87 / 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
iii) The new standards, amendments and interpretations that are issued by the International Accounting Standards Board
(IASB) but not issued by Public Oversight Authority (POA)
The following standards, interpretations and amendments to existing IFRS standards are issued by the IASB but not yet effective
up to the date of issuance of the financial statements. However, these standards, interpretations and amendments to existing IFRS
standards are not yet adapted/issued by the POA, thus they do not constitute part of TFRS. The Group will make the necessary
changes to its consolidated financial statements after the new standards and interpretations are issued and become effective under
TFRS.
IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments)
In December 2015, the IASB postponed the effective date of this amendment indefinitely pending the outcome of its research project
on the equity method of accounting. Early application of the amendments is still permitted.
Annual Improvements – 2010–2012 Cycle
IFRS 13 Fair Value Measurement
As clarified in the Basis for Conclusions short-term receivables and payables with no stated interest rates can be held at invoice
amounts when the effect of discounting is immaterial. The amendment is effective immediately.
Annual Improvements – 2011–2013 Cycle
IFRS 16 Leases
The IASB has published a new standard, IFRS 16 ‘Leases’. The new standard brings most leases on-balance sheet for lessees under
a single model, eliminating the distinction between operating and finance leases. Lessor accounting however remains largely
unchanged and the distinction between operating and finance leases is retained. IFRS 16 supersedes IAS 17 ‘Leases’ and related
interpretations and is effective for periods beginning on or after January 1, 2019, with earlier adoption permitted if IFRS 15 ‘Revenue
from Contracts with Customers’ has also been applied. The amendment is not applicable for the Group and will not have an impact on
the financial position or performance of the Group.
IAS 12 Income Taxes: Recognition of Deferred Tax Assets for Unrealised Losses (Amendments)
The IASB issued amendments to IAS 12 Income Taxes. The amendments clarify how to account for deferred tax assets related to debt
instruments measured at fair value. The amendments clarify the requirements on recognition of deferred tax assets for unrealised
losses, to address diversity in practice. These amendments are to be retrospectively applied for annual periods beginning on or after
January 1, 2017 with earlier application permitted. However, on initial application of the amendment, the change in the opening
equity of the earliest comparative period may be recognised in opening retained earnings (or in another component of equity, as
appropriate), without allocating the change between opening retained earnings and other components of equity. If the entity applies
this relief, it shall disclose that fact. The amendment is not applicable for the Group and will not have an impact on the financial
position or performance of the Group.
IAS 7 Statement of Cash Flows (Amendments)
The IASB issued amendments to IAS 7 ‘Statement of Cash Flows’ in January 2016. The amendments are intended to clarify IAS 7 to
improve information provided to users of financial statements about an entity’s financing activities. The improvements to disclosures
require companies to provide information about changes in their financing liabilities. These amendments are to be applied for annual
periods beginning on or after January 1, 2017 with earlier application permitted. When the entity first applies those amendments, it
is not required to provide comparative information for preceding periods. The amendment is not applicable for the Group and will not
have an impact on the financial position or performance of the Group.
85
The Association of Financial Institutions
Annual Report 2016