BMW 2001 Annual Report Download - page 60

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59
Under IAS, leased products are not disclosed as
current assets together with receivables from sales
financing, but are disclosed instead in a separate po-
sition within non-current assets. In addition, the dif-
ferent accounting treatment of certain lease transac-
tions means that in several cases operating leases
Inventories
In accordance with German accounting law, invento-
ries of the groupī‚’s production companies were
measured for HGB purposes at direct costs of pro-
duction. Inventories held by all other group compa-
nies were measured at production cost including a
proportion of direct overheads. Under IAS, inventory
must be measured on a consistent basis at fully ab-
have been reclassified as finance leases. These are
disclosed as receivables from sales financing.
The increase in non-current assets of euro
10,718 million (+158.5%) can be analysed as fol-
lows:
sorbed production cost. In addition, in line with the
prudence principle, it was permitted under HGB to
recognise a higher level of write-downs than under
IAS. In addition, advance payments received cannot
be offset against inventories under IAS.
On an IAS basis, inventories increase by euro
898 million (+32.0%) as follows:
in euro million
Non-current assets at 31.12.2000 under HGB 6,763
Capitalisation of development costs +2,054
Lower depreciation +669
Reclassification of leased products (HGB amount) +7,206
Recognition and new measurement of leased products +670
Other +119
Non-current assets at 1.1.2001 under IAS 17,481
in euro million
Inventories at 31.12.2000 under HGB 2,809
Inclusion of production related overheads and lower write-downs +691
Reversal of the offset of advance payments received +207
Inventories at 1.1.2001 under IAS 3,707