68 REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
The consolidated financial statements for 2015 of the Group and the entities that it comprises have not yet been approved by the shareholders at
the respective Annual General Meetings or by the respective shareholders or sole shareholders. Nonetheless, the Directors of the Parent Company
believe that said financial statements will be approved without any significant changes. The consolidated financial statements for 2014 were approved
by the shareholders at the Annual General Meeting held on 29 June 2015 and filed with the Companies Registry of Madrid.
Since the accounting standards and valuation criteria applied in the preparation of the Group’s consolidated financial statements for 2015 may differ
from those used by some of its member companies, adjustments and reclassifications were used to standardise them and adapt them to IFRS as
adopted by the European Union.
2.1.1 Standards and interpretations effective in this period
In 2015 new accounting standards came into force and were therefore taken into account when preparing the accompanying consolidated financial
statements, but which did not give rise to a change in the Group’s accounting policies:
A) New obligatory regulations, amendments and interpretations for the year commencing 1 January 2015.
New standards, amendments and interpretations
Obligatory application in
the years beginning on
or after:
Approved for use in the European Union
IFRIC 21 Levies (published in May 2013)
Interpretation on when to recognise a liability to pay a
levy.
17 June 2014
(1)
Improvement to IFRS 2011 -2013 Cycle (published in December 2013)
Minor amendments to a series of standards.
01 January 2015
(2)
(1) The European Union endorsed IFRIC 21 (EU Gazette, 14 June 2014), amending the original commencement date set out by the IASB (1 January 2014) to 17 June 2014.
(2) The IASB commencement date for these regulations was from 1 July 2014.
B) New obligatory regulations, amendments and interpretations in years subsequent to the calendar year which commenced on 1 January 2015
(applicable from 2015 onwards)
The following standards and interpretations had been published by the IASB on the date the consolidated financial statements were drawn up
but had not yet entered into force, either because the date of their entry into force was subsequent to the date of these consolidated financial
statements or because they had not yet been adopted by the European Union:
New standards, amendments and interpretations
Obligatory application
in the years beginning
on or after:
Approved for use in the European Union
Amendment to IAS 19 Employee contributions to defined benefit
plans (published in November 2013)
The amendment is issued to facilitate the possibility of
deducting these contributions from the service cost in the
same period they are paid if certain requirements are met.
01 February 2015
(1)
Improvements to IFRS 2010-2012 Cycle (published in December 2013)
Minor amendments to a number of standards.
Amendment to IAS 16 and IAS 38 Acceptable methods of depreciation
and amortisation (published in May 2014)
Clarifies the methods acceptable for depreciating and
amortising property, plant and equipment and intangible
assets, which do not include those based on income.
01 January 2016
Amendments to IFRS 11 Accounting for acquisitions of shares in joint
ventures (published in May 2014)
Specifies how to account for the acquisition of an interest in a
joint venture whose activity constitutes a business.
Amendments to IAS 16 and IAS 41: Bearer plants (published in June
2014)
Bearer plants will be measured at cost instead of fair value.
Improvements to IFRS 2012-2014 Cycle (published in September 2014)
Minor amendments to a number of standards.
Amendment to IAS 27 Equity Method in Separate Financial
Statements (published in August 2014)
The equity method in individual financial statements of an
investor will be allowed.
Amendment to IAS 1: Disclosures initiative (December 2014)
Various clarifications regarding the itemisations (materiality,
aggregation, order of the notes, etc.).
Not yet approved for use in the European Union at the date of this communication (2)
New standards
IFRS 15 - Revenue from Contracts with Customers (published in May
2014)
New income recognition standard (replaces IAS 11, IAS 18, IFRIC
13, IFRIC 15, IFRIC 18 and SIC-31).
01 January 2018
IFRS 9 Financial Instruments (last phase published in July 2014)
It replaces the requirements for classification, valuation,
recognition and derecognition of financial assets and liabilities
in accounts, hedge accounting and impairment of IAS 39.
IFRS 16 Leases (published in January 2016)
New standard on leases that replaces IAS 17. Lessees will
include all leases on the balance sheet as if they were financial
purchases.
01 January 2019
Amendments and/or interpretations
Amendments to IFRS 10, IFRS 12 and IAS 28: Investment Entities
(December 2014)
Clarifications on the exception for consolidation of investment
companies.
01 January 2016
Amendments to IFRS 10 and IAS 28 Sale or transfer of assets between
an investor and their associate/joint venture (published in September
2014)
Clarification on the result of these operations if dealing with
businesses or assets.
No date set
Amendment to IAS 12 Recognition of deferred asset taxes for
unrealised losses (published in January 19, 2016)
It refers to the DTA of available items for the sale of debt with
fair value less than the cost.
01 January 2017
Amendment to IAS 7 Initiative of itemisations (published in January
29, 2016)
Reconciliation of changes in liabilities in the balance sheet with
flows from financing activities.
01 January 2017
*(1) The IASB commencement date for these regulations was from 1 July 2014.
(2) It is recommended to update the approval status of the standards by the European Union through the EFRAG website
