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New or Amended
Standards
Summary of theMost Significant Amendments
Impact on the Financial State-
ments
Egyptian Standard No.
(44):
Disclosure of Inter-
ests inOtherEntities
•
A newEgyptian Accounting Standard No. (44) “Disclosure of
Interests inOther Entities” was issued in order to comprise
all the required disclosures pertaining to the investments
in subsidiaries, associates, joint arrangements, and the
unconsolidated Structured Entities.
•
The objective of this standard is to comply the entity to
disclose the information that enable users of its financial
statements to evaluate the nature and risks associated
with its interests in other entities and the effects of those
interests on its financial position, financial performance,
and cash f lows.
There is no impact to the presented
financial statements figures upon
these amendments.
EAS (34)
Investment Property
Theoptionofusing the fairvaluemodel inthemeasurement
afterrecognitionof thePropertyInvestmenthasbeencanceled.
The fair value of the invest-
ment at the beginning of the
application of this standard
(the date of transition to cost
model) is the cost of that
investment, for the purposes
of subsequent accounting
treatment
.
EAS (14)
BorrowingCosts
Elimination of the previous benchmark treatment that recog-
nized the borrowing cost directly attributable to the acquisition,
construction or production of a qualifying asset in the Income
Statement without being capitalized on the asset.
There is no impact to the presented
financial statements figures upon
these amendments.
EAS (38)
EmployeeBenefits
Actuarial Gains andLosses
•
All the accumulated actuarial gains and losses
shall be immediately recognized as part of the defined
benefit liabilities and charged to the other Comprehensive
Income items.
TheCost of Past Service
An entity shall recognize past service cost as an expense at the
earlier of the
following dates:
(a) When the plan amendment or curtailment occurs; and
(b) When the entity executes a significant restructuring plan;
it should recognize the related restructuring costs that include
paying the termination benefits (Provisions Standard).
There is no impact to the presented
financial statements figures upon
these amendments.
EAS (41)
OperatingSegments
EAS 33 “Segment Reports” has beenreplacedwithEAS (41)
“OperatingSegments”.
Accordingly, the disclosure and the volume of the required
disclosures that the Segment Reports must disclose on; mainly
depends on the Segments information presented to Chief Oper-
ating DecisionMaker (CODM) of the entity tomake decisions on
the resources that must be allocated to the segment and assess its
performance.
Re-presenting the information cor-
responding to the earlier periods
including the periods.
2016 ANNUAL REPORT
109
GB Auto (S.A.E.)
Notes to the consolidated financial statements for the financial year ended December 31, 2016
(In thenotes all amounts are shown inThousandEgyptianPounds unless otherwise stated)