New accounting principles

Following the endorsement of the European Union, starting from the 1st of January 2009 new principles and amendments shall be applied. Following the most relevant changes for the Group are described.

IAS 24 –  Related Party Disclosures

On 4 November 2009 the IASB issued a revised version of IAS 24 Related party disclosures, approved by UE Regulation 632/2010.
The revised standard, differing for the previous principle, explicitly states that the subsidiaries of the associates and joint ventures with which there is a relationship of joint control or significant influence are related parties of the parent reporting entity, whether subsidiaries, associates or joint ventures.
The revised standard, differing for the previous principle, explicitly states that the subsidiaries of the associates and joint ventures are related parties of the parent reporting entity.
With reference to persons or close members of their family, in order to prioritize the substance of the relationship over form, the revised definition of related party eliminated the reference to significant voting rights and changed it with concept of significant influence over the reporting entity or over the related party.
Furthermore the IASB amended not relevant part of IFRS 1 First-time adoption of international financial reporting standards, IAS 1 Presentation of financial statements, IAS 34 Interim financial reporting and IFRS 7 Financial instruments: disclosures as part of annual improvements 2010. The annual improvements project provides a vehicle for making non-urgent but necessary amendments to IFRSs, not included in any specific project. These amendments had been endorsed with UE regulation 149/2011.
In addition, starting from 1st January 2011 also the amendments to IFRIC 14 Payment in advance for a minimum funding requirement, approved by the EU Regulation 633/2011 take effect. Although these changes too are not relevant for the Group.