Chrysler 2006 Annual Report Download - page 153

Financial statement format
Fiat S.p.A. has adopted the current/non-current distinction for
the presentation of assets and liabilities in its Balance Sheet,
leading to the need to reclassify the previous Balance Sheets
presented in accordance with the formats required by
Legislative Decree no. 127 of April 9, 1991 and subsequent
modifications; the presentation of the Income Statement
remains unchanged, with expenses classified on the basis
of their nature.
Optional exemptions elected by Fiat S.p.A
In accordance with the optional exemption granted by IFRS 1,
Fiat S.p.A. has elected to measure its assets and liabilities at
January 1, 2005, the transition date, at the same amounts used
in the preparation of the Group’s consolidated financial
statements for the year ended December 31, 2004.
In further detail:
■Employee benefits:the Fiat Group elected to recognise
all cumulative actuarial gains and losses at January 1, 2004
on transition to IFRS, even though it decided to use the
“corridor approach” for later actuarial gains and losses.
This exemption was applied from January 1, 2004, the date
of first-time adoption of IFRS by the Fiat Group. There would
not have been material differences if this had instead been
applied from January 1, 2005.
■Business combinations:Fiat S.p.A. has elected not to apply
IFRS 3 – Business Combinations to business combinations
that occurred before the date of transition to IFRS.
Appendix Transition of the Parent Company Fiat S.p.A. to International Financial Reporting Standards (IFRS) 303302
Effects of transition to IFRS on the Balance Sheet at January 1, 2005
(in millions of euros) Italian GAAP Reclassifications Adjustments IAS/IFRS
Intangible assets 50 – (50) – Intangible assets
Property, plant and equipment 43 (1) – 42 Property, plant and equipment
Equity investments 5,249 – 75 5,324 Investments
Other securities – – 7 7 Other financial assets
277 – 277 Deferred tax assets
2 – 2 Other non-current assets
Total fixed assets 5,342 278 32 5,652 Total Non-current assets
Inventories 7,145 (7,321) 176 – Inventories
Trade receivables 351 6 – 357 Trade receivables
Receivables from subsidiaries 25 (25) –
Financial receivables from subsidiaries 2,321 2 – 2,323 Current financial receivables
Taxes receivable 289 (289) –
Deferred tax assets 277 (277) –
Other receivables 33 312 359 704 Other current receivables
Treasury stock 26 – (26)
Cash on hand – – – – Cash and cash equivalents
Total current assets 10,467 (7,592) 509 3,384 Total Current Assets
Accrued income and prepaid expenses 7 (7) –
–––Assets held for sale
TOTAL ASSETS 15,816 (7,321) 541 9,036 TOTAL ASSETS
Total stockholders’ equity 4,466 – 190 4,656 Total stockholders’ equity
Provisions for termination indemnities Provisions for employee
and similar obligations 19 36 (3) 52 benefits and other non-current provisions
Other provisions 30 (30) –
– – – Deferred tax liabilities
–7 7 Non-current debt
13 –13 Other non-current liabilities
Total provisions for risks and charges 49 19 4 72 Total Non-current liabilities
Provision for employee severance indemnities 12 (12) –
Provisions for employees and
6–6 other current provisions
Trade payables 502 11 – 513 Trade payables
Payable to subsidiaries 223 (223) –
Borrowings from banks 3,060 137 347 3,544 Current debt
Advances 7,336 (7,336) –
Payables to social security authorities 3(3) –
Other payables 26 219 –245 Other payables
Taxes payable 9 (9) –
Total payables 11,159 (7,198) 347 4,308 Total Current Liabilities
Accrued expenses and deferred income 130 (130) –
––– Liabilities held for sale
TOTAL STOCKHOLDERS’ EQUITY AND LIABILITIES 15,816 (7,321) 541 9,036 TOTAL STOCKHOLDERS’
EQUITY AND LIABILITIES
Appendix Transition of the Parent Company Fiat S.p.A. to International Financial Reporting Standards (IFRS)