Siemens 2007 Annual Report Download - page 211

Notes to Consolidated Financial Statements 211
(in millions of €, except where otherwise stated and per share amounts)
Notes to Consolidated Financial Statements
of an entity for which separate fi nancial information is available that is evalu-
ated regularly by the entity’s chief operating decision maker in making deci-
sions about how to allocate resources and in assessing performance. Generally,
fi nancial information is required to be reported on the same basis as is used
internally for evaluating operating segment performance and deciding how to
allocate resources to operating segments. IFRS 8 is effective for fi scal periods
beginning on or after January 1, 2009. However, Siemens decided to early adopt
IFRS 8 in the fi rst quarter of fi scal 2007. See Note 36 for further information on
segment information.
The Consolidated Financial Statements were authorised for issue by the Man-
aging Board on November 23, 2007.
All standards and interpretations issued by the IASB and applied by Siemens in
preparing its Consolidated Financial Statements have been adopted for use in the
EU until the date of authorization for issue. The Consolidated Financial State-
ments of Siemens also comply with IFRS as published by the IASB. Therefore,
there are no differences and a reconciliation between IFRS as adopted by the EU
and IFRS as published by the IASB is not necessary. IFRS as adopted by the EU and
IFRS as published by the IASB are referred to, collectively, as IFRS in these Consol-
idated Financial Statements.
Financial statement presentation
The presentation of the Company’s worldwide fi nancial data is accompanied by a
component model presentation breaking down Siemens’ fi nancial position, results
of operations and cash fl ows into three components (see below). These compo-
nents contain the Company’s reportable segments (also referred to as Groups).
Siemens VDO Automotive (SV) no longer represents an operating segment and will
be dissolved in fi scal 2008 (for further information see Note 4 and 36).
¢ Siemens – Represents the Consolidated Financial Statements of the Company.
¢ Operations – Defi ned as Siemens’ nine operating Groups and certain operating
activities not associated with these Groups, as well as Strategic Equity Invest-
ments (see Note 36 for further information) and centrally managed items includ-
ing corporate headquarters, but excluding the activities of the Financing and
Real Estate Groups and the Corporate Treasury.
¢ Financing and Real Estate – Siemens’ Financing and Real Estate Groups are
responsible for the Company’s international leasing, fi nance, credit and real
estate management activities.
¢ Eliminations, reclassifi cations and Corporate Treasury – Captures separately
the consolidation of transactions among Operations and Financing and Real
Estate, as well as certain reclassifi cations. This component also includes the
Company’s Corporate Treasury activities.