of the adoption of this standard
by the Fund will also be dependent on the timing of
the EU endorsement process.
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IFRS 11 – Joint arrangements:
This standard establishes principles for the financial
reporting by parties to a joint arrangement and super-
sedes IAS 31 – Interests in Joint Ventures and SIC 13
– Jointly controlled entities – Non monetary Contribu-
tions by Ventures.
The standard is effective for financial years beginning
on or after 1 January 2013, although it may be early
adopted. The date of the adoption of this standard
by the Fund will also be dependent on the timing of
the EU endorsement process.
■
IFRS 13 – Fair value measurement:
This standard provides clear and consistent guidance
for measuring fair value and addressing valuation
uncertainty in markets that are no longer active. This
standard also increases the transparency of fair
value measurements by requiring detailed disclosures
about fair values derived using models. The standard
is effective for the financial year beginning on or after
1 January 2013, although it may be early adopted.
The date of the adoption of this standard by the
Fund will also be dependent on the timing of the EU
endorsement process.