Porsche 2007 Annual Report Download - page 144
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141
Liabilites
Non-current liabilities are carried at amortized cost in the balance sheet. Differences between their
historical cost and their settlement amount are accounted for using the effective interest method.
Current liabilities are recognized at their repayment or settlement value.
Revenue and expenses
Revenue is generally recognized to the extent that it is probable that the economic benefits will
flow to the Group and the revenue can be reliably measured.
Revenue from the sale of products is generally not recognized until the point in time when the
significant opportunities and risks associated with ownership of the goods and products being sold
is transferred to the buyer. Revenue is reported net of discounts, customer bonuses and rebates.
Proceeds from assets for which a group entity has a buy-back agreement cannot be realized until
the assets have finally left the Group. Until then, it is accounted for in the inventories.
In the case of long-term construction costs income is recognized in accordance with the percen-
tage of completion. Interest income is recognized as interest accrues. Dividend income is recog-
nized when the Group’s right to receive the payment is established.
Production-related expenses are recognized upon delivery or utilization of the service, while all
other expenses are recognized as an expense as incurred. The same applies for non-capitalizable
development costs.
Provisions for warranty claims are recognized at the time of sale of the products. Interest
expenses incurred for financial services are disclosed under cost of materials.
Contingent liabilities
A contingent liability is a possible obligation to third parties that arises from past events and
whose existence will be confirmed only by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of the Porsche Group. A contingent liability
may also be a present obligation that arises from past events but is not recognized because an
outflow of resources is not probable or the amount of the obligation cannot be measured with
sufficient reliability.