Audi 2009 Annual Report Download - page 191

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GENERAL INFORMATION
AUDI AG has the legal form of a German stock corporation (Aktiengesellschaft). Its registered
office is at Ettinger Strasse, Ingolstadt, and the company is recorded in the Commercial Register
of Ingolstadt under HR B 1.
Around 99.55 percent of the issued capital of AUDI AG is held by Volkswagen AG (Wolfsburg),
with which a control and profit transfer agreement is in force. The Consolidated Financial
Statements of AUDI AG are included in the Consolidated Financial Statements of Volkswagen AG,
which are held on file at the Local Court of Wolfsburg. The purpose of the Company is the devel-
opment, production and sale of motor vehicles, other vehicles and engines of all kinds, together
with their accessories, as well as machinery, tools and other technical articles.
ACCOUNTING PRINCIPLES
AUDI AG prepares its Consolidated Financial Statements on the basis of the International Finan-
cial Reporting Standards (IFRS) and the interpretations of the International Financial Reporting
Interpretations Committee (IFRIC). All pronouncements of the International Accounting Stan-
dards Board (IASB) whose application is mandatory in the EU have been observed. The prior-year
figures were calculated according to the same principles.
The Income Statement is prepared according to the internationally practiced cost of sales
method.
AUDI AG prepares its Consolidated Financial Statements in euros (EUR).
The Consolidated Financial Statements provide a true and fair view of the net worth, financial
performance and financial position of the Audi Group.
The requirements pursuant to Section 315a of the German Commercial Code (HGB) regarding
the preparation of consolidated financial statements in accordance with IFRS, as endorsed by
the EU, are met.
All requirements that must be applied under German commercial law are additionally observed
in preparing the Consolidated Financial Statements. The German Corporate Governance Code is
also complied with and is permanently available on the Internet at
www.audi.com/cgk-declaration.
Effects of new or revised standards
The Audi Group has implemented all of the accounting standards whose application became
mandatory with effect from the 2009 fiscal year.
The amended IFRS 7 “Financial Instruments: Disclosures” extends the disclosures to include
determination of the fair value of financial instruments.
The new IFRS 8 “Operating Segments” means that segment reporting has been reorganized. In
line with the management approach, the Audi Group has a one-segment structure.
The amendments made to IAS 1 “Presentation of Financial Statements” have resulted in a re-
organization of the financial statements and, in some cases, adjustments to the descriptions.
The changes made to IAS 7 as part of the annual improvements project provide for the alloca-
tion of cash flow from changes in rental assets to cash flow from operating activities. This
change does not have any material impact on the Audi Group. Apart from this, the 2008
improvements project did not have any effect on the Audi Group’s Consolidated Financial
Statements.
The changes to IAS 23 “Borrowing Costs” mean that the borrowing costs related to qualified
assets with regard to which acquisition or production began on or after January 1, 2009 must be
capitalized. An asset is deemed to be qualified if a period of at least one year is required to get
the asset in the condition required for its intended use or sale. The changes to IAS 23 had no
major impact on the way in which the Audi Group’s net worth, financial performance and finan-
cial position are reported.