Nabaltec_E_GB2016

ACCOUNTING POLICIES 63 2012–2014 includes changes to the following Standards: IFRS 5, IFRS 7, IAS 19 and IAS 34, and is applicable to financial years beginning on or after 1 January 2016. The changes were endorsed by the EU on 15 December 2015. The application of the new and revised Stand- ards will not have a material impact on the consolidated financial statements. The following standards and interpretations, which have been published but are not yet mandatory, have not been applied early: ■ ■ Amendments to IFRS 2, “Classification and measurement of share-based payment transac- tions”: The amendments concern the accounting for vesting conditions in connection with the measurement of cash-settled share-based payments, the classification of share-based payments with net settlements for withheld taxes and the accounting for changes in the classification of payments from “cash-settled” to “equity-settled.” Subject to endorsement by the EU, these amendments are to be applied to payments which are made or modified in financial years beginning on or after 1 January 2018. Earlier application is allowed. As things stand, first-time application will have no impact on the consolidated financial statements. IFRS 9, “Financial instruments”: IFRS 9, “Financial instruments,” contain rules for recogni- tion, measurement and derecognition, as well as hedge accounting. The IASB published the final version of the Standard on 24 July 2014, in the course of completion of the various phases of its comprehensive financial instruments project. As a result, the accounting rules for financial instruments formerly established in IAS 39, “Financial instruments: recognition and measurement,” have been completely replaced by the accounting rules established in IFRS 9. The published version of IFRS 9 replaces all previous versions. The key requirements of the final version of IFRS 9 can be summarized as follows: ■ ■ ■ ■ ■ The requirements of the previous standard, IAS 39, “Financial instruments: recognition and measurement,” with regard to scope of application, recognition and derecognition are largely unchanged in IFRS 9. However, IFRS 9 provides for a new model for classifying financial assets which is not present in IAS 39. Subsequent measurement of financial assets is to be performed in the future using three categories with different standards of measurement and different rules for the recognition of changes in value. Financial assets are to be categorized depending on the contractual cash flows arising from the instrument as well as the business model in which the instrument is held. These categories are generally mandatory. However, op- tions are available to the entity in a few cases. On the other hand, IFRS 9 largely adopts the existing rules for financial liabilities. The only major change concerns financial liabilities in the fair value option, for which chang- es in fair value due to changes in the entity’s own credit risk are to be recognized in other comprehensive income. IFRS 9 provides for a three-stage model for determining the amount of losses which are to be recognized in the future, as well as the calculation of interest revenues. According to this model, losses which are expected at the time the instrument is acquired are to be recognized in the amount of the present value of the expected loss over the next 12 months (Stage 1). If there is a significant risk in the default risk, the loss allowance is to be increased up to the amount of the expected loss over the entirety of the remaining Annual Report 2016 | Nabaltec AG |||| S T N E M E T A T S L A I C N A N I F D E T A D I L O S N O C

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