New standards and interpretations not yet adopted

The following standards and interpretations have been published, endorsed by the EU, and are available for early adoption, but have not yet been applied by the Group in these financial statements. The Group does not believe the adoption of these standards or interpretations would have a material impact on the consolidated results or financial position of the Group.

  • IFRS 9 'Financial instruments' – finalised version, incorporating requirements for classification and measurement, impairment, general hedge accounting and derecognition.
  • IFRS 15 'Revenue from contracts with customers' – new standard and amendments.

The following standards and interpretations have been published but not yet endorsed by the EU. The Group does not believe the adoption of these standards or interpretations would have a material impact on the consolidated results or financial position of the Group.

  • IAS 7 'Statement of cash flows' – amendments relating to the Disclosure Initiative.
  • IAS 12 'Income taxes' – amendments relating to recognition of deferred tax assets for unrealised losses.
  • IAS 40 'Investment property' - amendment relating to transfers of investment property.
  • IFRS 2 'Share based payment' - amendment relating to classification and measurement of share-based payment transactions.
  • IFRS 10 'Consolidated financial statements' and IAS 28 'Investments in associates and joint ventures' - amendments relating to sale or contribution of assets between an investor and its associate or joint venture.
  • IFRS 17 'Insurance contracts' - new standard requiring insurance liabilities to be measured at a current fulfilment value and providing a more uniform measurement and presentation approach for all insurance contracts.
  • IFRIC 22 'Foreign currency transactions and advance consideration'.
  • Annual improvements to IFRS 2014–2016 Cycle.

In addition the above, IFRS 16 'Leases' has been published but not yet endorsed by the EU. Given that all operating leases with a contract life over 12 months will be treated in much the same way as a finance lease on balance sheet, the Group is currently undertaking an impact assessment of the likely effect on the consolidated results and financial position of the Group, as it is not yet practicable to quantify the effect of IFRS 16 on these consolidated financial statements.