(4) New or amended IFRS standards and interpretations not yet adopted The following is a list of new or amended IFRS standards and interpretations that the Group has not adopted among those issued  by the date of the approval of the Group’s consolidated financial statements. Also, the effects on the Group due to the application of  the standards or interpretations listed below are still under consideration and cannot be estimated at this time. IFRSs Effective date (fiscal years beginning on or after) The Group’s  application date  (fiscal year ending) Summaries of new or amended IFRS  standards and interpretations IAS 32 Financial Instruments: Presentation 1 January 2014 31 March 2015 Offsetting financial assets and financial liabilities IAS 36 Impairment of Assets 1 January 2014 31 March 2015 Disclosures related to recoverable amount of  non-financial assets IFRS 10 Consolidated Financial  Statements 1 January 2014 31 March 2015 Establishment of accounting treatment for entities  meeting new definition of investment entity IFRS 12 Disclosure of Interests in  Other Entities 1 January 2014 31 March 2015 Additional disclosure requirements for newly  defined investment entities IFRIC 21 Levies 1 January 2014 31 March 2015 Clarification of recognition of liabilities for levies IAS 19 Employee Benefits 1 July 2014 31 March 2016 Clarification of accounting for contributions by  employees or third parties IFRS 9 Financial Instruments — — Requirements for classification and measurement  of financial assets and financial liabilities IFRS 15 Revenue from Contracts  with Customers 1 January 2017 31 March 2018 Comprehensive framework for revenue  recognition 3. significant accounting policies (1) Basis of consolidation (i) Subsidiaries (iii) Joint arrangements (2) Business combinations (ii) Associates Unless otherwise noted, the accounting policies set forth  below are applied continuously to all periods indicated in the  consolidated financial statements (including the consolidated  statement of financial position at the date of transition to IFRS). A joint arrangement is an arrangement in which the Group has  joint control. Joint control is the contractually agreed sharing of  control of an arrangement, which exists only when decisions  about the activities that significantly affect the returns of the  arrangement require the unanimous consent of the parties  sharing control. Joint arrangements in which the Group has an  interest are classified and accounted for as follows: The consideration transferred is measured at fair value and  calculated as the aggregate of the fair values of the assets  transferred, liabilities assumed, and the equity interests issued  by the Group. The consideration transferred also includes any  assets or liabilities resulting from a contingent consideration  arrangement. Business combinations are accounted for using the acquisition  method. Subsidiaries are entities controlled by the Group. The Group  controls an entity when the Group has power over the entity, is  exposed to, or has rights, to variable returns from its involve- ment with the entity, and has the ability to affect those returns  through its power over the entity. Subsidiaries are fully consoli- dated from the date on which control is transferred to the  Group, and they are deconsolidated from the date on which  the Group loses control. All intragroup assets and liabilities, transactions and unre- alised gains or losses arising from intragroup transactions are  eliminated on consolidation. Associates are entities over which the Group has significant  influence on their financial and operating policies but does not  have control or joint control. If the Group owns between 20%  and 50% of the voting power of an entity, it is presumed that  the Group has significant influence over the entity. The Group  accounts for investments in associates using the equity method. Annual Report 2014 _  Astellas Pharma Inc.  109 Financial Section · Joint operation—when the Group has rights to the assets  and obligations for the liabilities relating to an arrangement, it  accounts for each of its assets, liabilities, revenue and  expenses, in relation to its interest in the joint operation. · Joint venture—when the Group has rights only to the net  assets of the arrangement, it accounts for its interest in the  joint venture using the equity method in the same way as  associates.