Audi 2013 Annual Report Download - page 229

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
GENERAL INFORMATION
CONSOLIDATED FINANCIAL STATEMENTS
226
B
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 subscribed capital of AUDI AG is
held by Volkswagen AG, with which a control and profit transfer
agreement exists. 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 have
been calculated according to the same principles.
The Income Statement is prepared according to the interna-
tionally 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 dis-
crepancies may occur when adding these amounts.
The Consolidated Financial Statements provide a true and fair
view of the net worth, financial position and financial perfor-
mance of the Audi Group.
The requirements of 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 commer-
cial 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 6, 2014. 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 stand-
ards whose application became mandatory with effect from
the 2013 fiscal year.
The IASB’s revision of IAS 1 has resulted in changes in the way
that the Statement of Comprehensive Income is presented.
The items that come under other comprehensive income now
need to be differentiated according to whether they may prompt
reclassification into profit or loss at a later date when specific
conditions are met, or whether the possibility of such a reclas-
sification is excluded. The corresponding tax effects are also to
be assigned to these two groups. The Statement of Compre-
hensive Income and the Statement of Changes in Equity for
the Audi Group have been adjusted correspondingly. In the
Statement of Changes in Equity, the retained earnings now
comprise the accumulated profits along with the actuarial
gains and losses from pension obligations. The remaining
items are classified as “Other reserves.”
The revision of IAS 19 led to an adjustment in the way employee
benefits are accounted for. The effects on the Consolidated
Financial Statements are as follows:
>Bonus contributions for partial retirement agreements are
to be accrued in the periods of service pro rata in the block
model applied in the Audi Group.
>A past service cost for pension obligations is to be recognized
immediately in profit or loss.
>Pension obligations and plan assets are discounted at a
uniform interest rate (net interest approach).
Because of the retrospective application of the revision of IAS 19,
the comparative information has been adjusted accordingly.
Taking the change in reporting pursuant to IAS 1 into account,
this had the following effects: