BMW 2010 Annual Report Download - page 90

88
74 GROUP FINANCIAL STATEMENTS
74 Income Statements
74 Statement of
Comprehensive Income
76 Balance Sheets
78 Cash Flow Statements
80 Group Statement of Changes
in Equity
81 Notes
81 Accounting Principles
and Policies
89 Notes to the Income
Statement
95 Notes to the Statement
of Comprehensive Income
96 Notes to the Balance Sheet
117 Other Disclosures
133 Segment Information
amounts could differ from those assumptions and esti-
mates
if business conditions develop differently to the
Group’s expectations at the end of the reporting period.
Where new information comes to light, differences
arereflected in the income statement and assumptions
changed accordingly. In addition, estimates used to
measure warranty provisions were refined on the basis
of current information. The positive impact of this
change in estimate amounted to euro 201 million and
has been recognised in cost of sales in 2010.
New financial reporting rules
(a) Financial reporting rules applied for the first time in the financial year 2010
The following Standards and Revised /Amended Standards and Interpretations were applied for the first time in the
financial year 2010:
(b) New financial reporting rules issued in 2010
The following Standards and Revised /Amended Standards, which had been issued by the IASB by the end of the
financial year 2010, but which were not mandatory for the reporting period, have not been applied by the BMW Group
in the financial year 2010:
6
Standard / Interpretation Date of Endorsed Impact on BMW Group
mandatory by EU at
application 31.12. 2010
IFRS 1 Additional Exceptions for First-time
Adopters 1. 1. 2010 Yes None
IFRS 1 First-time Adoption of IFRS 1. 1. 2010 Yes None
IFRS 2 Accounting for Cash-settled Share-based
and Separate Financial Statements 1. 1. 2010 Yes None
IFRS 3 /
IAS 27 Business Combinations / Consolidated and Separate Financial Statements 1. 1. 2010 Yes Significant in principle: Revised accounting treatment
for business combinations
IAS 39 Exposures Qualifying for
Hedge Accounting 1. 1. 2010 Yes None
Annual Improvements to IFRS* 1. 1. 2010 Yes Insignificant
IFRIC 17 Distributions of Non-cash Assets to Owners 1. 1. 2010 Yes None
IFRIC 18 Transfers of Assets from Customers 1. 1. 2010 Yes None
* Unless otherwise specified, the amendments are effective for annual periods beginning on or after 1 January 2010.
Standard Published by Date of Endorsed Expected impact
IASB mandatory by EU
at on BMW Group
application 31.12. 2010
IFRS 1 Exemption from Comparative IFRS 7
Disclosures 28. 1. 2010 1. 1. 2011 Yes None
IFRS 1 Amendments with Respect to
Transition Dates and Severe Inflation 20. 12. 2010 1. 1. 2012 No None
IFRS 7 Financial Instruments: Disclosures 7. 10. 2010 1. 1. 2012 No Insignificant
IFRS 9 Additions to IFRS 9 for Financial
Liabilities Accounting
28. 10. 2010 1. 1. 2013 No Insignificant
IAS 12 Recovery of Underlying Assets 20. 12. 2010 1. 1. 2012 No Insignificant
Annual Improvements to IFRS* 6. 5. 2010 1. 1. 2011 No Insignificant
* Unless otherwise specified, the amendments are effective for annual periods beginning on or after 1 January 2011.