2 New and amended standards per 1 January 2015

New and amended standards per 1 January 2015

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 2015 financial year:

• IAS 19 - Employee benefits: defined benefit pension schemes - changes pertaining to the treatment of employee contributions and contributions from third parties affiliated to services. This change does not affect Q-Park as the Q-Park pension schemes qualify as defined contribution plans.
• Annual improvements to IFRS cycle 2011-2013:
  • IFRS 3 - Business combination - changes pertaining to the administrative processing of the establishment of a joint agreement in the annual accounts of the joint agreement itself. Q-Park NV does not qualify as joint agreement whereby this change does not impact the consolidated annual accounts.
  • IFRS 13 - Valuation at fair value - changes pertaining to the exception regarding financial assets and financial obligations, also including contracts within the application area IAS 39 'Financial instruments: recognition and measurement' or IFRS 9 'Financial instruments'. Q-Park does not apply the exception section of IFRS 13, whereby this change does not impact the consolidated annual accounts.
  • IAS 40 - Investment property - changes pertaining to the classification of acquisitions as business combination or so-called 'asset deal'. Classification must be determined based on the requirements of IFRS 3 'Business Combinations' and not IAS 40. This change does not impact the consolidated annual accounts as the classification of an acquisition, also in previous years, was already determined based on the requirements as set out in IFRS 3.

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 2018.
• IFRS 16 - Leases - introduction of a new model for recognition of lease agreements, in force as per 1 January 2019.
• IAS 1 - Presentation of Financial Statements - gives additional guidelines that further clarify 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.

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