Nabaltec_E_GB2016

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 64 ACCOUNTING POLICIES term (Stage 2). If there is objective indication of impairment, interest revenue is calcu- lated based on the net book value of the asset (book value minus the loss allowance; Stage 3). ■ In addition to extensive transitional rules, IFRS 9 also involves extensive disclosure re- quirements in connection with the transition and with routine application. Changes relative to IFRS 7, “Financial instruments: disclosures,” arise above all in connection with the rules for impairments. ■ ■ The new Standard is to be applied for financial years beginning on or after 1 January 2018. The Standard was endorsed by the EU on 22 November 2016. A reliable estimation as to the impact of the application of IFRS 9 cannot be made until a detailed analysis is performed, which has yet to be completed. Amendments to IFRS 10 and IAS 28, “Sale or contribution of assets between an investor and its associate or joint venture”: The amendments address a conflict between the rules of IAS 28, “Investments in associated and joint ventures,” and IFRS 10, “Consolidated finan- cial statements.” They clarify that, for transactions with an associate or joint venture, the degree to which revenue is recognized depends on whether the assets sold or contributed represent a business in accordance with IFRS 3. On 17 December 2015, the IASB resolved to postpone the initial application of these amendments indefinitely. The amendments have yet to be endorsed by the EU. As things stand, the first-time application of these amend- ments will have no impact on the consolidated financial statements. IFRS 15, “Revenue from contracts with customers”: IFRS 15 prescribes when and in what amount IFRS reporters are recognized to recognize revenues. It also requires them to provide users of financial statements with more relevant and informative disclosures than was the case before. IFRS 15 generally applicable to all contracts with customers, with the exception of the following contracts: ■ leases falling within the scope of IAS 17, “Leases”; ■ financial instruments and other contractual rights or duties falling within the scope of IFRS 9, “Financial instruments,” IFRS 10, “Consolidated financial statements,” IFRS 11, “Joint arrangements,” IAS 27, “Separate financial statements,” or IAS 28, “Investments in associates and joint ventures”; ■ insurance contracts falling within the scope of IFRS 4, “Insurance contracts”; and ■ non-monetary exchanges between entities in the same lines of business with the pur- pose of facilitating sales to customer or potential customers. In contrast to the rules currently in effect, the new Standard provides for a single principle- based five-step model which is to be applied to all contracts with customers. In accordance with this five-step model, the first step is to identify the contract with the customer (Step 1). In Step 2, the performance obligations in the contract are to be identified. The next step (Step 3) is to determine the transaction price, for which explicit rules are established con- cerning the treatment of variable consideration, financing components, payments to the customer and exchanges. Once the transaction price is determined, the transaction price is allocated to the individual performance obligations based on the stand-alone sale prices of the individual performance obligations (Step 4). Finally (Step 5), revenues are recognized |||| Nabaltec AG | Annual Report 2016

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