Mercedes 2009 Annual Report Download - page 183

Consolidated Financial Statements |Notes to Consolidated Financial Statements |179
Basis of presentation
Applied IFRSs. The accounting policies applied in the consoli-
dated financial statements comply with the IFRSs required to be
applied as of December 31, 2009.
In May 2008, the IASB published its omnibus standard for improve-
ments to International Financial Reporting Standards (IFRS).
One of the improvements was an amendment to the presentation
of the derecognition of assets held for rental within the consoli-
dated statement of income (loss) and consolidated statement of
cash flows. Proceeds from the sale of assets held for rental in
the course of ordinary activities must be recognized as revenue
in accordance with the amended IAS 16 Property, Plant and
Equipment. Cash flows resulting from these sales must be shown
under cash flows from operating activities in accordance with
the amended IAS 7 Statement of Cash Flows. Daimler applies
these amendments as of January 1, 2009 and has adjusted
prior-year presentations accordingly. As a result, revenue and
cost of sales recognized in 2009 in the consolidated statement
of income (loss) each increased by €2,706 million (2008: increase
of €2,596 million each; 2007: increase of €2,170 million each).
The changes in the presentation of the consolidated statement
of cash flows result in cash flows from vehicles on operating
leases of the Daimler Financial Services business being present-
ed within “Cash provided by (used for) operating activities” in
the separate line item “Vehicles on operating leases” together
with the cash flows from vehicles on operating leases of the
industrial business. This change in classification resulted in a
decrease of €1,398 million in “Cash provided by (used for)
operating activities” in 2009 (2008: decrease of €2,338 million;
2007: decrease of €6,913 million). With an opposite effect,
“Cash provided by (used for) investing activities” changed to the
same extent in all periods due to this reclassification. In the
context of this mandatory reclassification of cash flows from
vehicles on operating leases of the Daimler Financial Services
business, the Group decided also to reclassify changes in receiv-
ables from financial services from “Cash provided by (used for)
investing activities” to “Cash provided by (used for) operating
activities.” This change in classification resulted in an increase of
€1,172 million in “Cash provided by (used for) operating activi-
ties” in 2009 (2008: decrease of €1,653 million; 2007: increase
of €971 million). With this additional reclassification, the Group
harmonizes the presentation of the entire sales financing and leas-
ing business in the Group’s consolidated statement of cash
flows within “Cash provided by (used for) operating activities.”
The reported changes above did not affect the consolidated
statement of financial position.
Notes to the Consolidated Financial Statements
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 Section 315a of the German Commercial Code
(HGB) and International Financial Reporting Standards (IFRS)
and related interpretations as issued by the International Account-
ing Standards Board (IASB) and as adopted by the European Union.
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 pre-
sented in euro (€).
The Board of Management authorized the consolidated financial
statements for publication on March 1, 2010.