AFD - 2018 Registration document

CONSOLIDATED FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH IFRS ACCOUNTING PRINCIPLES ADOPTED BY THE EUROPEAN UNION

Notes to the consolidated financial statements

The standards and interpretations used in the financial statements at 31 December 2018 were supplemented by the provisions of IFRS as adopted by the European Union and with mandatory application for the first time during this period. They relate to:

Date of application: financial years starting

Dates of publication by the European Union

Standards, amendments or interpretations

IFRS 15 Income from contracts with customers

September 2016 (EU 2016/1905) November 2016 (EU 2016/2067)

Replacement of IAS 11 Construction Contracts and IAS 18 Revenue

1 January 2018

IFRS 9 Financial Instruments

Replacement of IAS 39 – Financial Instruments: recognition and measurement

1 January 2018

Amendments to IFRS 9

The date of adoption by the EU has not

Prepayment features with negative compensation IFRIC 22 Foreign Currency Transactions and Advance Consideration The interpretation clarifies IAS 21 Effects of Changes in Foreign Exchange Rates

yet been fixed 1 January 2019 (1)

April 2018 (EU 2018/519)

1 January 2018

(1) AFD Group decided to apply the amendment to IFRS 9 early, from 1 January 2018. Unless otherwise stated, when application of the standards and interpretations adopted by the European Union is optional for a period, AFD did not take up the option.

From 1 January 2018, AFD Group published its IFRS financial statements for the first time in accordance with IFRS 9 Financial Instruments (section 6.2.3.2, “Accounting standards applicable to AFD”).

The most important new standards published but not yet applicable to the 2018 financial year are as follows:

Date of application: financial years starting

Dates of publication by the European Union

Standards, amendments or interpretations

IFRS 16 Leases

Replacement of IAS 17 – Leases IFRIC 23 Uncertainty over Income Tax Treatments The interpretation clarifies how to account for uncertainties when calculating income taxes under IAS 12

October 2017 1 January 2019

6

June 2017 1 January 2019

IFRS 9 Financial Instruments IFRS 9 replaced IAS 39 Financial Instruments: Recognition and Measurement. It sets out new principles for classifying and measuring financial instruments, credit risk impairment and hedge accounting, excluding macro-hedges. IFRS 9 is mandatory and applies retrospectively from 1 January 2018 by adjusting the opening balance sheet at the date of initial application, without the obligation to restate the financial statements of the 2017 comparative period. Accordingly, the assets and liabilities of the 2017 financial year relating to financial instruments are recognised and measured in accordance with IAS 39, as described in the accounting principles and policies presented in the 2017 financial statements. The effects of the initial application of IFRS 9 are disclosed in section 6.2.4, “Impact of the initial application of IFRS 9”.

IFRS 15 Revenue from contracts with customers IFRS 15 Revenue from contracts with customers applies from 1 January 2018 (in accordance with Regulation (EU) 2016/1905). The “Clarification of IFRS 15” amendment, which provides additional information, comes into force on the same date (in accordance with regulation EU 2017/1987). IFRS 15 replaced IAS 11 Construction Contracts, IAS 18 Revenue, and all interpretations linked to IFRIC 13 Customer Loyalty Programmes, IFRIC 15 Agreements for the Construction of Real Estate, IFRIC 18 Transfers of Assets from Customers and SIC 31 Revenue – Barter Transactions Involving Advertising Services.

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REGISTRATION DOCUMENT 2018