2013 Registration document and annual financial report - page 193

Registration Document 2013
Financial Statemements
Consolidated Financial Statements And Notes
Standard or Interpretation
Application Date
(period beginning
on or after)
Measurement of the possible impact on the Accor Group
consolidated financial statements in the period of initial
“Disclosure of Interests
in Other Entities”
January 1, 2013*
These standards and amendments to existing standards
are currently not expected to have a material impact on the
consolidated financial statements.
“Regulatory Deferral
January 1, 2016**
IAS 27 Revised
“Separate Financial
January 1, 2013*
IAS 28 Revised
“Investments in
Associates and Joint
January 1, 2013*
Amendment to IAS 19
“Defined Benefit Plans:
Employee Contributions”
July 1, 2014**
Amendment to IAS 32
“Offsetting Financial
Assets and Financial
January 1, 2014
Amendment to IAS 39
“Novation of Derivatives
and Continuation of
Hedge Accounting”
January 1, 2014
Annual Improvements
to IFRSs
2010-2012 Cycle
July 1, 2014**
Annual Improvements
to IFRSs
2011-2013 Cycle
July 1, 2014**
January 1, 2014**
* These standards are applicable in the European Union for annual periods beginning after January 1, 2014, with early adoption allowed from January 1, 2013.
All of these standards must be applied at the same time.
** Standard, amendment or interpretation not yet adopted for use in the European Union.
First-time adoption of IFRSs
The following options adopted byAccor in the opening IFRS statement
of financial position at the IFRS transition date (January 1, 2004) in
accordance with IFRS 1, continue to have a material impact on the
consolidated financial statements:
business combinations recorded prior to January 1, 2004 were
not restated;
cumulative translation differences at the transition date were
reclassified in retained earnings;
property, plant and equipment and intangible assets were not
measured at fair value at the transition date.
Basis for preparation of the financial statements
The financial statements of consolidated companies, prepared in
accordance with local accounting principles, have been restated to
conform to Group policies prior to consolidation. All consolidated
companies have a December 31 fiscal year-end, except for certain
Indian companies that have a March 31 fiscal year-end and are
therefore consolidated based on financial statements for the twelve
months ended September 30.
The preparation of consolidated financial statements implies the
consideration by Group management of estimates and assumptions
that can affect the carrying amount of certain assets and liabilities,
income and expenses, and the information disclosed in the notes
to the financial statements. Group management reviews these
estimates and assumptions on a regular basis to ensure that they
are appropriate based on past experience and the current economic
situation. Items in future financial statements may differ from current
estimates as a result of changes in these assumptions.
The main estimates and judgments made by management in the
preparation of financial statements concern the valuation and the
useful life of intangible assets, property, plant and equipment
and goodwill, the amount of provisions for contingencies and the
assumptions underlying the calculation of pension obligations,
claims and litigation and deferred tax balances.
The main assumptions made by the Group are presented in the
relevant notes to the financial statements.
When a specific transaction is not covered by any standards or
interpretations, management uses its judgment in developing
and applying an accounting policy that results in the production of
relevant and reliable information. As a result, the financial statements
provide a true and fair view of the Group’s financial position, financial
performance and cash flows and reflect the economic substance
of transactions.
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