Audi 2015 Annual Report Download - page 226

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
GENERAL INFORMATION
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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 subscribed capital of AUDI AG is
held by Volkswagen AG, Wolfsburg, 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 accesso-
ries, as well as machinery, tools and other technical articles.
/ACCOUNTING PRINCIPLES
AUDI AG prepares its Consolidated Financial Statements in
accordance with 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 in accordance with the 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 25, 2016. 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
2015 fiscal year.
With effect from January 1, 2015, changes have been made
to IFRS 1, IFRS 3, IFRS 13 and IAS 40 as part of the Annual
Improvement Project 2013 in relation to the International
Financial Reporting Standards. These amended rules do not
have any impact on the net worth, financial position and
financial performance of the Audi Group.
IFRIC 21 is also applicable on levies that are not subject to
IAS 12. This interpretation specifies when to recognize a liabil-
ity in the financial statements for payment of a levy. Likewise,
there is no resulting impact on the net worth, financial position
and financial performance of the Audi Group.
// NEW OR REVISED STANDARDS NOT APPLIED
The following new or revised accounting standards already
approved by the IASB were not applied in the Consolidated
Financial Statements for the 2015 fiscal year because their
application was not yet mandatory: