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Annual Report & Accounts 2012 - NOTES
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ANNUAL REPORT 2012 GVC H o l d i n g s 1. SIGNIFICANT ACCOUNTING POLICIES (continued) 1.19 Equity Equity comprises the following: 'Share capital' represents the nominal value of equity shares. 'Share premium' represents the excess over nominal value of the fair value of consideration received for equity shares, net of expenses of the share issue. 'Retained earnings' represents retained profits. 'Merger reserve' arose on the re-domiciliation of the Group from Luxembourg to The Isle of Man. It consists of the pre-redomiciliation reserves of the Luxembourg company plus the difference in the issued share capital (31,135,762 share at €0.01 versus 31,135,762 shares at €1.24). 1.20 Standards in Issue, not yet effective Standards, Amendments and Interpretations that are mandatory for the Group's accounting periods beginning on or after 1 January 2013 and have not been adopted early by the Group are as follows: bull; IFRS 9 Financial Instruments (effective 1 January 2015), the Group will apply IFRS 9 from 1 January 2015. bull; IFRS 10 Consolidated Financial Statements (effective 1 January 2013), the Group will retrospectively apply IFRS 10 from 1 January 2013. bull; IFRS 11 Joint Arrangements (effective 1 January 2013), the Group will apply IFRS 11 from 1 January 2013. bull; IFRS 12 Disclosure of Interests in Other Entities (effective 1 January 2013), the Group will apply IFRS 12 from 1 January 2013. bull; IFRS 13 Fair Value Measurement (effective 1 January 2013), the Group will apply IFRS 13 from 1 January 2013. bull; IAS 19 Employee Benefits (Revised June 2011) (effective 1 January 2013), the Group will apply IAS 19 (revised) from 1 January 2013. bull; IAS 27 (Revised), Separate Financial Statements (effective 1 January 2013), the Group will apply IAS 27 (revised) from 1 January 2013. bull; IAS 28 (Revised), Investments in Associates and Joint Ventures (effective 1 January 2013), the Group will apply IAS 28 (revised) from 1 January 2013. The following Standards are not likely to have a material impact on the Group's or Company's financial statements: bull; Disclosures - Offsetting Financial Assets and Financial Liabilities - Amendments to IFRS 7 (effective 1 January 2013). bull; Offsetting Financial Assets and Financial Liabilities - Amendments to IAS 32 (effective 1 January 2014). bull; Mandatory Effective Date and Transition Disclosures - Amendments to IFRS 9 and IFRS 7 (effective 1 January 2015). 32 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued for the year ended 31 December 2012