Audi 2013 Annual Report Download - page 241

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
RECOGNITION AND MEASUREMENT PRINCIPLES
CONSOLIDATED FINANCIAL STATEMENTS
238
B
When calculating deferred tax assets, assumptions are required
with regard to future taxable income and the dates on which
the deferred tax assets are likely to be realized.
The assumptions and estimates are based on premises that
reflect the facts as known at any given time. In particular, the
circumstances at the time of preparation of the Consolidated
Financial Statements as well as the realistically assumed
future development of the global and industry-specific envi-
ronment are used as a basis for estimating expected future
business development. Given that future business develop-
ment is subject to various uncertain factors, some of which are
outside the Group’s control, the assumptions and estimates
applied continue to be exposed to a high level of uncertainty.
This is particularly true of short and medium-term cash flow
forecasts and of the discounting rates used in forecasts.
Developments in this environment that deviate from assump-
tions and are beyond the management’s sphere of influence
may cause the actual amounts to differ from the estimates
originally anticipated. If the actual development varies from
the anticipated development, the premises and, if necessary,
the carrying amounts for the assets and liabilities in question
are adjusted accordingly.
The Audi Group expects to see global economic growth slightly
pick up pace in 2014. Emerging economies can be expected to
continue to expand more strongly than the industrialized
nations, although the latter should also experience an acceler-
ation in their rate of growth. Overall, as things currently stand,
no major adjustment is expected in the carrying amounts of
assets and liabilities in the Consolidated Balance Sheet in the
2014 fiscal year.
Management’s estimates and assumptions were based in partic-
ular on assumptions regarding the development of the economy
as a whole, the development of automotive and motorcycle
markets, and the development of the basic legal parameters.
These aspects, as well as further assumptions, are described in
detail in the report on expected developments.