Accounting standards


Effects of new and amended IFRSs

Volkswagen AG has adopted all accounting pronouncements required to be applied starting in fiscal year 2009.

The amended IFRS 7, Financial Instruments: Disclosures, broadens the disclosures on measuring the fair value of financial instruments and on the liquidity risk arising from financial liabilities.

The new IFRS 8, Operating Segments, changes the presentation of segment reporting. In line with the management approach, Volkswagen presents three reportable segments. In addition, certain activities that are not internally allocated to the operating segments, as well as consolidation adjustments, are presented in a reconciliation.

The revision of IAS 1, Presentation of Financial Statements, changed the presentation format of the primary financial statements. The names of certain financial statements were also amended.

IAS 7, which was amended under the annual Improvements Project, now allows cash flows from changes in leasing and rental assets to be classified as cash flows from operating activities. Consequently, the presentation of cash flows from changes in financial services receivables has also been adjusted to ensure uniform reporting of finance and leasing transactions in the consolidated cash flow statement. Apart from this, there were no other significant changes resulting from the Improvements Project 2008.

The revised IAS 23, Borrowing Costs, requires borrowing costs that are directly attributable to the acquisition, production, or construction of qualifying assets on or after January 1, 2009 to be capitalized. A qualifying asset is an asset that necessarily takes at least a year to get ready for its intended use or sale. The revised IAS 23 does not materially affect the presentation of the Volkswagen Group’s net assets, financial position and results of operations.

In addition, the following standards and interpretations were required to be applied for the first time in fiscal year 2009, but did not have any material effects on the presentation of the Group’s consolidated financial statements.

IFRS 1/IAS 27: Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associates

IFRS 2: Share-based Payment – Vesting Conditions and Cancellations

IFRS 4: Insurance Contracts

IFRS 7/IAS 39: Reclassification of Financial Assets – Effective Date

IAS 1/IAS 32: Puttable Financial Instruments and Obligations Arising on Liquidation

IFRIC 9/IAS 39: Reassessment of Embedded Derivatives

IFRIC 11/IFRS 2: Group and Treasury Share Transactions

IFRIC 13: Customer Loyalty Programmes

IFRIC 14/IAS 19: The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction

New and amended IFRSs not applied

In its 2009 consolidated financial statements, Volkswagen AG did not apply the following accounting standards or interpretations that have already been adopted by the IASB but were not required to be applied for fiscal year 2009.

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Standard/Interpretation1

 

Issued
by the IASB

 

Effective date2

 

Adopted by the EU1

 

Expected effects

1

In the period up to December 31, 2009.

2

Required to be applied for the first time by Volkswagen AG.

3

Minor amendments to a large number of standards and interpretations (IFRS 2, IFRS 5, IFRS 8, IAS 1, IAS 7, IAS 17, IAS 18, IAS 36, IAS 38, IAS 39, IFRIC 9, IFRIC 16) and resulting changes.

IFRS 1

 

First-time Adoption of IFRSs

 

Nov. 25, 2008

 

Jan. 1, 2010

 

Yes

 

None

IFRS 1

 

Additional Exemptions for First-time Adopters

 

July 23, 2009

 

Jan. 1, 2010

 

No

 

None

IFRS 1/
IFRS 5

 

Improvements 2008

 

May 22, 2008

 

Jan. 1, 2010

 

Yes

 

None

IFRS 2

 

Group Cash-settled Share-based Payment Transactions

 

June 18, 2009

 

Jan. 1, 2010

 

No

 

None

IFRS 3/
IAS 27

 

Business Combinations/Consolidated Financial Statements

 

Jan. 10, 2008

 

Jan. 1, 2010

 

Yes

 

Change in the presentation of business combinations

IFRS 9

 

Financial Instruments: Classification and Measurement

 

Nov. 12, 2009

 

Jan. 1, 2013

 

No

 

Change in the accounting treatment of fair value changes in financial instruments previously classified as available for sale

IAS 24

 

Related Party Disclosures

 

Nov. 4, 2009

 

Jan. 1, 2011

 

No

 

Simplification of reporting of related party transactions with state-controlled entities and their subsidiaries

IAS 32

 

Classification of Rights Issues

 

Oct. 8, 2009

 

Jan. 1, 2011

 

Yes

 

None

IAS 39

 

Exposures Qualifying for Hedge Accounting

 

July 31, 2008

 

Jan. 1, 2010

 

No

 

None

 

 

Improvements 20093

 

Apr. 16, 2009

 

Jan. 1, 2010

 

No

 

No material effects

IFRIC 12

 

Service Concession Arrangements

 

Nov. 30, 2006

 

Jan. 1, 2010

 

Yes

 

None

IFRIC 14

 

IAS 19 – The Limit on a Defined Benefit Asset – Amendments

 

Nov. 26, 2009

 

Jan. 1, 2011

 

No

 

None

IFRIC 15

 

Agreements for the Construction of Real Estate

 

July 3, 2008

 

Jan. 1, 2010

 

Yes

 

None

IFRIC 16

 

Hedges of a Net Investment in a Foreign Operation

 

July 3, 2008

 

Jan. 1, 2010

 

Yes

 

None

IFRIC 17

 

Distributions of Non-cash Assets to Owners

 

Nov. 27, 2008

 

Jan. 1, 2010

 

Yes

 

None

IFRIC 18

 

Transfers of Assets from Customers

 

Jan. 29, 2009

 

Jan. 1, 2010

 

Yes

 

None

IFRIC 19

 

Extinguishing Financial Liabilities with Equity Instruments

 

Nov. 26, 2009

 

Jan. 1, 2010

 

No

 

None

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