BMW 2001 Annual Report Download - page 59
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58
The BMW Group financial statements have been
prepared and presented as if they had always been
prepared in accordance with IAS and IAS Interpreta-
tions. The adjustment resulting from the conversion
The changes in the Group balance sheet are
due to the following main differences between IAS
and the accounting policies previously applied:
Non-current assets
One of the main differences compared to HGB is
that self-generated intangible assets must be recog-
nised as an asset provided that certain criteria are
to IAS has been treated as an adjustment to the
opening balance of equity.
The conversion to IAS in 2000 had the following
effect on the Group balance sheet:
met. In the case of the BMW Group, this is mainly
relevant for development costs incurred for vehicle
and engine projects. Furthermore, non-current as-
sets are generally depreciated or amortised for IAS
purposes over their useful economic lives using the
straight-line method, and no longer using the reduc-
ing balance method.
001 BMW Group in figures
004 Report of the Supervisory Board
008 Supervisory Board
011 Board of Management
012 Group Management Report
029 BMW Stock
033 Group Financial Statements
098 BMW AG Financial Statements
104 BMW Group Annual Comparison
106 BMW Group Locations
108 Glossary
112 Index
[7]The impact of the
adoption of IAS
for financial reporting
Assets IAS HGB Change
in euro million
Intangible assets 2,138 103 + 2,035
Property, plant and equipment 6,595 5,710 +885
Financial assets 872 950 78
Leased products 7,876 +7,876
Non-current assets 17,481 6,763 + 10,718
Inventories 3,707 2,809 +898
Assets from sales financing 17,578 17,578
Receivables from sales financing 17,082 +17,082
Other current assets and prepayments 9,607 8,184 +1,423
Current assets 30,396 28,571 +1,825
Deferred tax assets 1,463 541 +922
Total assets 49,340 35,875 +13,465
Equity and liabilities IAS HGB Change
in euro million
Equity 9,432 4,896 + 4,536
Provisions 6,921 8,173 1,252
Liabilities and deferred income 32,788 6,636 + 26,152
Liabilities from sales financing 16,170 16,170
Deferred tax liabilities 199 +199
Total equity and liabilities 49,340 35,875 +13,465
BMW Group
Notes to the Group Financial Statements
Notes to the adoption of IAS for financial reporting