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Summary of significant accounting policies (Tables) | 12 Months Ended
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Jun. 30, 2018
Summary Of Significant Accounting Policies |
Schedule of income and other comprehensive income | The following standards and amendments have been issued by the IASB. Below we outline the standards and amendments that may potentially have an impact on the Group at the time of application. Standards and amendments adopted by the Group
Standards and amendments | Description | Date of mandatory adoption for the Group in the year ended on
Cycle of annual improvements 2014-2016. IFRS 12 “Disclosure of Interests in other entities”. | Clarifies the standard scope. | 06-30-2018
Amendments to IAS 7 "Disclosure initiative". | Establishes that the entity shall disclose information so that users of the Financial Statements may assess the changes in liabilities resulting from financing activities, including both cash and non-cash changes. | 06-30-2018
Amendments to IAS 12 "Recognition of deferred tax assets for unrealized losses". | Clarifies the accounting of deferred income tax assets in the case of unrealized losses from debt instruments measured at fair value. | 06-30-2018
The adoption of these standards and amendments has not had a material impact for the Group. See details of IAS 7 modifications in Note 19. Standards and amendments not yet adopted by the Group
Standards and amendments | Description | Date of mandatory adoption for the Group in the year ended on
Amendments to IAS 40 "Transfers of Investment Properties" | Clarifies the conditions that should be met for an entity to transfer a property to, or from, investment properties. | 06-30-2019
Cycle of annual improvements 2014-2016. IAS 28 “Investments in Associates and Joint ventures”. | Clarifies that the option to measure an associate or a joint venture at fair value for a qualifying entity is available upon initial recognition. | 06-30-2019
IFRS 9 “Financial Instruments”. | Adds a new impairment model based on expected losses and introduces some minor amendments to the classification and measurement of financial assets. | 06-30-2019
IFRS 15 “Revenues from contracts with customers” | Provides the new revenue recognition model derived from contracts with customers. The core principle underlying the model is satisfaction of performance obligations assumed with customers. Applies to all contracts with customers, except those covered by other IFRSs, such as leases, insurance and financial instruments contracts. The standard does not address recognition of interest or dividend income. | 06-30-2019
Amendments to IFRS 2 "Share-based Payment". | The amendments clarify the scope of the standard in relation to (i) accounting of the effects that the concession consolidation conditions have on cash settled share-based payments, (ii) the Classification of the share-based payment transactions subject to net settlement, and (iii) accounting for the amendment of terms and conditions of the share-based payment transaction that reclassifies the transaction from cash settled to equity settled. | 06-30-2019
IFRS 16 "Leases". | Will supersede IAS 17 currently in force (and associated interpretations) and its scope includes all leases, with a two specific exceptions (low cost assets’ leases and short-term leases). Under the new standard, lessees are required to account for leases under one single model in the balance sheet that is similar to the one used to account for financial leases under IAS 17. The accounting of the lessor has no significant changes. | 06-30-2020
The future adoption of these standards modifications and interpretations will not have a significant impact to the Group, except for the following:
Schedule of financial position | Breakdown of the expected changes to the financial position of the Group due to the application of IFRS 9 and 15 are described below:
| Current statement of financial position | IFRS 15 impact | IFRS 9 impact | Adjusted statement of financial position
ASSETS |  |  |  |
Non-current assets |  |  |  |
Trading properties | 6,018 | (3,338) | - | 2,680
Investments in associates and joint ventures | 24,650 | 24 | (19) | 24,655
Deferred income tax assets | 380 | (95) | - | 285
Trade and other receivables | 8,142 | 497 | (63) | 8,576
Total non-current assets | 239,755 | (2,912) | (82) | 236,761
Current assets |  |  |  |
Trading properties | 3,232 | (734) | - | 2,498
Trade and other receivables | 14,947 | 292 | (32) | 15,207
Total current assets | 96,018 | (442) | (32) | 95,544
TOTAL ASSETS | 335,773 | (3,354) | (114) | 332,305
SHAREHOLDERS’ EQUITY |  |  |  |
Shareholders' equity attributable to equity holders of the parent |  |  |  |
Retained earnings | 37,421 | 127 | (453) | 37,095
Non-controlling interest | 37,120 | 126 | (473) | 36,773
TOTAL SHAREHOLDERS’ EQUITY | 74,541 | 253 | (926) | 73,868
LIABILITIES |  |  |  |
Non-current liabilities |  |  |  |
Trade and other payables | 3,484 | (1,647) | - | 1,837
Borrowings | 181,046 | - | 1,025 | 182,071
Deferred income tax liabilities | 26,197 | (43) | (268) | 25,886
Total non-current liabilities | 214,476 | (1,690) | 757 | 213,543
Current liabilities |  |  |  |
Trade and other payables | 14,617 | (1,925) | - | 12,692
