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As a result of the adoption of PFRS 10, the Group reassessed control over its investeesbased on the new control model effective January 1, 2013. The reassessment resulted inchanges in consolidation conclusion and in the current accounting for an investee. PFRS 11, Joint Arrangements, focuses on the rights and obligations of jointarrangements, rather than the legal form. The new standard: (a) distinguishes jointarrangements between joint operations and joint ventures; and (b) eliminates the optionof using the equity method or proportionate consolidation for jointly controlled entitiesthat are now called joint ventures, and only requires the use of equity method. PFRS 11supersedes PAS 31, Interests in Joint Ventures, and Philippine Interpretation SIC 13,Jointly Controlled Entities - Non-monetary Contributions by Venturers.As a result of the adoption of PFRS 11, the Group assessed that it has rights to the netassets of the arrangement based on the structure, legal form, contractual terms and otherfacts and circumstances of the arrangement and has classified the arrangement as a jointventure. The Group eliminated the use of proportionate consolidation and is nowapplying the equity method. PFRS 12, Disclosure of Interests in Other Entities, contains the disclosure requirementsfor entities that have interests in subsidiaries, joint arrangements (i.e., joint operations orjoint ventures), associates and/or unconsolidated structured entities. The new standardprovides information that enables users to evaluate: (a) the nature of, and risksassociated with, an entity’s interests in other entities; and (b) the effects of thoseinterests on the entity’s financial position, financial performance and cash flows.As a result of the adoption of PFRS 12, the Group has expanded the disclosures on itsinterests in other entities. Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests inOther Entities: Transition Guidance (Amendments to PFRS 10, PFRS 11, and PFRS 12).The amendments simplify the process of adopting PFRS 10, PFRS 11, and PFRS 12 andprovide a relief from the disclosures in respect of unconsolidated structured entities.Depending on the extent of comparative information provided in the consolidatedfinancial statements, the amendments simplify the transition and provide additionalrelief from the disclosures that could have been onerous. The amendments limit therestatement of comparatives to the immediately preceding period; this applies to the fullsuite of standards. Entities that provide comparatives for more than one period have theoption of leaving additional comparative periods unchanged. In addition, the date ofinitial application is now defined in PFRS 10 as the beginning of the annual reportingperiod in which the standard is applied for the first time. At this date, an entity testswhether there is a change in the consolidation conclusion for its investees.The Group has applied the transitional provision of the amendments to PFRS 10, PFRS11 and PFRS 12. PFRS 13, Fair Value Measurement, replaces the fair value measurement guidancecontained in individual PFRS with a single source of fair value measurement guidance.It defines fair value, establishes a framework for measuring fair value and sets outdisclosure requirements for fair value measurements. It explains how to measure fairvalue when it is required or permitted by other PFRS. It does not introduce newrequirements to measure assets or liabilities at fair value nor does it eliminate the
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