Chrysler 2013 Annual Report Download - page 283

282 Fiat S.p.A.
Statutory Financial
Statements
at 31 December 2013
Notes
Accounting standards and amendments adopted from 1 January 2013
The following standards and amendments were adopted by the Company from 1 January 2013.
Amendments to IAS 19 – Employee Benefits
IFRS 13 – Fair Value Measurement
Amendments to IAS 1 – Presentation of Financial Statements: Presentation of Items of Other Comprehensive Income
Amendments to IFRS 7 – Financial Instruments: Disclosures – Offsetting Financial Assets and Financial Liabilities
Amendment to IAS 1 – Presentation of Financial Statements (Annual Improvements to IFRSs – 2009-2011 Cycle)
The nature and effects of changes are explained below.
Amendments to IAS 19 – Employee Benefits
The Company adopted IAS 19 as revised for the first time in 2013. The amendments modify the requirements for recognition of defined benefit
plans and termination benefits and eliminate the option of deferring actuarial gains and losses under the off balance sheet “corridor method”,
requiring instead that they be recognized directly in Other comprehensive income. In addition, the amendments require immediate recognition
of past service costs in profit or loss. The result of those amendments is the recognition of the entire plan deficit or surplus on balance sheet.
In application of the transitional provisions, comparative figures for prior periods have been restated on a retrospective basis. The effects of
adoption of the amendments on previously reported amounts are as follows:
1 January 2012 31 December 2012
(€ thousand) As reported
Effect of
IAS 19
amendments Restated As reported
Effect of
IAS 19
amendments Restated
Effect on Statement of Financial Position
Other reserves and retained profit 3,171,497 (442) 3,171,055 3,236,989 (1,108) 3,235,881
Profit/(loss) 99,166 99,166 (152,350) 48 (152,302)
Total equity 9,053,244 (442) 9,052,802 8,902,104 (1,060) 8,901,044
Provisions for employee benefits and other non-current provisions 137,364 442 137,806 140,851 1,060 141,911
Total non-current liabilities 2,326,615 442 2,327,057 1,582,247 1,060 1,583,307