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Consolidated Financial Statements as of December 31, 2015
Notes to the Consolidated Financial Statements
amendments to IAS
12 –
Recognition of Deferred Tax Assets for
●
The possible impact on the Consolidated Financial Statements of
Unrealised Losses
(applicable according to the IASB in accounting applying these new and amended standards is currently being
periods beginning on or after January 1, 2017);
assessed.
amendments to IAS
7 –
Disclosure Initiative
(applicable according
●
to the IASB in annual periods beginning on or after January
1,
2017).
Use of estimates and judgment
1.3
Preparation of Consolidated Financial Statements involves the use of
definition of Cash Generating Units (Note 6.3);
●
management estimates and assumptions that may affect the reported
recoverable amount of goodwill, other intangible assets and
●
amounts of certain assets, liabilities, income and expenses, as well as
property and equipment (Note 6.3);
the disclosures contained in the notes. These estimates and
fair value of identifiable assets acquired and liabilities assumed in
●
assumptions are reviewed at regular intervals to ensure that they are
business combinations (Note 3);
reasonable in light of past experience and the current economic
classification of leases (Note 6.5);
●
situation. Actual results may differ from current estimates. In addition
to using estimates, Group management is required to exercise
measurement of provisions for contingencies and other
●
judgment when determining what is the appropriate accounting
business-related provisions (Note 9);
treatment of certain transactions and activities and how it should be
determination of the level of control or influence exercised by the
●
applied.
Group over investees (Notes 3 and 7);
The main estimates and judgments applied for the preparation of
assumptions used to calculate pension and other post-employment
●
these Consolidated Financial Statements concern:
benefit obligations (Note 10.1);
useful lives of operating assets (Note 6);
●
recognition of deferred tax assets (Note 8).
●
Measurement methods
1.4
The Consolidated Financial Statements have been prepared using the Based on the hierarchy defined in IFRS
13 –
Fair Value Measurement
,
historical cost convention, except for:
fair value may be measured using the following inputs:
certain financial assets and liabilities measured using the fair value
●
level 1 inputs: unadjusted quoted prices in active markets for
●
model (Note 12);
identical assets or liabilities that the entity can access at the
measurement date;
assets acquired and liabilities assumed in business combinations,
●
measured using the fair value model (Note 3);
level 2 inputs: models that use inputs that are observable for the
●
asset or liability, either directly (
i.e.
, prices) or indirectly (
i.e.
,
non-current assets held for sale, measured at the lower of carrying
●
price-based data);
amount and fair value less costs to sell (Note 3).
level 3 inputs: inputs that are intrinsic to the asset or liability and
●
Fair value is the price that would be received to sell an asset or paid to
are not based on observable market data for the asset or liability.
transfer a liability in an orderly transaction between market
participants at the measurement date.
2015 REGISTRATION DOCUMENT
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