Accounting standards, amendments, interpretations and improvements applied from 1 January 2012

The following documents, already issued by the IASB and endorsed by the European Union as amendments to the international accounting standards entered into force from 1 January 2012:

 

Change to IFRS 7 - Disclosures - Transfer of financial assets

The amendments made to IFRS 7 intend to provide greater transparency in relation to risks connected with transactions in which, in respect of the transfers of financial assets, the transferor retains some level of exposure to the risks associated with the financial assets transferred (a situation generally defined as “continuing involvement”, translated with the term “coinvolgimento residuo” in the Italian version of the regulations for the approval of international accounting standards). Additional information is also required in the event of transfers of financial assets at particular times (e.g. near the end of the year).

The amendments to IFRS 7 specify that the disclosure requirements apply to total or partial transfers of financial assets in cases in which the entity:

  • transfers all contractual rights to receive cash flows from a financial assets,
  • retains all contractual rights to receive cash flows from a financial assets, but assumes a contractual obligation to pay said cash flows to another beneficiary.

The amendments to the standard were approved and must be applied from 1 January 2012.