85 / 104
Notes to the consolidated financial statements
as of December 31, 2016
(All amounts expressed in Turkish Lira (“TL”))
Finansal Kiralama, Faktoring ve Finansman Şirketleri Birliği ve Bağlı Ortaklıkları
TAS 16 Property, Plant and Equipment and TAS 41 Agriculture (Amendment) – Bearer Plants
TAS 16 is amended to provide guidance that bearer plants, such as grape vines, rubber trees and oil palms should be accounted for in
the same way as property, plant and equipment in TAS 16. Once a bearer plant is mature, apart from bearing produce, its biological
transformation is no longer significant in generating future economic benefits. The only significant future economic benefits it
generates come from the agricultural produce that it creates. Because their operation is similar to that of manufacturing, either the
cost model or revaluation model should be applied. The produce growing on bearer plants will remain within the scope of TAS 41,
measured at fair value less costs to sell. The amendment is not applicable for the Group and did not have an impact on the financial
position or performance of the Group.
TAS 27 Equity Method in Separate Financial Statements (Amendments to TAS 27)
Public Oversight Accounting and Auditing Standards Authority (POA) of Turkey issued an amendment to TAS 27 to restore the option
to use the equity method to account for investments in subsidiaries and associates in an entity’s separate financial statements.
Therefore, an entity must account for these investments either:
• At cost
• In accordance with IFRS 9,
Or
• Using the equity method defined in TAS 28
The entity must apply the same accounting for each category of investments. The amendment is not applicable for the Group and did
not have an impact on the financial position or performance of the Group.
TFRS 10 and TAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments)
Amendments issued to TFRS 10 and TAS 28, to address the acknowledged inconsistency between the requirements in TFRS 10 and TAS
28 in dealing with the loss of control of a subsidiary that is contributed to an associate or a joint venture, to clarify that an investor
recognises a full gain or loss on the sale or contribution of assets that constitute a business, as defined in TFRS 3, between an investor
and its associate or joint venture. The gain or loss resulting from the re-measurement at fair value of an investment retained in a
former subsidiary should be recognised only to the extent of unrelated investors’ interests in that former subsidiary. The amendment
is not applicable for the Group and did not have an impact on the financial position or performance of the Group
TFRS 10, TFRS 12 and TAS 28: Investment Entities: Applying the Consolidation Exception (Amendments to IFRS 10 and IAS
28)
Amendments issued to TFRS 10, TFRS 12 and TAS 28, to address the issues that have arisen in applying the investment entities
exception under TFRS 10 Consolidated Financial Statements. The amendment is not applicable for the Group and did not have an
impact on the financial position or performance of the Group.
TAS 1: Disclosure Initiative (Amendments to TAS 1)
The amendments issued to TAS 1. Those amendments include narrow-focus improvements in the following five areas: Materiality,
Disaggregation and subtotals, Notes structure, Disclosure of accounting policies, Presentation of items of other comprehensive
income (OCI) arising from equity accounted investments. These amendments did not have significant impact on the notes to the
consolidated financial statements of the Group.
83
The Association of Financial Institutions
Annual Report 2016