BMW 2013 Annual Report Download - page 111

111 GROUP FINANCIAL STATEMENTS
IFRS 13 (Fair Value Measurement) provides a uniform
definition of fair value which applies across all Stand-
ards. The uniform requirements set out in IFRS 13
must now be applied to all fair value measurements re-
quired in other Standards. The only Standards to
which IFRS 13 does not apply are IFRS 2 (Share-based
Payment) and IAS 17 (Leases). The Standard also re-
places and supplements disclosures about fair value
measurement.
Fair value is defined in IFRS 13 as an exit price, in other
words as the price that would be received to sell an as-
set or paid to transfer a liability. Fair value measurement
must take account of the characteristics of the asset or
liability and be based on a market perspective. Similar
to the approach already taken to the fair value measure-
ment of financial instruments, a fair value hierarchy
has
been introduced that categorises into three levels the
inputs to valuation techniques used to measure fair
value. Categorisation is determined on the basis of how
near the inputs are to the market. The Standard also
sets out the rules for selecting appropriate valuation
techniques to measure fair value.
In accordance with the transition requirements of
IFRS 13, the BMW Group has applied the new rules for
fair value measurement prospectively in the financial
year 2013 and has not disclosed comparative figures for
the previous year. Apart from the adjustments made in
conjunction with amended IAS 19, as described in note
7 above, the introduction of IFRS 13 did not have any
further material impact on the measurements of assets
and liabilities within the BMW Group.
The Amendment to IAS 1 changes the presentation of
other comprehensive income in the statement of total
comprehensive income. Items reported in other com-
prehensive income which will subsequently be reclassi-
fied to the income statement (“recycling”) are now re-
ported separately from those that will never be recycled.
If items are presented gross (i. e. without offset of the
deferred tax impact), deferred taxes are also allocated to
the two groups of items (and not shown as a single
amount).
The BMW Group has complied with the new disclo-
sure requirements and amended comparative figures
accordingly.
The Amendment to IAS 36 has been applied early,
with-
out having any impact on the results of operations, finan-
cial
position and net assets of the BMW Group.
(b) Financial reporting pronouncements issued by the
IASB, but not yet applied
The following Standards, Revised Standards, Amend-
ments and Interpretations issued by the IASB during
previous accounting periods, were not mandatory
for the period under report and were not applied in the
financial year 2013:
Standard / Interpretation Date of Date of Date of Expected impact
issue by IASB mandatory mandatory on BMW Group
application application
IASB EU
IFRS 9 Financial Instruments 12. 11. 2009 /
28. 10. 2010 /
16. 12. 2011 /
19. 11. 2013
Open 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 1. 1. 2014 Significant in principle
Investment Entities (Amendments to
IFRS 10, IFRS 12 and IAS 27)
31. 10. 2012 1. 1. 2014 1. 1. 2014 Insignificant
IFRS 14 Regulatory Deferral Accounts 30. 1. 2014 1. 1. 2016 No
Insignificant