Mercedes 2008 Annual Report Download - page 152

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148
1. Summary of significant accounting policies
General information
The consolidated financial statements of Daimler AG and its sub-
sidiaries (“Daimler” or “the Group”) have been prepared in
accordance with International Financial Reporting Standards
(IFRS) and related interpretations as issued by the Inter-
national Accounting Standards Board (IASB).
The consolidated financial statements also include all information
required by the IFRS as endorsed by the European Union, as well
as additional information required by Section 315a(1) of the Ger-
man Commercial Code (HGB).
Daimler AG is a stock corporation organized under the laws of
the Federal Republic of Germany. The company is entered in the
Commercial Register of the Stuttgart District Court under
No. HRB 19360 and its registered office is located at Mercedes-
strasse 137, 70327 Stuttgart, Germany.
The consolidated financial statements of Daimler AG are present-
ed in euros (€).
The Board of Management authorized the consolidated financial
statements for issue on February 24, 2009.
Basis of presentation
Applied IFRS. The accounting policies applied in the consolidat-
ed financial statements comply with the IFRS required to be
applied as of December 31, 2008.
The Group early adopted IFRS 8 “Operating Segments” in a previ-
ous year. IFRS 8 replaced IAS 14 “Segment Reporting” and fol-
lows the so-called management approach to segment reporting.
Accordingly, information concerning the operating segments is
published based on internal reporting.
In 2008, the Group early adopted the amendments to IAS 1.68
and 1.71 “Statement of financial position: current assets and
liabilities”, including the reclassification of the comparative
numbers for 2007.
IFRS issued and EU endorsed but not yet adopted. In March
2007, the IASB issued an amendment of IAS 23 “Borrowing
Costs.” The amendment removes the option of immediately
recognizing borrowing costs as an expense which is currently
elected by the Group. The amended standard requires capitaliza-
tion of borrowing costs that are directly attributable to the
acquisition, construction or production of qualifying assets.
Assets are considered qualifying when a substantial period
of time is necessary to get them ready for use or sale. Adoption
of the amendment is required prospectively as of January 1,
2009 for qualifying assets whose construction or production
started after that date. Daimler is currently determining the
effect of IAS 23 on the Group’s consolidated financial state-
ments.
Notes to the Consolidated Financial Statements