2013 Registration document and annual financial report - page 191

Registration Document 2013
189
Financial Statemements
5
Consolidated Financial Statements And Notes
NOTE
1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
General Framework
In accordance with European Commission regulation 1606/2002
dated July 19, 2002 on the application of international financial
reporting standards, the Accor Group consolidated financial
statements for the year ended December 31, 2013, have been
prepared in accordance with the International Financial Reporting
Standards (IFRSs) adopted by the European Union as of that date.
They include comparative 2012 annual financial information, prepared
in accordance with the same standards.
At December 31, 2013, all of the International Financial Reporting
Standards (including IFRSs, IASs and Interpretations) published by
the International Accounting Standards Board (“IASB”) had been
adopted by the European Union, with the exception of IFRS 10
“Consolidated Financial Statements”, IFRS 11 “Joint Arrangements”,
IFRS 12 “Disclosure of Interests in Other Entities”, IAS 27 (revised)
“Separate Financial Statements” and IAS 28 (revised)“Investments in
Associates and JointVentures”, which are applicable in the European
Union from January 1, 2014 and have not been early-adopted by
the Group.The effects of applying these new or revised standards
on the consolidated financial statements taken as a whole will
not be material (see table pages 190 and 191). As a result, the
Group’s consolidated financial statements have been prepared in
accordance with International Financing Reporting Standards as
published by the IASB.
The following new standards and amendments to existing standards
adopted by the European Unionwere applicable fromJanuary 1, 2013:
ƒƒ
amendments to IAS 1 “Presentation of Items of Other
Comprehensive Income”, which notably require items that may
be reclassified subsequently to profit or loss to be presented
separately from items that will not be reclassified. Application of
these amendments led to minor changes in the presentation of
the statement of profit or loss and other comprehensive income;
ƒƒ
IAS 19 (revised) “Employee Benefits”. Under the revised standard:
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it is no longer possible to defer recognition of all or part of
the actuarial gains and losses arising on defined benefit plans
(application of the corridor approach).This change had no impact
on the consolidated financial statements because the Group
already recognized actuarial gains and losses directly in other
comprehensive income,
yy
the return on plan assets is calculated using the discount rate
applied to determine the projected benefit obligation. The
effect of this change on the consolidated financial statements
was not material,
yy
unvested past service costs are recognized directly in profit or
loss. At January 1, 2012, unrecognized unvested past service
costs amounted to €9 million before the deferred tax effect.
This amount was therefore recognized as of January 1, 2012
by adjusting retained earnings by the amount net of deferred
tax.The effect of this change on the 2012 annual consolidated
income statements and statements of comprehensive income
was not material, however,
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more detailed disclosures are required in the notes to the
consolidated financial statements.
Adoption of IAS 19 constituted a change of accounting policy, as defined in IAS 8, and the revised standard was therefore applied
retrospectively to the period presented. The effects on consolidated equity and liabilities are presented below:
(in millions of euros)
Dec. 2012
Published
IAS 19 Revised
Impact
Dec. 2012
Restated
Additional paid-in capital and reserves
2,676
6
2,682
Net profit or loss, Group share
(599)
(0)
(599)
Total shareholders’ equity and minority interests
2,989
6
2,995
Deferred tax liabilities
116
3
119
Non-current provisions
131
(9)
122
Total liabilities and shareholders’ equity
7,560
(0)
7,560
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IFRS 13 “Fair Value Measurement”. This standard provides a
single IFRS framework for measuring fair value that is applicable
to all IFRSs that require or permit fair value measurements
or disclosures. Its application had no impact on the Group’s
consolidated financial statements.
ƒƒ
Amendment to IFRS 1 “Government Loans”. This amendment
deals with the accounting treatment of government loans at
below-market rates of interest. As an exception to the general
principle of retrospective application, it allows first-time adopters
of IFRSs to apply the recommended accounting treatment
prospectively from the IFRS transition date.This standard concerns
companies adopting IFRS for the first time and the amendment
therefore had no impact on the consolidated financial statements
for the periods presented.
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