Note 4 – Changes in accounting policies and disclosures

Significant accounting policies, judgements, estimates and assumptions under IFRS are summarized in Note 2 and Note 3. Applied accounting policies include new and amended standards and interpretations issued by IASB and endorsed by EU, which are effective as at 31 December 2015. The following new and amended standards and interpretations are not yet effective or have not been endorsed by EU, but will be effective for financial years starting after 1 January 2016. None of these have been applied when preparing the group’s financial report for the year 2015.

IFRS 9 Financial Instruments

IFRS 9 is a new standard that was completed in July 2014 and will replace parts of IAS 39. IFRS 9 is effective from 1 January 2018 and the Group has not evaluated the potential impact that the new standard may have on the Group’s accounts.

IFRS 15 Revenue from Contracts with Customers

IFRS 15 specifies how and when an IFRS reporter will recognize revenue as well as requiring such entities to provide users of financial statements with more informative, relevant disclosures. The standard provides a single, principles based five-step model to be applied to all contracts with customers. IFRS 15 is effective from 1 January 2018 and the group has not evaluated the potential impact it may have.

IFRS 16 Leases

IFRS 16 provides as single lessee accounting model, requiring lessees to recognise assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. IFRS 16 is effective from 1 January 2019 and the preliminary evaluation is that it will have substantial impact on the Group’s accounts.