BMW 2012 Annual Report Download - page 99

99 GROUP FINANCIAL STATEMENTS
out the requirements for measuring fair value where
another IFRS prescribes fair value measurement (or fair
value disclosure) and stipulates uniform disclosure re-
quirements with respect to fair value measurement.
IFRS 13 is mandatory for financial years beginning on
or after 1 January 2013. The Standard is required to
be applied prospectively. Early adoption is permitted
but will not be applied by the BMW Group. IFRS 13 is
of relevance for the BMW Group in particular for the
measurement of derivatives.
The IASB published IAS 1 (Presentation of Financial
Statements) in June 2011. The amendments to IAS 1 re-
quire that items reported in accumulated other equity
(other comprehensive income or OCI) are sub-divided
into elements that will be “recycled” in the income
statement and those which will not. Tax associated with
items presented before tax are also required to be shown
separately for each of the two groups of OCI items.
The
recognition of these items is regulated in separate
Standards. The amendments to IAS 1 are mandatory for
annual periods beginning on or after 1 July 2012. The
amendments are required to be applied retrospectively.
Early adoption is permitted but will not be applied by
the BMW Group. It is not expected that the change in
presentation of items in OCI will have a significant im-
pact on the Group Financial Statements.
In June 2011 the IASB published amendments to IAS 19
(Employee Benefits), in particular in relation to post-
retirement benefits and pensions. The main amendments
involve the removal of the option to defer actuarial
gains and losses (the so-called “corridor method”) and
the requirement to recognise actuarial gains and losses
in OCI. The amended IAS 19 also requires plan assets
to be discounted using the same rate that is applied to
discount pension obligations. It also results in changes
in the treatment of termination benefits and expands dis-
closure requirements compared to the previous IAS 19.
The amended IAS 19 is mandatory for annual periods
beginning on or after 1 January 2013. Early adoption is
permitted. The BMW Group does not expect that the
amendments to IAS 19 will have a significant impact on
the Group Financial Statements, since the BMW Group
does not apply the corridor method and actuarial gains
and losses are already recognised in OCI. The BMW
Group does not intend to adopt the Standard early.
The IASB has published various other Standards and
Interpretations. None of these, whether adopted or not
yet adopted by the BMW Group, will have a significant
impact on the Group Financial Statements.