(ii) New relevant standards and interpretations not yet adopted
The following new standards and interpretations to existing standards relevant to HEINEKEN are not yet effective for the year ended 31 December
2011and have not been applied in preparing these consolidated financial statements. None of these is expected to have a significant effect on the
consolidated financial statements of HEINEKEN, except for IAS 19 Employee benefits and IFRS 9 Financial Instruments, which becomes mandatory
for the Group's 2013 consolidated financial statements. HEINEKEN is in the process of evaluating the impact of the applicability of the new standards.
HEINEKEN does not plan to early adopt these standards and the extent of the impact has not been determined:
IAS 1 Presentation of Financial Statements was amended in lune 2011 for Presentation of Items of Other Comprehensive Income with an
effective date of 1 July 2012.
IAS 12 Deferred Tax: Recovery of Underlying Assets. The amendments introduce an exception to the general measurement requirements of
IAS 12 Income Taxes in respect of investment properties measured at fair value. The measurement of deferred tax assets and liabilities, in this
limited circumstance, is based on a rebuttable presumption that the carrying amount of the investment property will be recovered entirely
through sale. The presumption can be rebutted only if the investment property is depreciable and held within a business model whose objective
is to consume substantially all of the asset's economic benefits over the life of the asset.
IAS 19 Employee Benefits was amended. The standard is effective for annual periods beginning on or after 1 January 2013, but has not yet
been endorsed by the EU. HEINEKEN is in the process of evaluating the impact of the applicability of the new standard.
IAS 27 Separate financial statements contains accounting and disclosure requirements for investments in subsidiaries, joint ventures and
associates when an entity prepares separate financial statements. The standard requires an entity preparing separate financial statements to
account for those investments at cost or in accordance with IFRS 9 Financial Instruments. The standard is effective for annual periods beginning
on or after 1 January 2013.
IAS 28 Investments in Associates and Joint Ventures prescribes the accounting for investments in associates and sets out the requirements for
the application of the equity method when accounting for investments in associates and joint ventures. The standard is effective for annual
periods beginning on or after 1 January 2013. This amendment is in line with the new IFRS 11which no longer gives entities the choice in
accounting treatment for joint ventures, only the equity method is allowed. HEINEKEN already applied the equity method since 2008.
IFRS 7 Disclosures - Transfers of Financial Assets. The amendments introduce new disclosure requirements about transfers of financial assets,
including disclosures for:
financial assets that are not derecognised in their entirety; and
financial assets that are derecognised in their entirety but for which the entity retains continuing involvement.
IFRS 9 Financial Instruments is part of the IASB's wider project to replace IAS 39'Financial Instruments: Recognition and Measurement'. IFRS 9
retains but simplifies the mixed measurement model and establishes two primary measurement categories for financial assets, amortised cost
and fair value. The basis of classification depends on the entity's business model and the contractual cash flow characteristics of the financial
asset. The standard is effective for annual periods beginning on or after 1 January 2015, but has not yet been endorsed by the EU. HEINEKEN
is in the process of evaluating the impact of the applicability of the new standard.
IFRS 10 Consolidated Financial Statements establishes principles for the presentation and preparation of consolidated financial statements
when an entity controls one or more other entities. This IFRS supersedes IAS 27 Consolidated and separate financial statements and SIC-12
Consolidation - Special purpose entities and is effective for annual periods beginning on or after 1 January 2013.
IFRS 11 Joint arrangements establish principles for financial reporting by parties to a joint arrangement. This IFRS supersedes IAS 31 Interest
in Joint Ventures and SIC-13 Jointly Controlled Entities - Non-monetary contributions by ventures and is effective for annual periods beginning
on or after 1 January 2013. Under IFRS 11 the structure of the arrangement is no longer the only determinant for the accounting treatment
and entities do no longer have a choice in accounting treatment. HEINEKEN is in the process of evaluating the impact of the applicability
of the new standard.
IFRS 12 Disclosure of interests in other entities applies to entities that have an interest in a subsidiary, a joint arrangement, an associate or an
unconsolidated structured entity. The IFRS is effective for annual periods beginning on or after 1 January 2013. This IFRS integrates and make
consistent the disclosure requirements for all entities mentioned above.
IFRS 13 Fair value measurement defines fair value; sets out in a single IFRS a framework for measuring fair value; and requires disclosures about
fair value measurements. The IFRS is to be applied for annual periods beginning on or after 1 January 2013. The IFRS explains how to measure
fair value for financial reporting. It does not require fair value measurements in addition to those already required or permitted by other IFRSs
and is not intended to establish valuation standards or affect valuation practices outside financial reporting.
Heineken N.V. Annual Report 2011