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• IFRS 3 (Revised) “Business Combinations” and IAS 27 (Amended) “Consolidated and Separate Financial Statements”
• IFRS 1 (Amendment) “First-time adoption of International Financial Reporting Standards” – additional exemptions
• IFRS 2 (Amendment) “Share-based Payment”
• IAS 39 (Amendment) “Financial Instruments: Recognition and Measurement”
• IFRIC 12 – Service Concession Arrangements (EU endorsed for periods beginning on or after 30 March 2009). This
interpretation applies to companies that participate in service concession arrangements. This interpretation did not
impact the Company, since its existing Accounting Policies and Disclosures for the airport concession already conforms
to the requirements of IFRIC 12
• IFRIC 15 - Agreements for the construction of real estate (EU endorsed for use from 1 January 2010)
• IFRIC 16 - Hedges of a net investment in a foreign operation (EU endorsed for use from 1 July 2009)
• IFRIC 17 “Distributions of non-cash assets to owners”
• IFRIC 18 “Transfers of assets from customers” (EU-endorsed for use annual periods beginning on or after 31 October
2009)
• Amendments to standards that form part of the IASB’s 2009 annual improvements project
b) Standards and Interpretations effective from periods beginning on or after 1 January 2011
The Company is currently examining the consequences of the following new standards and interpretations and
amendments to existing standards and interpretations, the application of which is mandatory as from the 2011 financial
statements (unless otherwise stated and provided they have been endorsed):
• IFRS 9 “Financial Instruments” (not yet endorsed by the EU, effective for annual periods beginning on or after 1
January 2013). IFRS 9 is the first part of Phase 1 of the Board’s project to replace IAS 39. The IASB intends to
expand IFRS 9 during 2010 to add new requirements for classifying and measuring financial liabilities, derecognition
of financial instruments, impairment, and hedge accounting.
• IAS 12 (Amendment) “Income Taxes” (effective for annual periods beginning on or after 1 January 2012). The
amendment to IAS 12 provides a practical approach for measuring deferred tax liabilities and deferred tax assets
when investment property is measured using the fair value model in IAS 40 “Investment Property”. This amendment
has not yet been endorsed by the EU.
• IAS 24 (Amendment) “Related Party Disclosures” (effective for annual periods beginning on or after 1 January 2011).
This amendment attempts to relax disclosures of transactions between government-related entities and clarify
related-party definition. The Company will apply these changes from their effective date.
The following new standards and interpretations and amendments to standards and interpretations will be applied by
the Company as from the 2011 financial statements (unless otherwise stated and provided they have been endorsed),
but will have little or no effect on the explanatory notes and financial data in the 2011 financial statements:
• IAS 32 (Amendment) “Financial Instruments: Presentation” (effective for annual periods beginning on or after 1
February 2010)
• IFRS 7 (Amendment) “Financial Instruments: Disclosures” – transfers of financial assets (not yet endorsed by the EU,
effective for annual periods beginning on or after 1 July 2011)
• IFRIC 19 “Extinguishing Financial Liabilities with Equity Instruments” (effective for annual periods beginning on or
after 1 July 2010)
• IFRIC 14 (Amendment) “The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction”
(effective for annual periods beginning on or after 1 January 2011)
Financial Statements as at 31 December 2010 (Amounts in Euros unless otherwise stated) Page 18 of 51
• IFRS 1 (Amendment) “First-time adoption of International Financial Reporting Standards” – additional exemptions
• IFRS 2 (Amendment) “Share-based Payment”
• IAS 39 (Amendment) “Financial Instruments: Recognition and Measurement”
• IFRIC 12 – Service Concession Arrangements (EU endorsed for periods beginning on or after 30 March 2009). This
interpretation applies to companies that participate in service concession arrangements. This interpretation did not
impact the Company, since its existing Accounting Policies and Disclosures for the airport concession already conforms
to the requirements of IFRIC 12
• IFRIC 15 - Agreements for the construction of real estate (EU endorsed for use from 1 January 2010)
• IFRIC 16 - Hedges of a net investment in a foreign operation (EU endorsed for use from 1 July 2009)
• IFRIC 17 “Distributions of non-cash assets to owners”
• IFRIC 18 “Transfers of assets from customers” (EU-endorsed for use annual periods beginning on or after 31 October
2009)
• Amendments to standards that form part of the IASB’s 2009 annual improvements project
b) Standards and Interpretations effective from periods beginning on or after 1 January 2011
The Company is currently examining the consequences of the following new standards and interpretations and
amendments to existing standards and interpretations, the application of which is mandatory as from the 2011 financial
statements (unless otherwise stated and provided they have been endorsed):
• IFRS 9 “Financial Instruments” (not yet endorsed by the EU, effective for annual periods beginning on or after 1
January 2013). IFRS 9 is the first part of Phase 1 of the Board’s project to replace IAS 39. The IASB intends to
expand IFRS 9 during 2010 to add new requirements for classifying and measuring financial liabilities, derecognition
of financial instruments, impairment, and hedge accounting.
• IAS 12 (Amendment) “Income Taxes” (effective for annual periods beginning on or after 1 January 2012). The
amendment to IAS 12 provides a practical approach for measuring deferred tax liabilities and deferred tax assets
when investment property is measured using the fair value model in IAS 40 “Investment Property”. This amendment
has not yet been endorsed by the EU.
• IAS 24 (Amendment) “Related Party Disclosures” (effective for annual periods beginning on or after 1 January 2011).
This amendment attempts to relax disclosures of transactions between government-related entities and clarify
related-party definition. The Company will apply these changes from their effective date.
The following new standards and interpretations and amendments to standards and interpretations will be applied by
the Company as from the 2011 financial statements (unless otherwise stated and provided they have been endorsed),
but will have little or no effect on the explanatory notes and financial data in the 2011 financial statements:
• IAS 32 (Amendment) “Financial Instruments: Presentation” (effective for annual periods beginning on or after 1
February 2010)
• IFRS 7 (Amendment) “Financial Instruments: Disclosures” – transfers of financial assets (not yet endorsed by the EU,
effective for annual periods beginning on or after 1 July 2011)
• IFRIC 19 “Extinguishing Financial Liabilities with Equity Instruments” (effective for annual periods beginning on or
after 1 July 2010)
• IFRIC 14 (Amendment) “The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction”
(effective for annual periods beginning on or after 1 January 2011)
Financial Statements as at 31 December 2010 (Amounts in Euros unless otherwise stated) Page 18 of 51
