Porsche 2007 Annual Report Download - page 146
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143
New Accounting Standards
a) The Group has adopted the following new and amended IFRS and interpretations during
the fiscal year for the first time. Adoption of these interpretations had the following
effect on the consolidated financial statements:
IFRS 7 “Financial Instruments: Disclosures”
IFRS 7 governs the disclosure requirements for financial instruments for industrial entities as well
as banks and similar financial institutions. IFRS 7 replaces IAS 30 “Disclosures in the Financial
Statements of Banks and Similar Financial Institutions” as well as the disclosure requirements
contained in IAS 32 “Financial Instruments: Disclosure and Presentation”. This standard requires
extensive additional disclosures in the notes on the financial instruments of the Porsche Group.
Amendment to IAS 1 “Presentation of Financial Statements”
These changes require new disclosures on the capital management of the Porsche Group.
b) The following new or revised standards and interpretations which have been adopted
for first time had no or no material effect on the consolidated financial statements:
IFRIC 10 “Interim Financial Reporting and Impairment”
This interpretation stipulates that an impairment of goodwill or certain financial instruments
charged in the financial statements of past interim financial statements cannot be reversed
in later annual financial statements.
IFRIC 11 “Group and Treasury Share Transactions”
This interpretation clarifies how group share-based payments are accounted for and treated.
c) The following standards and interpretations which have been published but whose
adoption is not yet mandatory or applicable in the EU have not yet been adopted:
Revision of IFRS 1 “First-Time Adoption of International Financial Reporting Standards” and IAS 27
“Consolidated and Separate Financial Statements”
The standards regulate simplifications for the measurement of investments in separate financial
statements to be prepared according to IFRSs for the first time. The amendments are applicable
for fiscal years beginning on or after 1 July 2009.
Amendments to IFRS 2 “Share-based Payment”
The amendment clarifies that only service and performance conditions constitute vesting
conditions. The amendment also provides that the rulings on premature termination apply
regardless of whether the share-based payment plan is terminated by the company or another
party. The amendment is applicable for fiscal years beginning on or after 1 January 2009.