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 66 ACCOUNTING POLICIES term of the lease in accordance with the rules for non-financial assets and the liability is recognized in accordance with the rules for financial instruments. The new Standard is ap- plicable to financial years beginning on or after 1 January 2019. Earlier application of the Standard is possible insofar as IFRS 15, “Revenue from contracts with customers,” is also applied. The Standard has yet to be endorsed by the EU. A reliable estimation as to the impact of the application of IFRS 16 cannot be made until a detailed analysis is performed, which has yet to be completed. ■ ■ ■ ■ Amendments to IAS 7, “Disclosure Initiative”: The purpose of the amendments is to improve the disclosure of changes in the entity’s liabilities. Under the amendments, an entity is required to disclose changes in financial liabilities for which payments are shown in the cash flow statement under cash flow from financing activity. Associated financial assets are also to be included in the disclosures (e.g. assets arising from hedging transactions). The amendments require the disclosure of changes with effect on cash flow, changes arising from the acquisition or sale of businesses, the effect of changes in exchange rates, changes in fair value and other changes. The IASB recommends presenting the changes in the form of a reconciliation between the opening and closing balances in the balance sheet, but allows for the possibility of other forms of presentation. Subject to implementa- tion into EU law, the amendments are to be applied for the first time in the first reporting period of financial years beginning on or after 1 January 2017, although earlier application is permissible. As things currently stand, the first-time application of these amendments will have no impact on the consolidated financial statements. Amendments to IAS 12, “Recognition of deferred tax assets for unrealized losses”: The amendments clarify the recognition of deferred tax assets for unrealized losses in debt instruments measured at fair value. Subject to implementation into EU law, the amend- ments are to be applied for the first time in the first reporting period of financial years beginning or after 1 January 2017, although earlier application is permissible. The company is presently assessing the potential impact of these amendments on the consolidated finan- cial statements. The company does not currently expect them to have a material impact. IFRIC 22, “Foreign currency transactions and advance consideration”: IFRIC 22 addresses a question concerning the application of IAS 21, “The effects of changes in foreign exchange rates.” It clarifies the point in time for which the exchange rate is to be determined for the translation of foreign-currency transactions that include the receipt or payment of advance consideration. It states that the exchange rate for the underlying asset, income or expense depends on the date on which the asset or liability resulting from the advance payment is first recognized. The Interpretation is to be applied for the first time in the first reporting period beginning on or after 1 January 2018. Earlier application is permissible. The EU has yet to endorse this Interpretation. The Group currently does not expect this Interpretation to have a material impact on the consolidated financial statements. Various: Improvements to the International Financial Reporting Standards (2014-2016): These involved amendments to three IFRSs. In IFRS 12, it was clarified that the disclosures in accordance with IFRS 12 generally apply also to investments in subsidiaries, joint ven- tures and associated companies which are classified as “held for sale” in terms of IFRS 5; an exception to this rule are disclosures in accordance with IFRS 12. B10–B16 (Financial information). In IAS 28, it was clarified that the option for measurement of an investment in an associated company or joint venture held by a venture capital firm or another quali- fying entity may be exercised differently depending on the investment. In addition, the short-term exceptions for first-time IFRS users in Appendix E of IFRS 1 (IFRS 1. E3–E7) were |||| Nabaltec AG | Annual Report 2016

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