BMW 2011 Annual Report Download - page 97

97 GROUP FINANCIAL STATEMENTS
The revised version of IFRIC 14 (IAS 19 – The Limit on a
Defined Benefit Asset, Minimum Funding Requirements
and their Interaction) supplements IFRIC 14 (2007). This
Interpretation contains rules relating to the accounting
treatment of defined benefit pension plans in situations
where plan assets exceed pension obligations. The
change is relevant in cases where a fund is subject to
minimum funding requirements and an entity makes
upfront payments to fulfil those minimum funding
requirements. The revised Interpretation allows entities
in this situation to take account of the future economic
benefits that arise from such upfront payments. The
revision of IFRIC 14 does not have any significant impact
on the BMW Group.
Six Standards and one Interpretation were amended in
conjunction with the IFRS annual improvement project
(eleven changes in all). These amendments relate, in part,
to the clarification of existing rules through the improved
wording of individual IFRSs. Some amendments also had
the effect of changing rules relating to the recognition
and measurement of items. The Standards affected are
IAS 1, IAS 27 (in conjunction with IAS 21, 28 and 31),
IAS 34, IFRS 1, IFRS 3, IFRS 7 and the Interpretation
IFRIC 13. The changes did not have any significant impact
on the Group Financial Statements of the BMW Group.
(b) New financial reporting pronouncements issued
by the IASB during the financial year 2011, but not yet
applied
The following Standards, Revised Standards and Amend-
ments issued by the IASB during previous accounting
periods, were not mandatory for the period under report
and were not applied in the financial year 2011:
Standard / Nature of change Date of Mandatory Endorsed Expected impact
Interpretation issue by IASB from by the EU on BMW Group
IFRS 1 Amendments with Respect to Fixed
Transition Dates and Severe Inflation
20. 12. 2010 1. 1. 2012 No None
IFRS 7 Disclosure Requirements in the
event of the Transfer of Financial Assets
7. 10. 2010 1. 1. 2012 Ye s Not significant
IFRS 7 Notes Disclosures: Offsetting
of Financial Assets and Financial Liabilities
16. 12. 2011 1. 1. 2013 No Not significant
IFRS 9 Financial Instruments 12. 11. 2009 /
28. 10. 2010
1. 1. 2015 No Significant in principle:
Classification and measurement of
financial assets could change.
Not significant:
Accounting for financial liabilities
IFRS 10 Consolidated Financial Statements 12. 5. 2011 1. 1. 2013 No Significant in principle
IFRS 11 Joint Arrangements 12. 5. 2011 1. 1. 2013 No Significant in principle
IFRS 12 Disclosure of Interests in
Other Entities
12. 5. 2011 1. 1. 2013 No Significant in principle
IFRS 13 Fair Value Measurement 12. 5. 2011 1. 1. 2013 No Significant in principle
IAS 1 Changes to Presentation of
Items in Other Comprehensive
Income (OCI)
16. 6. 2011 1. 1. 2013 No Significant in principle
IAS 12 Recovery of Underlying Assets 20. 12. 2010 1. 1. 2012 No Not significant
IAS 19 Changes in Accounting for
Employee Benefits, in particular for Termination
Benefits and Pensions
16. 6. 2011 1. 1. 2013 No Significant in principle
IAS 27 Separate Financial Statements 12. 5. 2011 1. 1. 2013 No None
IAS 28 Investments in Associates and
Joint Ventures
12. 5. 2011 1. 1. 2013 No None
IAS 32 Offsetting of Financial Assets and Financia l
Liabilities
16. 12. 2011 1. 1. 2014 No Not significant
IFRIC 20 Stripping Costs in the Production Phase of
a Mine
19. 10. 2011 1. 1. 2013 No None