DHL 2012 Annual Report Download - page 155

Effective for
financial years
beginning
on or after Subject matter and significance
Standard
(Issue date)
  (Investments in
Associates and Joint
Ventures) (revised )
( May )
1 January 2014 1 The existing standard   (Investments in Associates) was revised in conjunction with the new standards  ,  
and   and renamed   (Investments in Associates and Joint Ventures) (revised ). Its scope is being extended
to include accounting for joint ventures using the equity method. The previous requirements of - (Jointly Controlled
Entities – Non-Monetary Contributions by Venturers) are being incorporated into  . The change will have no significant
influence on the financial statements.
The following are not relevant for the consolidated financial statements:
Amendments to   (Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters), issued on  December , effective for financial years beginning on
or after  January 
1.
  (Stripping Costs in the Production Phase of a Surface Mine), issued on  October , required to be applied to financial years beginning on or after  January .
1 These standards were adopted into European law with a different effective date than the original standards.
New accounting requirements not yet adopted by the 
( endorsement procedure)
e  and the  issued further Standards and Inter-
pretations in nancial year  and in previous years whose appli-
cation is not yet mandatory for nancial year . e application
of these  s is dependent on their adoption by the .
Effective for
financial years
beginning
on or after Subject matter and significance
Standard
(Issue date)
  (Financial Instruments)
( November )
1 January 2015 Introduces new guidance for the classification and measurement of financial assets, with the aim of replacing  . Finan-
cial liabilities were added in . The inclusion in   of the exposure drafts on Amortised Cost and Impairment and on
Hedge Accounting is being discussed. The effects on the Group of the parts of   that have already been issued are being
assessed. The decision on  endorsement of the standard is yet to be made.
Amendments to  
(Financial Instruments)
and   (Financial
Instruments: Disclosures)
( December )
1 January 2015 Announcement of the mandatory effective date and further specification of the transitional provisions. The disclosure
requirements under   were added to   as an amendment.
Improvements to  s
– Cycle
( May )
1 January 2013 The annual improvements process relates to the following standards:   (First-time Adoption of International Financial
Reporting Standards),   (Presentation of Financial Statements),   (Property, Plant and Equipment),   (Financial
Instruments: Presentation) and   (Interim Financial Reporting). The amendments will not affect the presentation of the
financial statements.
Amendments to  ,
 ,  : Transitional
Provisions ( June )
1 January 2013 1 The amendments relate to the transitional provisions in respect of the first-time application of the standards. They must
be applied in line with the effective dates for  ,   and  .
The following are not relevant for the consolidated financial statements:
Amendments to   (First-time Adoption of International Financial Reporting Standards: Government Loans), issued on  March , effective for financial years beginning
on or after  January .
Investment Entities (Amendments to  ,   and  ), issued on  October , effective for financial years beginning on or after  January .
1 These standards are expected to be adopted into European law with a different effective date ( January ) than the original standards.
 Currency translation
e nancial statements of consolidated companies prepared
in foreign currencies are translated into euros  in accordance
with   using the functional currency method. e functional
currency of foreign companies is determined by the primary eco-
nomic environment in which they mainly generate and use cash.
Within the Group, the functional currency is predominantly the
local currency. In the consolidated nancial statements, assets
and liabilities are therefore translated at the closing rates, whilst
periodic income and expenses are generally translated at the
monthly closing rates. e resulting currency translation dier-
ences are recognised in other comprehensive income. In nancial
year , currency translation dierences amounting to  mil-
lion (previous year:  million) were recognised in other com-
prehensive income (see the statement of comprehensive income
and statement of changes in equity).
Goodwill arising from business combinations aer  Janu-
ary  is treated as an asset of the acquired company and there-
fore carried in the functional currency of the acquired company.
Deutsche Post DHL Annual Report 
Consolidated Financial Statements
Notes
Basis of preparation
151