Changes in accounting policies
The following standards and interpretations or amendments to these, which were applicable for the first time in financial year 2009, had no or no material effects on the presentation of the net assets, financial position and results of operations of the Group:
- IFRS 8 – Operating Segments (from 1 January 2009)
- IAS 1 rev. 2007 – Presentation of Financial Statements (from 1 January 2009)
- IAS 23 rev. 2007 – Borrowing Costs (from 1 January 2009)
- IFRS 1 and IAS 27 – Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate (amendments to IFRS 1 and IAS 27) (from 1 January 2009)
- IFRS 2 – Vesting Conditions and Cancellations (amendment to IFRS 2) (from 1 January 2009)
- IFRS 7 – Financial Instruments: Disclosures (amendment to IFRS 7) (from 1 January 2009)
- IAS 32 and IAS 1 – Puttable Financial Instruments and Obligations arising on Liquidation (amendments to IAS 32) (from 1 January 2009)
- IAS 39 and IFRS 7 – Reclassification of Financial Assets (amendments to IAS 39) (from 1 July 2008)
- Annual Improvements 2008 – improvements to various standards (from 1 January 2009)
- IFRIC 13 – Customer Loyalty Programmes (from 1 July 2008)
- IFRIC 15 – Agreements for the Construction of Real Estate (from 1 January 2009)
- IFRIC 16 – Hedges of a Net Investment in a Foreign Operation (from 1 October 2008)
The revision of IAS 1 “Presentation of Financial Statements” in 2007 introduced a change in terminology, including changed titles for the components of consolidated financial statements and changes relating to the nature of the presentation and its content. The presentation of the consolidated financial statements has been adapted on the basis of the amendments to IAS 1, which are to be applied to financial years that begin on or after 1 January 2009.
On 5 March 2009, the IASB published amendments to IFRS 7 “Financial Instruments: Disclosures” in its document “Improving Disclosures about Financial Instruments – Amendments to IFRS 7”. These amendments to IFRS 7 relate to disclosures of fair value measurements and of liquidity risk. The specifications for disclosures of fair value measurements are specified provide for the introduction of a tabular breakdown for each class of financial instrument on the basis of a three-level “fair value hierarchy”, and the scope of disclosure requirements is also extended. A distinction is made here between three measurement categories:
Level 1: At the first level of the “fair value hierarchy”, fair values are determined using publicly quoted market prices, as the best-possible objective indication of the fair value of a financial asset or liability can be observed on an active market.
Level 2: If there is no active market for an instrument, a company determines the fair value using measurement models. These models include use of the most recent arm’s-length transactions between knowledgeable and willing parties, comparison with the current fair value of another, essentially identical financial instrument, use of the discounted cash flow method and option pricing models. The fair value is estimated on the basis of the results of a method of measurement that uses data from the market to the greatest possible extent and is based as little as possible on company-specific data.
Level 3: The measurement models used for this level are based on parameters that are not observable on the market.
In 2009, the IASB issued standards and interpretations of and amendments to existing standards which it was not yet compulsory to apply in the consolidated financial statements for this period.
- IFRS 1 rev. 2008 – First-time Adoption of IFRS (from 1 July 2009)
- IFRS 3 rev. 2008 – Business Combinations (from 1 July 2009)
- IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations – Annual Improvements (from 1 July 2009)
- IAS 27 rev. 2008 – Consolidated and Separate Financial Statements (from 1 July 2009)
- IAS 39 – Eligible Hedged Items – amendment to IAS 39 (from 1 July 2009)
- IFRIC 17 – Distributions of Non-cash Assets to Owners (from 1 July 2009)
- IFRIC 18 – Transfers of Assets from Customers (for transfers after 1 July 2009)
- IFRS 2 – Share-based Payment (from 1 January 2010)
- IAS 32 – Financial Instruments: Presentation (from 1 February 2010)
- IAS 24 – Related Party Disclosures (from 1 January 2011)
- IFRS 9 – Financial Instruments: Disclosures (from 1 January 2013)
- IFRIC 9 and IAS 39 – Embedded Derivatives (from 1 July 2009)
- IFRIC 14 – IAS 19: The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction (from 1 January 2011)
- IFRIC 19 – Extinguishing Financial Liabilities with Equity Instruments (from 1 July 2010)
- Annual Improvements 2009 – amendments to 12 standards and interpretations (from 1 January 2010)
The official announcements that did not yet have to be applied in 2009 will be implemented in the year in which their application becomes compulsory for the first time. The amendments to IFRS 3 and to IAS 27 will be applied for the first time to business combinations and transactions with subsidiaries which take place in financial year 2010. According to present assessments, no material effect is expected on the consolidated financial statements from the initial application of the amendments listed.