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Finansal Kiralama, Faktoring ve Finansman Şirketleri Birliği ve Bağlı Ortaklıkları
Notes to the consolidated financial statements
as of December 31, 2016
(All amounts expressed in Turkish Lira (“TL”))
IFRS 2 Classification and Measurement of Share-based Payment Transactions (Amendments)
The IASB issued amendments to IFRS 2 Share-based Payment in June 2016, clarifying how to account for certain types of share-based
payment transactions. The amendments, provide requirements on the accounting for:
a. the effects of vesting and non-vesting conditions on the measurement of cash-settled share-based payments;
b. share-based payment transactions with a net settlement feature for withholding tax obligations; and
c. a modification to the terms and conditions of a share-based payment that changes the classification of the transaction from
cash-settled to equity-settled.
These amendments are to be applied for annual periods beginning on or after January 1 -2018. Earlier application is permitted. The
amendment is not applicable for the Group and will not have an impact on the financial position or performance of the Group.
IFRS 4 Insurance Contracts (Amendments)
In September 2016, the IASB issued amendments to IFRS 4 Insurance Contracts. The amendments introduce two approaches: an
overlay approach and a deferral approach. The amended Standard will:
a. give all companies that issue insurance contracts the option to recognise in other comprehensive income, rather than profit or loss,
the volatility that could arise when IFRS 9 Financial instruments is applied before the new insurance contracts Standard is issued; and
b. give companies whose activities are predominantly connected with insurance an optional temporary exemption from applying IFRS
9 Financial instruments until 2021. The entities that defer the application of IFRS 9 Financial instruments will continue to apply the
existing financial instruments Standard—IAS 39.
These amendments are to be applied for annual periods beginning on or after 1 January 2018. Earlier application is permitted. The
amendment are not applicable for the Group and will not have an impact on the financial position or performance of the Group.
IAS 40 Investment Property: Transfers of Investment Property (Amendments)
The IASB issued amendments to IAS 40 ‘Investment Property ‘. The amendments state that a change in use occurs when the property
meets, or ceases to meet, the definition of investment property and there is evidence of the change in use. These amendments are to
be applied for annual periods beginning on or after January 1 -2018. Earlier application is permitted. The amendment is not applicable
for the Group and will not have an impact on the financial position or performance of the Group.
IFRIC 22 Foreign Currency Transactions and Advance Consideration
The interpretation clarifies the accounting for transactions that include the receipt or payment of advance consideration in a foreign
currency.
The Interpretation states that the date of the transaction for the purpose of determining the exchange rate to use on initial
recognition of the related asset, expense or income is the date on which an entity initially recognises the non-monetary asset or non-
monetary liability arising from the payment or receipt of advance consideration. The entity is not required to apply this Interpretation
to income taxes; or insurance contracts (including reinsurance contracts) it issues or reinsurance contracts that it holds.
The interpretation is effective for annual reporting periods beginning on or after January 1 -2018. Earlier application is permitted. The
interpretation is not applicable for the Group and will not have an impact on the financial position or performance of the Group.
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Annual Report 2016
The Association of Financial Institutions