Chrysler 2011 Annual Report Download - page 282

281
Fiat S.p.A. - Statutory
Financial Statements
at 31 December 2011
On 16 December 2011, the IASB issued amendments to IAS 32 – Financial Instruments: Presentation, which clarifies application
of certain criteria contained in IAS 32 for offsetting financial assets and liabilities. The amendments are effective retrospectively for
annual periods beginning on or after 1 January 2014.
On 16 December 2011, the IASB issued amendments to IFRS 7 – Financial Instruments: Disclosures. The amendments require
disclosure of information on the effect or potential effect on an entity’s financial position of netting arrangements for financial assets
and liabilities. The amendments are effective for annual periods beginning on or after 1 January 2013. Disclosure must be provided
retrospectively.
Lastly, on 7 October 2010, the IASB issued amendments to IFRS 7 – Financial Instruments: Disclosures, applicable for reporting
periods commencing on or after 1 July 2011. The amendments are intended to improve the understanding of transfers of financial
assets (derecognition) for users of financial statements, including the possible effects of any risks that may remain with the entity that
transferred the assets. The amendments also require additional disclosures if a disproportionate amount of transfers are undertaken
around the end of a reporting period. Adoption of this standard will have no effect on the measurement of items in the financial
statements.
Risk Management
The risks to which Fiat S.p.A. is exposed, either directly or indirectly through its subsidiaries, are the same as those of the companies
of which it is Parent. In addition to the information provided in Note 28, readers should also refer to the note on Risk Management in
the Notes to the Consolidated Financial Statements.