New, Amended and Revised Standards and Interpretations (the “New IFRSs”)
Effective Date Announced by IASB (Note)
Amendments to IFRS 10, IFRS 11 and IFRS 12 “Consolidated Financial Statements,
Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance”
January 1, 2013
Amendments to IFRS 10 and IFRS 12 and IAS 27 “Investment Entities”
January 1, 2014
IFRS 13 “Fair Value Measurement”
January 1, 2013
Amendment to IAS 1 “Presentation of Other Comprehensive Income”
July 1, 2012
Amendment to IAS 12 “Deferred Tax: Recovery of Underlying Assets”
January 1, 2012
IAS 19 (Revised 2011) “Employee Benefits”
January 1, 2013
IAS 27 (Revised 2011) “Separate Financial Statements”
January 1, 2013
IAS 28 (Revised 2011) “Investments in Associates and Joint Ventures”
January 1, 2013
Amendment to IAS 32 “Offsetting Financial Assets and Financial Liabilities”
January 1, 2014
IFRIC 20 “Stripping Costs in Production Phase of a Surface Mine”
January 1, 2013
(Concluded)
Note: Unless stated otherwise, the above New IFRSs are effective for annual periods beginning on or after the respective
effective dates.
Except for the following, whenever applied, the initial application of the above 2013 IFRSs version and the related amendments
to the Regulations Governing the Preparation of Financial Reports by Securities Issuers would not have any material impact on
the Corporation’s accounting policies:
1) IFRS 11 “Joint Arrangements”
IFRS 11 replaces IAS 31 “Interests in Joint Ventures” and SIC 13 “Jointly Controlled Entities – Non-monetary Contributions
by Ventures.” Joint ventures are contractual arrangements under which two or more parties exercise joint control over an
economic activity, depending on the rights and obligations of the parties under the arrangements. There are two types of
joint arrangements: joint operations and joint ventures. Joint ventures are accounted for using the equity method. Under
IAS 31, there are three forms of joint ventures: jointly controlled entities, jointly controlled assets, and jointly controlled
operations. The Corporation accounts for its jointly controlled entities using the proportionate consolidation method.
2) IFRS 13 “Fair Value Measurement”
IFRS 13 establishes a single source of guidance for fair value measurements. It defines fair value, establishes a framework
for measuring fair value, and requires disclosures about fair value measurements. The disclosure requirements in IFRS 13 are
more extensive than those required in the current standards. For example, quantitative and qualitative disclosures based on
the three-level fair value hierarchy currently required for financial instruments only will be extended by IFRS 13 to cover all
assets and liabilities within its scope.
The fair value measurements under IFRS 13 will be applied prospectively from January 1, 2015.
3) Amendments to IAS 1 “Presentation of Items of Other Comprehensive Income”
The amendments to IAS 1 requires items of other comprehensive income to be grouped into those items that (1) will not be
reclassified subsequently to profit or loss; and (2) may be reclassified subsequently to profit or loss. Income taxes on related
items of other comprehensive income are grouped on the same basis. Under current IAS 1, there were no such requirements.
The Corporation will retrospectively apply the above amendments starting from 2015. Items not expected to be reclassified
to profit or loss are remeasurements of the defined benefit plans. Items expected to be reclassified to profit or loss are
the exchange differences on translating foreign operations. However, the application of the above amendments will not
have any impact on the net profit for the year, other comprehensive income for the year (net of income tax), and total
comprehensive income for the year.
