Nabaltec_E_GB2016

ACCOUNTING POLICIES 65 insofar as the performance obligation is satisfied by the entity. This depends on the transfer of control over the good or service to the customer. Upon the conclusion of a contract, it must be ascertained in accordance with IFRS 15 whether the revenues resulting from the contract are to be recognized on a particular date or over time. To this end, it is first neces- sary to clarify based on certain criteria whether control over the performance obligation will be transferred over time. If that is not the case, the revenues are to be recognized on the date at which control passes to the customer. Indications of such passage of control include the transfer of legal title, the passage of material risks and rewards and formal acceptance. If, on the other hand, control is transferred over time, revenues may only be recognized for the period in question insofar as the progress of performance can be reliably measured using input- or output-based methods. In addition to general revenue recogni- tion principles, the Standard also includes detailed implementation guidelines concerning subjects like sales with right of return, customer options for additional goods or services, principal-agent relationships and bill-and-hold arrangements. The Standard also includes new guidelines concerning the costs of obtaining and fulfilling a contract, as well as guide- lines concerning the question as to when such costs are to be capitalized. Costs which do not meet the specified criteria are to be recognized as expenses when they accrue. Finally, the Standard includes new comprehensive rules with regard to the disclosure of revenues in IFRS financial statements. In particular, qualitative and quantitative disclosures are re- quired concerning each of the following: ■ contracts with customers; ■ ■ significant judgments and changes in those judgments made in applying the revenue rules to those contracts; any assets resulting from the capitalization of expenses for obtaining and fulfilling a contract with a customer. 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 September 2016. A reliable estimation as to the impact of the application of IFRS 15 cannot be made until a detailed analysis is per- formed, which has yet to be completed. Amendments to IFRS 15, “Clarifications to IFRS 15”: The amendments include clarifications concerning various rules of IFRS 15 and simplifications with regard to transition to the new Standard. In addition to the clarifications, the amended Standard contains two additional simplifications in order to reduce complexity and diminish the cost of transitioning to the new Standard. These simplifications relate to options for the disclosure of contracts which either closed at the start of the earliest period presented in the financial statements or which were modified prior to the start of the earliest period presented. Subject to imple- mentation into EU law, the amendments are to be applied for the first time on 1 January 2018. IFRS 16, “Leases”: This new standard will result in fundamental accounting changes, par- ticularly for the lessee. The most serious change is that it will no longer be possible in the future to classify leases as operating leases, and therefore as pending transactions; rather, their disclosure in the financial statements will be mandatory. Accordingly, the previous distinction between finance and operating leases will no longer apply for the lessee. In the future, lessees will generally be required to recognize a right-of-use asset and a lease liability for all leases within the scope of the Standard. The asset is depreciated over the ■ ■ 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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