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 |
Effective date2 |
Adopted by the EU1 |
Expected effects | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ||||||||||||||||
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/ |
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/ |
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 |