Audi 2012 Annual Report Download - page 209

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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 development,
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 Financial
Reporting Standards (IFRS) and the interpretations of the International Financial Reporting
Standards Interpretations Committee (IFRS IC). All pronouncements of the International
Accounting Standards Board (IASB), whose application is mandatory in the European Union (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). All figures have been
rounded in accordance with standard commercial practice, with the result that minor discrepan-
cies may occur when adding these amounts.
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. In addition, the requirements of the German
Corporate Governance Code have been adhered to.
The Board of Management prepared the Consolidated Financial Statements on February 7,
2013. This date marks the end of the adjusting events period.
Effects of new or revised standards
The Audi Group has implemented all of the accounting standards whose application became
mandatory with effect from the 2012 fiscal year.
The IASB’s revision of IFRS 7 extends the disclosures required regarding the transfer of financial
assets. An asset is deemed to have been transferred as defined in IFRS 7 if the cash flows asso-
ciated with that asset have been transferred to a third party or are to be transferred to a third
party. With regard to such financial assets that are derecognized in their entirety but for which
there is a “continuing involvement,” the standard now contains further disclosure obligations.
This similarly applies to transferred financial assets that are not derecognized in their entirety.