2 New and changed standards per 1 January 2014

New and changed standards per 1 January 2014

The accounting policies for financial reporting applied are consistent with those applied in the previous financial year, with the exception of the new and changed IFRS standards and IFRIC interpretations. The following new and changed IFRS standards and IFRIC interpretations are applicable to the 2014 financial year:2014

• IFRS 10 - Consolidated financial statements – partially replaces IAS 27 and the interpretation of SIC 12 regarding the determination of the degree of control in other entities and the consolidation obligation. The changes to IFRS 10 define an investment entity as a separate entity, which is exempted from the accounting consolidation requirements. Instead, these entities should state their investment in subsidiaries based on the fair value through the profit and loss account. In accordance with IFRS 10 control is based on the fact that the investor (1) has dominant control over the entity, (2) is subject to, and has rights to variable returns from the investment in the entity, and (3) has the opportunity to use its dominant control to influence the amount of these returns. The standard does not affect Q-Park as this does not alter the established control.
• IFRS 11 - Joint agreements - new standard containing regulations governing the accountability of joint activities under joint control.
• IFRS 12 - Disclosure of interests in other entities - new standard that includes regulations regarding accountability information of interests in other entities.
• IAS 32 - Financial instruments: Presentation - offsetting financial assets and financial liabilities, these changes clarify the rules regarding offsetting of financial assets and financial liabilities in the financial statements. This involves providing a further explanation about when there is a legally enforceable right to offset and when there is a simultaneous realisation of a financial asset and settlement of a financial liability. As Q-Park does not have financial assets and financial liabilities which are eligible for offsetting, this change has no effect on the amounts as recognised in the consolidated annual accounts.
• IAS 36 - Impairment of assets - amendment that corrects the unintended consequences of IFRS 13 regarding the explanatory notes of realisable values from cash generating units. The changes only apply to the explanatory note and do not affect Q-Park's financial position.
• IAS 39 - Financial instruments: Recognition and measurement - Renewal of derivatives and continuation of hedge accounting. This change provides for continuation of hedge accounting in situations where a central counterparty (as a result of legislation and/or regulations) in the context of a novation takes the place of a counterparty in a derivative that has been designated as a hedging instrument. This change does not affect Q-Park's financial statements as no such novation exists.
• IFRIC 21 - Government levies - gives further explanation regarding the inclusion and processing of government levies. The application of this interpretation does not lead to material differences in Q-Park's financial statements.

Standards published but not yet in force

The following standards, relevant to Q-Park, were not yet in force on the publication date of the Q-Park annual accounts. Here, the standards and interpretations are only summarised if there is a reasonable expectation that in future application these may have an impact on the disclosures, financial position or the results of Q-Park. These standards and interpretations will be applied as soon as they come into force:

• IFRS 9 - Financial instruments – introduction of a new framework for classification and valuation of financial fixed assets, in force as per 1 January 2018.
• IFRS 11 - Joint agreements - adjustment to clarify that the acquisition of an interest in a joint business activity must be processed in accordance with IFRS 3 - Business combinations, if this business activity meets the definition of a company such as defined in IFRS 3, in force as per 1 January 2016.
• IFRS 15 - Revenue from Contracts with Customers - introduction of a new model for the recognition of revenue, which applies to all contracts with customers except for those which fall under other IFRS standards such as leasing, insurance contracts and financial instruments, in force as per 1 January 2017.
• IAS 1 - Presentation of Financial Statements - gives additional guidelines that further clarifies the materiality concept that is used in the explanatory notes, in force as per 1 January 2016.
• IAS 16 and IAS 38 - Tangible fixed assets and intangible assets - gives additional guidelines for depreciation of tangible fixed assets and intangible assets, in force as per 1 January 2016.
• IAS 19 Employee benefits – Defined benefit pension schemes: Employee contributions.

The company does not expect that these amendments will materially affect the annual accounts.