Borrowings | 25,587 | - | 55 | 25,642
Income tax and MPIT liabilities | 522 | 8 | - | 530
Total current liabilities | 46,756 | (1,917) | 55 | 44,894
TOTAL LIABILITIES | 261,232 | (3,607) | 812 | 258,437
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES | 335,773 | (3,354) | (114) | 332,305
Schedule of business through several operating and investment companies | The Group conducts its business through several operating and investment companies, the principal are listed below:
|  |  | % of ownership interest held by the Group
Name of the entity | Country | Main activity | 06.30.2018 | 06.30.2017 | 06.30.2016
IRSA's direct interest: |  |  |  |  |
IRSA CP (1) | Argentina | Real estate | 86.34% | 94.61% | 94.61%
E-Commerce Latina S.A. | Argentina | Investment | 100.00% | 100.00% | 100.00%
Efanur S.A. | Uruguay | Investment | 100.00% | 100.00% | 100.00%
Hoteles Argentinos S.A. | Argentina | Hotel | 80.00% | 80.00% | 80.00%
Inversora Bolívar S.A. | Argentina | Investment | 100.00% | 100.00% | 100.00%
Llao Llao Resorts S.A. (2) | Argentina | Hotel | 50.00% | 50.00% | 50.00%
Nuevas Fronteras S.A. | Argentina | Hotel | 76.34% | 76.34% | 76.34%
Palermo Invest S.A. | Argentina | Investment | 100.00% | 100.00% | 100.00%
Ritelco S.A. | Uruguay | Investment | 100.00% | 100.00% | 100.00%
Tyrus S.A. | Uruguay | Investment | 100.00% | 100.00% | 100.00%
U.T. IRSA and Galerías Pacífico (2) (6) | Argentina | Investment | 50.00% | 50.00% | -
IRSA CP's direct interest: |  |  |  |  |
Arcos del Gourmet S.A. | Argentina | Real estate | 90.00% | 90.00% | 90.00%
Emprendimiento Recoleta S.A. | Argentina | Real estate | 53.68% | 53.68% | 53.68%
Fibesa S.A. (3) | Argentina | Real estate | 100.00% | 100.00% | 100.00%
Panamerican Mall S.A. | Argentina | Real estate | 80.00% | 80.00% | 80.00%
Shopping Neuquén S.A. | Argentina | Real estate | 99.92% | 99.92% | 99.14%
Torodur S.A. | Uruguay | Investment | 100.00% | 100.00% | 100.00%
EHSA | Argentina | Investment | 70.00% | 70.00% | -
Centro de Entretenimiento La Plata (6) | Argentina | Real estate | 100.00% | - | -
Tyrus S.A.'s direct interest: |  |  |  |  |
DFL (4) | Bermudas | Investment | 91.57% | 91.57% | 91.57%
I Madison LLC | USA | Investment | - | 100.00% | 100.00%
IRSA Development LP | USA | Investment | - | 100.00% | 100.00%
IRSA International LLC | USA | Investment | 100.00% | 100.00% | 100.00%
Jiwin S.A. | Uruguay | Investment | 100.00% | 100.00% | 100.00%
Liveck S.A. | Uruguay | Investment | 100.00% | 100.00% | 100.00%
Real Estate Investment Group IV LP (REIG IV) | Bermudas | Investment | - | 100.00% | 100.00%
Real Estate Investment Group V LP (REIG V) | Bermudas | Investment | 100.00% | 100.00% | 100.00%
Real Estate Strategies LLC | USA | Investment | 100.00% | 100.00% | 100.00%
Efanur S.A.'s direct interest: |  |  |  |  |
Real Estate Investment Group VII LP (REIG VII) | Bermudas | Investment | 100.00% | - | -
DFL's direct interest: |  |  |  |  |
IDB Development Corporation Ltd. | Israel | Investment | 100.00% | 68.28% | 66.28%-
Dolphin IL Investment Ltd. | Israel | Investment | 100.00% | - | -
DIL's direct interest: |  |  |  |  |
Discount Investment Corporation Ltd. (4) | Israel | Investment | 76.57% | 77.25% | 76.43%
IDBD's direct interest: |  |  |  |  |
IDB Tourism (2009) Ltd. | Israel | Tourism services | 100.00% | 100.00% | 100.00%
IDB Group Investment Inc. | Israel | Investment | 100.00% | 100.00% | 100.00%
DIC's direct interest: |  |  |  |  |
Property & Building Corporation Ltd. | Israel | Real estate | 64.40% | 64.40% | 76.45%
Shufersal Ltd. (7) | Israel | Retail | - | 54.19% | 52.95%
Cellcom Israel Ltd. (5) | Israel | Telecommunications | 43.14% | 42.26% | 41.77%
Elron Electronic Industries Ltd. | Israel | Investment | 50.30% | 50.30% | 50.30%
Bartan Holdings and Investments Ltd. | Israel | Investment | 55.68% | 55.68% | 55.68%
Epsilon Investment House Ltd. | Israel | Investment | 68.75% | 68.75% | 68.75%
(1) Includes interest held through E-Commerce Latina S.A. and Tyrus S.A. (2) The Group has consolidated the investment in Llao Llao Resorts S.A. and UT IRSA and Galerías Pacífico considering its equity interest and a shareholder agreement that confers it majority of votes in the decision making process. (3) Includes interest held through Ritelco S.A. and Torodur S.A. (4) Includes Tyrus's equity interest. Until the present financial year, the participation was through Tyrus S.A. and IDBD. (5) DIC considers it exercises effective control over Cellcom because DIC is the group with the higher percentage of votes vis-à-vis other shareholders, with a stake of 46.16%, also taking into account the historic voting performance in the Shareholders’ Meetings, as well as the evaluation of the holdings of the remaining shareholders, which are highly atomized. (6) Corresponds to acquisitions and constitutions of new entities considered not material as a whole. (7) Control was lost in June 30, 2018. See Note 4.G.
Schedule of useful life | The remaining useful life as of June 30, 2018 is as follows:
Buildings and facilities | Between 5 and 50 years
Machinery and equipment | Between 3 and 24 years
Communication networks | Between 4 and 20 years
Others | Between 3 and 25 years

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