Report of the Report of the
Contents Overview Executive Board Supervisory Board
Financial
statements
Other information
(e) Changes in accounting policies
HEINEKEN has adopted the following new standards and amendments to standards, including any conseguential amendments
to other standards, with a date of initial application of 1 January 2013.
IFRS 10 Consolidated Financial Statements
IFRS 11 Joint Arrangements
IFRS 12 Disclosure of Interests in Other Entities
IFRS 13 Fair Value Measurement
Presentation of Items of Other Comprehensive Income (Amendments to IAS 1)
Revised IAS 19 Employee Benefits
The new standards and amendment to standards IFRS 10,11 and 12 were early adopted by FIEINEKEN.The nature and the effect
of the changes are further explained below.
IFRS 10 Consolidated Financial Statements
Asa result of IFRS 10, FHEINEKEN has changed its accounting policy for determining whether it has control over and conseguently
whether it consolidates its investees. IFRS 10 introduces a new control model that is applicable to all investees, by focusing on
whether FHEINEKEN has power over an investee, exposure or rights to variable returns from its involvement with the investeeand
ability to use its power to affect those returns. In particular, IFRS 10 reguires FHEINEKEN to consolidate investees that it controls on
the basis of de facto circumstances.
In accordance with the transitional provisions of IFRS 10, FHEINEKEN reassessed the control conclusion for its investees as at
1 January 2013, and concluded that the standard has no impact on the consolidated financial statements of FHEINEKEN.
IFRS 11 Joint Arrangements
Asa result of IFRS 11FHEINEKEN has changed its accounting policy for its interests in joint arrangements. Under IFRS 11FHEINEKEN
classifies its interests in joint arrangements as either joint operations or joint ventures depending on FHEINEKEN's rights to the assets
and obligations for the liabilities of the arrangements. When making this assessment, FHEINEKEN considers the structure of the
arrangements, the legal form of any separate vehicles, the contractual terms of the arrangements and other facts and circumstances.
Previously, the structure of the arrangement was the sole focus of classification.
FHEINEKEN has joint control over its joint arrangements as under the contractual agreements, unanimous consent is reguired from
all parties to the arrangements for all relevant activities. FHEINEKEN's joint arrangements are structured as limited companies and
provide FHEINEKEN and the parties to the arrangements with rights to the net assets of the limited companies under the arrangements.
Therefore those entities are classified as joint ventures.
FHEINEKEN has re-evaluated its involvement in its joint arrangements and concluded that the standard has no impact on the
consolidated financial statements of FHEINEKEN.
IFRS 12 Disclosure of Interests in Other Entities
Asa result of IFRS 12 FHEINEKEN has changed its disclosures about its interests in subsidiaries (note 36 and note 6) and eguity-
accounted investees (note 16).
IFRS 13 Fair Value Measurement
IFRS 13 establishes a single framework for measuring fair value and making disclosures about fair value measurements, when such
measurements are reguired or permitted by other IFRSs. In particular, it unifies the definition of fair value as the price at which an
orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date.
It also replaces and expands the disclosure reguirements about fair value measurements in other IFRSs, including IFRS 7 Financial
Instruments: Disclosures (see note 32).
In accordance with the transitional provisions of IFRS 13, FHEINEKEN has applied the new fair value measurement guidance
prospectively as from 1 January 2013. The change had no significant impact on the measurement of FHEINEKEN's assets
and liabilities.
Fleineken N.V. Annual Report 2013
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