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IFRS 15 Revenue from Contracts with Customers
provides
an extensive framework to determine whether, how much
and when revenue must be accounted for. The standard
serves to replace the existing stipulations for recognizing
revenue, including IAS 18 Revenue, IAS 11 Construction
Projects and IFRIC 13 Customer Loyalty Programmes.
IFRS 15 is effective for fiscal years that begin on or after
January 2018. Earlier application is permitted. This new
standard has not yet been ratified by the EU. The Group is
currently evaluating the possible effect of application on the
consolidated financial statements. The potential impact will
primarily relate to the business-to-business and screen
advertising revenue from film distribution.
Amendments to IFRS – 2012-2014 cycle
is a collection
of minor improvements in four existing standards.
This collection, which must be applied to the consolidated
financial statements of 2016, is expected to have no major
impact on the consolidated financial statements of
the Group.
Accounting for acquisitions of interests in joint operations
(amendments in IFRS 11)
determines that when an entity
acquires an interest in a joint operation that is a business,
as defined in IFRS 3, it shall apply all of the principles on
business combinations accounting in IFRS 3, and other
IFRSs, that do not conflict with the guidance in this IFRS.
The amendments which become mandatory for the Group’s
2016 consolidated financial statements, are not expected to
have a material impact on the Group’s consolidated financial
statements.
Clarification of acceptable methods of depreciation and
amortisation (amendments in IA 16 and IAS 38)
emphasizes
that a depreciation method that is based on revenue that is
generated by an activity that includes the use of an asset is
not appropriate for property, plant and equipment. For
intangible assets, only in limited circumstances reve-
nue-based amortization can be permitted. The amendments
which become mandatory for the 2016 consolidated
financial statements, are not expected to have a material
impact on the Group’s consolidated financial statements.
These amendments have not yet been endorsed by the EU.
Amendments within the framework of the disclosure
initiative (amendment to IAS 1)
are designed to further
encourage companies to apply professional judgement in
determining what information to disclose in their financial
statements. The narrow-focus amendments to IAS 1
Presentation of Financial Statements clarify, rather than
significantly change, existing IAS 1 requirements. The
amendments relate to the following: materiality; order of
the notes; subtotals; accounting policies; and disaggrega-
tion. The amendments are effective for annual periods
beginning on or after 1 January 2016, with earlier adoption
permitted. The amendments are not expected to have a
material impact on the Group’s consolidated financial
statements.
Investment Entities: Applying the Consolidation Exception
(Amendments to IFRS 10 Consolidated Financial
Statements and IAS 28 Investments in Associates and Joint
Ventures)
clarify which subsidiaries of an investment entity
should be consolidated instead of being measured at fair
value; confirm that the exemption from presenting consoli-
dated financial statements continues to apply to subsidiar-
ies of an investment entity that are themselves parent
entities; and permits, but does not require, a non-invest-
ment entity investor to retain the fair value through profit
or loss measurement applied by an investment entity
associate or joint venture for their subsidiaries when
applying the equity method. The amendments are effective
for annual periods beginning on or after 1 January 2016,
with earlier adoption permitted. The amendments are not
expected to have a material impact on the Group’s consoli-
dated financial statements. These amendments have not
yet been endorsed by the EU.
There are no other standards or interpretations that are not
yet effective in 2015 and that could have a material impact
on the Group.
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05 / FINANCIAL REPORT
KINEPOLIS GROUP
ANNUAL REPORT 2015