Boskalis jaarverslagen 2011

2. Compliance with International Financial Reporting Standards

2.1 Compliance statement

The consolidated financial statements and the accompanying explanatory notes have been prepared in accordance with the International Financial Reporting Standards (IFRS), as adopted by the European Union, and with Part 9 of Book 2 of the Netherlands Civil Code.

2.2 New and revised standards

There are no standards, amendments to standards and interpretations, that are being applied for the first time in 2011 and that have a significant effect on the financial statements.

2.3 New standards and interpretations not yet adopted

The following standards, amendments to standards and interpretations, are not effective in 2011 and therefore have not been applied in these consolidated financial statements. Based on the current insights, the Group does not plan to adopt these standards and interpretations early and the extent of the possible impact has not been determined. The most important possible changes for the Group can be can be summarized as follows:

  • The new IAS 19 Employee Benefits includes a number of changes with respect to the recognition, presentation and disclosure, which should make pensionreporting less complex and more comparable. Key changes comprise that the option of applying the “corridor method” is eliminated, the expected return on plan assets and the interest cost on pensionobligation should be based on the IAS 19-discount rate (which is derived from a high quality corporate bond rate) and the disclosure requirements, mainly related to specific pensionrisks are strongly extended.
  • IFRS 9 Financial instruments: classification and measurement, has an effective date for annual periods starting on or after January 1, 2015 with earlier application being permitted.
  • IFRS 11 Joint arrangements revises the accounting for joint ventures (in the new standard called “joint arrangements”). Most important change is that for joint arrangements the option of applying the “equity” method or proportional consolidation is removed; only the equity method can be applied for joint ventures and joint operations should be consolidated proportionally. IFRS 11 and the amended IAS 28 are effective for annual periods beginning on or after January 1, 2013.
  • IFRS 12 Disclosure of interests in other entities includes the disclosure requirements for subsidiaries, associates and joint arrangements, as well as unconsolidated structured entities. IFRS 12 is effective for annual periods beginning on or after January 1, 2013.
  • IFRS 13 Fair value measurement establishes a framework for measuring fair value and sets out disclosure requirements for fair value measurements, but does not introduce new fair value measurements.
  • The amendments in IAS 1 Presentation of items of other comprehensive income require that an entity presents separately the items of other comprehensive income that would be reclassified to profit or loss in the future from those that would never be reclassified to profit or loss.

 

Added to My report add to My report Source: Annual report 2011, page 70