Audi 2011 Annual Report Download - page 202

199
Consolidated Financial
Statements
188 Income Statement
189 Statement of Recognized
Income and Expense
190 Balance Sheet
191 Cash Flow Statement
192 Statement of Changes in Equity
Notes to the Consolidated
Financial Statements
194 Development of fixed assets
in the 2011 fiscal year
196 Development of fixed assets
in the 2010 fiscal year
198 General information
198 Accounting principles
201 Group of consolidated
companies
202 Consolidation principles
203 Foreign currency translation
204 Recognition and
measurement principles
212 Notes to the Income Statement
218 Notes to the Balance Sheet
227 Additional disclosures
248 Events occurring subsequent
to the balance sheet date
249 Statement of Interests
held by the Audi Group
Effects of new or revised standards
The Audi Group has implemented all of the accounting standards whose application became
mandatory with effect from the 2011 fiscal year.
The revised version of IAS 24 provides the option of simplifying reporting to public institutions
and their subsidiaries. The Audi Group has not made use of this right. Additionally, the revised
version of IAS 24 clarifies the definition of related parties and of transactions that must be
disclosed. The range of transactions with related parties that must be disclosed has been ex-
tended in this regard to include further contractual obligations. The previous year’s figures have
been adjusted accordingly.
In line with the amendments to IFRS 7 made in the context of the Improvements to the Inter-
national Financial Reporting Standards 2010, the disclosure rules on the type and extent of risks
associated with financial instruments have been adjusted. One of the changes is that information
must be provided on the financial impact of the collateral held and on credit enhancements.
Additionally, it is no longer necessary to disclose the carrying amounts of financial instruments
with regard to which contractual changes have been made to avoid them becoming past due.
The following standards and interpretations were also applied for the first time during the cur-
rent fiscal year without this having any major impact on the presentation of the Consolidated
Financial Statements.
– IFRS 1: Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters
– IAS 32: Classification of Rights Issues
– Improvements to the International Financial Reporting Standards 2010 – Minor revisions to a
variety of standards (IFRS 1, IFRS 3, IFRS 7, IAS 1, IAS 27, IAS 34, IFRIC 13) and resulting
changes
– IFRIC 14: Prepayments of a Minimum Funding Requirement
– IFRIC 19: Extinguishing Financial Liabilities with Equity Instruments