Pursuant to European regulation 1606/2002 of 19 July 2002 on the adoption of international accounting standards, the EDF group’s consolidated financial statements at 31 December 2019 are prepared under the presentation, recognition and measurement rules set out in the international accounting standards published by the IASB and approved by the European Union for application at 31 December 2019. These international standards are IAS (International Accounting Standards), IFRS (International Financial Reporting Standards), and SIC and IFRIC interpretations.
The Group has not opted for early application of standards and interpretations that were not yet mandatory in 2019.
The accounting and valuation methods applied by the Group in the consolidated financial statements at 31 December 2019 are identical to those used in the consolidated financial statements at 31 December 2018, with the exception of the following changes:
IFRS 16 “Leases”, which is mandatory for financial years beginning on or after 1 January 2019, was adopted by the European Union on 31 October 2017. The recognition and measurement principles that now apply to lease contracts are described in note 1.3.13, and the information required by IAS 8 and IFRS 16 about the effects of the new standard’s application by the Group is provided in note 2.1.
This interpretation was adopted by the European Union on 23 October 2018 and is effective for financial years beginning on or after 1 January 2019.
It clarifies application of the provisions of IAS 12 “Income taxes” regarding recognition and measurement of income tax when fiscal uncertainty exists. The applicable methods are presented in note 1.3.8 and the impacts are described in note 2.2.
These improvements were adopted by the European Union on 14 March 2019 and contain amendments to:
These amendments have no impact on the Group’s consolidated financial statements.
These amendments were adopted by the European Union on 13 March 2019. They clarify that when a plan is amended, curtailed or settled during the accounting period, a company must update its actuarial assumptions at the date of the change to measure and record the current service cost and the net interest expense on the net defined benefit liability over the remainder of the reporting period, from the date of the change affecting the plan.
These amendments have been implemented by the Group for the settlement of the Framatome segment’s US pension plan. They have no significant impact on the Group’s consolidated financial statements (see note 34.1.1).
These amendments were adopted by the European Union on 8 February 2019. They clarify that an entity should first apply IFRS 9 “Financial Instruments” for impairment of other interests in an associate or joint venture that form part of its net investment in that associate or joint venture but are not accounted for by the equity method.
These amendments have no impact on the Group’s consolidated financial statements.
Under these amendments, which were adopted by the European Union on 22 March 2018, financial assets with an early redemption option that results in negative compensation qualify for measurement at amortised cost, subject to certain conditions.
These amendments have no impact on the Group’s consolidated financial statements.
These amendments are expected to apply to business combinations taking place from 1 January 2020. They aim to clarify the distinction between the purchase of a business and the purchase of a group of assets.
The Group does not currently anticipate that application of these amendments will have any impact.
In March 2019 the IFRS Interpretations Committee published a decision regarding the accounting treatment of particular contracts to buy or sell a non-financial item in the future at a fixed price. This decision has no impact of the Group’s current practice, nor on the presentation of its financial statements.
