BMW 2001 Annual Report Download - page 58
Download and view the complete annual report
Please find page 58 of the 2001 BMW annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48 -
49 -
50 -
51 -
52 -
53 -
54 -
55 -
56 -
57 -
58 -
59 -
60 -
61 -
62 -
63 -
64 -
65 -
66 -
67 -
68 -
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
 |
 |
57
to apply in the relevant national jurisdictions when
the amounts are recovered.
Provisions for pensions and similar obli-
gations are recognised using the projected unit
credit method in accordance with IAS 19 (Employee
Benefits). Under this method, not only obligations
relating to known vested benefits at the reporting
date are recognised, but also the effect of future in-
creases in pensions and salaries. This involves tak-
ing account of the various input factors, which are
evaluated on a prudent basis. The provision is de-
rived from an independent actuarial valuation which
takes into account the relevant biometric factors.
Actuarial gains and losses are only recognised
as income or expenses when their net cumulative
amount exceeds 10% of the obligations. In this case
they are recognised over the average remaining
working lives of the employees. The expense from
the allocation to the pension provisions including the
interest component is allocated to the functional po-
sitions of the income statement.
Other provisions are recognised when the
Group has an obligation to a third party, an outflow of
resources is probable and a reliable estimate can be
made of the amount of the obligation. The measure-
ment of other provisions in particular in the case of
warranty obligations and pending losses on onerous
contracts takes account of all cost components
which are included in the inventory valuation. Non-
current provisions with a remaining period of more
than one year are discounted to the present value of
the expenditures expected to settle the obligation at
the balance sheet date.
Liabilities are stated at their nominal value or
repayment amount. Liabilities from finance leases
are stated at the present value of the future lease
payments and disclosed under debt.
The preparation of the Group financial state-
ments in accordance with IAS requires management
to make certain assumptions and estimates that
affect the reported amounts of assets and liabilities,
revenues and expenses and contingent liabilities.
The assumptions and estimates relate principally to
the group-wide determination of economic useful
lives, the recognition and measurement of provi-
sions and the recoverability of future tax benefits.
Actual amounts could in certain cases differ from
those assumptions and estimates. Changes are
taken into account with income statement effect if
new information comes to light.