BMW 2011 Annual Report Download - page 96

96
76 GROUP FINANCIAL STATEMENTS
76 Income Statements
76 Statement of
Comprehensive Income
78 Balance Sheets
80 Cash Flow Statements
82 Group Statement of Changes
in Equity
84 Notes
84 Accounting Principles
and Policies
100 Notes to the Income
Statement
107 Notes to the Statement
of Comprehensive Income
108
Notes to the Balance Sheet
129 Other Disclosures
145 Segment Information
The revised version of IAS 24 (Related Party Disclosures)
clarifies the definition of related parties. In addition,
entities with relationships with government-related en-
tities are exempted from making certain disclosures
about transactions with related parties. As a result of
the amendment to IAS 24, detailed disclosures are now
only required for significant transactions. Quantitative
Change in presentation of the Statement of Cash Flows
The net profit for the financial year ended 31 December
2010 increased by € 9 million as a result of the change
in accounting policy for leased products. In addition, the
line items “Change in leased products” decreased by
or qualitative disclosures must be made to indicate the
impact of transactions which may not be individually
significant, but which are collectively significant. First-
time application of the amendments to IAS 24 did not
have any significant impact on disclosures made by the
BMW Group with respect to relationships with related
parties.
€ 17 million and “Change in deferred taxes” increased
by € 8 million. These adjustments did not have any
impact on the cash inflow from operating activities. Fur-
ther information is provided in note 43.
9
New financial reporting rules
(a) Financial reporting rules applied for the first time in the financial year 2011
The following Standards, Revised Standards, Amendments and Interpretations issued by the IASB were applied for
the first time in the financial year 2011:
Change in presentation in the income statement
2010 As originally Change in As reported
in € million reported accounting
policy
Cost of sales – 49,562 17 – 49,545
Gross profit 10,915 17 10,932
Profit before financial result 5,094 17 5,111
Profit before tax 4,836 17 4,853
Income taxes – 1,602 – 8 – 1,610
Net profit 3,234 9 3,243
Attributable to shareholders of BMW AG 3,218 9 3,227
Earnings per share of common stock in € 4.91 0.02 4.93
Earnings per share of preferred stock in € 4.93 0.02 4.95
Diluted earnings per share of common stock in € 4.91 0.02 4.93
Diluted earnings per share of preferred stock in € 4.93 0.02 4.95
Standard / Nature of change Date of man- Endorsed Impact on BMW Group
Interpretation datory application by EU
IFRS 1 Exemption from Comparative IFRS 7 Disclosures 1. 1. 2011 Ye s None
IAS 24 Related Party Disclosures 1. 1. 2011 Yes Not significant
IAS 32 Classification of Subscription Rights 1. 1. 2011 Yes None
Annual Improvements to IFRS* 1. 1. 2011 Yes Not significant
IFRIC 14 Upfront-payments in conjunction with Minimum
Funding Requirements
1. 1. 2011 Yes Not significant
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments 1. 1. 2011 Yes None
* Unless otherwise specified, the amendments are effective for annual periods beginning on or after 1 January 2011.