Effects of amendments to the IFRS

The group has adopted the following new standards with effect from 1 January 2013.

  • IAS 1 Amendment - Presentation of financial statements: as a result of this amendment, captions related to other comprehensive income are now broken down between those that can or cannot be reclassified to profit or loss;
  • IFRS 7 Amendment - Financial instruments - Disclosures: this standard requires disclosure about the effects or the potential effects of offsetting financial assets against financial liabilities on the statement of financial position;
  • IFRS 13 - Fair value measurement: it sets out in a single standard a framework for measuring fair value;
  • IAS 19 Amendment - Employee benefits: this standard eliminates the use of the “corridor” approach and instead mandates recognition of all actuarial gains and losses in other comprehensive income, as already elected by the group. Moreover, past service cost must be recognised immediately. Finally, the interest cost, net of expected return on plan assets, was replaced with a net interest cost, calculated by applying the interest rate to the net liability. The retrospective application of the revised standard did not entail the restatement of the comparative figures shown in the financial statements as the group has no plan assets.

Registered Office: 16151 Genoa Via Paolo Mantovani, 3 - 5
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