APC 2013 Annual Report Download - page 192

5CONSOLIDATED FINANCIALSTATEMENTS ATDECEMBER 31, 2013
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Accounting Policies Note1
1.1 – Accounting standards IFRS12 – Disclosure of Interests in Other entities,
l
Investment Entities – Amendments to IFRS10, IFRS12 and
l
The consolidated financial statements have been prepared in
IAS27,
compliance with the international accounting standards (IFRS) as which application is required from January1, 2013 under
adopted by the European Union as of December31, 2013. IFRSas issued by IASB but which application is mandatory only
Thesame accounting methods were used as for the from January1, 2014 as per the European Union.
consolidated financial statements for the year ended At this stage of analysis, the Group does not expect other
December31, 2012. impact, on its consolidated financial statements, to be material.
The following standards and interpretations that were applicable
Restated 2012 comparative consolidated 1.2 –
during the period did not have a material impact on the
consolidated financial statements as of December31, 2013:
IFRS13 – Fair value Measurement;
lfinancial statements
amendment to IAS1 – Presentation of Items of Other
lThe Group has been applying IAS19 revised since January1,
Comprehensive Income, 2013 with retroactive effect from January1, 2012 on
amendment to IAS12 – Recovery of Underlying Assets,
lcomparative financial statements. In accordance with IAS19
improvements to IFRSs 2009-2011 (May2012),
lrevised requirements published on June2011, the expected
amendments to IFRS7 – Disclosures – Transfer of Financial
lreturn on long term plan assets in 2013 is equal to discount rate
assets.at December31, 2012 closing date. The effect in 2013 is
Additionally, IAS19 revised was applied from January1, 2013 EUR40million as a reduction of financial income and is also
with retroactive effect from January1, 2012 on 2012 EUR39million as a reduction of financial income in 2012; the
comparative financials which impacts are detailed in note1.2. difference between the actual rate and the rate assessed this
The Group did not apply the following standards and way is booked as non recycled OCI.
interpretations that are mandatory at some point subsequent to Moreover, IAS19 revised requires the recycling through equity of
December31, 2013: past service costs, of which the amortization was a gain of about
standards adopted by the European Union:
lEUR1million per year, that will have an expected effect of
EUR17million at January1, 2013. 2012 figures were restated by
IAS28 revised – Investments in associates and
–
applying IAS19 revised, with:
joint-ventures,
amendment to IAS32 – Offsetting Financial assets and
–an increase in consolidated retained earnings of EUR12million
l
Financial liabilities,on January1, 2012,
IFRS10 – Consolidated Financial Statements,
–a cost after tax of EUR27million on 2012 net income,and
l
IFRS11 – Joint Arrangements,
–a profit net of tax of EUR26million on 2012 OCI.
l
IFRS12 – Disclosure of Interests in Other entities,
–IAS19 Revised has no effect on the recognition of actuarial gains
& losses since those were already directly recognized in equity.
Transition Guidance – amendments to IFRS10, IFRS11
–
and IFRS12,
Basis of presentation1.3 –
amendment to IAS36 – Recoverable amount disclosures for
–
non-financial assets,
The financial statements have been prepared on a historical cost
amendment to IAS39 – Novation of derivatives and
–
basis, with the exception of derivative instruments and available –
continuation of hedge accounting,
for-sale financial assets, which are measured at fair value.
Investment Entities – amendments to IFRS10, IFRS12 and
–
Financial liabilities are measured using the amortized cost model.
IAS27,
The book value of hedged assets and liabilities, under fair-value
standards not yet adopted by the European Union:
l
hedge, corresponds to their fair value, for the part corresponding
IFRS9 – Financial instruments,
–to the hedged risk.
improvements to IFRSs 2010-2012 (December2013),
–
Use of estimates and assumptions1.4 –
improvements to IFRSs 2011-2013 (December2013),
–
IFRIC21 – Levies.
–
There are no differences in practice between the standards The preparation of financial statements requires Group and
applied by Schneider Electric as of December31, 2013 and the subsidiary management to make estimates and assumptions
IFRSissued by the International Accounting Standards board that are reflected in the amounts of assets and liabilities reported
(IASB), except for: in the consolidated balance sheet, the revenues and expenses in
IAS28 revised – Investments in associates and joint-ventures,
lthe statement of income and the obligations created during the
IFRS10 – Consolidated Financial Statements,
lreporting period. Actual results may differ.
IFRS11 – Joint Arrangements,
l
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