BMW 2012 Annual Report Download - page 97

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97 GROUP FINANCIAL STATEMENTS
Standard / Interpretation
Date of Date of Date of Expected impact
issue by IASB mandatory mandatory on BMW Group
application application
IASB EU
IFRS 7 Notes Disclosures: Offsetting
of Financial Assets and Financial Liabilities
16. 12. 2011 1. 1. 2013 1. 1. 2013 Insignificant
IFRS 9 Financial Instruments 12. 11. 2009 /
28. 10. 2010 /
16. 12. 2011
1. 1. 2015 No Significant in principle
IFRS 10
Consolidated Financial Statements
12. 5. 2011 1. 1. 2013 1. 1. 2014 Significant in principle
IFRS 11
Joint Arrangements
12. 5. 2011 1. 1. 2013 1. 1. 2014 Significant in principle
IFRS 12
Disclosure of Interests in
Other Entities
12. 5. 2011 1. 1. 2013 1. 1. 2014 Significant in principle
Changes in Transitional Regulations
(IFRS 10, IFRS 11 and IFRS 12)
28. 6. 2012 1. 1. 2013 No Significant in principle
Investment Entities (Amendments to
IFRS 10, IFRS 12 and IAS 27)
31. 10. 2012 1. 1. 2014 No Insignificant
IFRS 13
Fair Value Measurement
12. 5. 2011 1. 1. 2013 1. 1. 2013 Significant in principle
IAS 1
Changes to Presentation of
Items in Other Comprehensive
Income (OCI)
16. 6. 2011 1. 7. 2012 1. 7. 2012* Significant in principle
IAS 12
Amendments to Deferred Taxes:
Realisation of Underlying Assets
20. 12. 2010 1. 1. 2012 1. 1. 2013 Insignificant
IAS 19
Changes in Accounting for
Employee Benefits, in particular for Termination
Benefits and Pensions
16. 6. 2011 1. 1. 2013 1. 1. 2013 Significant in principle
IAS 27
Separate Financial Statements
12. 5. 2011 1. 1. 2013 1. 1. 2014 None
IAS 28
Investments in Associates and
Joint Ventures
12. 5. 2011 1. 1. 2013 1. 1. 2014 None
IAS 32
Presentation – Offsetting of Financial Assets
and Financial Liabilities
16. 12. 2011 1. 1. 2014 1. 1. 2014 Insignificant
IFRIC 20 Stripping Costs in the Production Phase of
a Mine
19. 10. 2011 1. 1. 2013 1. 1. 2013
None
Annual Improvements to IFRS 2009 – 2011
17. 5. 2012 1. 1. 2013 No
Insignificant
* Mandatory application in annual periods beginning on or after 1 July 2012.
In November 2009 the IASB issued IFRS 9 (Financial
Instruments: Disclosures) as the first part of its project
to change the accounting treatment for financial instru-
ments. This Standard marks the first of three phases of
the IASB project to replace the existing IAS 39 (Finan-
cial
Instruments: Recognition and Measurement). The
first phase deals with financial assets. IFRS 9 amends
the recognition and measurement requirements for
financial assets, including various hybrid contracts. It
applies a uniform approach to accounting for a finan-
cial asset either at amortised cost or fair value and
replaces the various rules contained in IAS 39. Under
the new rules, there will only be two, instead of four,
measurement categories for financial instruments rec-
ognised on the assets side of the balance sheet. The
new categorisation is based partly on the entity’s busi-
ness model and partly on the contractual cash flow
characteristics of the financial assets.