Mercedes 2015 Annual Report Download - page 197

204 E | CONSOLIDATED FINANCIAL STATEMENTS | NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. Significant accounting policies
General information
The consolidated financial statements of Daimler AG and
its subsidiaries (“Daimler” or “the Group”) have been prepared
in accordance with Section 315a of the German Commercial
Code (HGB) and comply with the International Financial Report-
ing Standards (IFRS) as adopted by the European Union (EU).
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
Mercedesstraße 137, 70327 Stuttgart, Germany.
The consolidated financial statements of Daimler AG are
presented in euros (€). Unless otherwise stated, all amounts
are stated in millions of euros. All figures shown are rounded
in accordance with standard business rounding principles.
The Board of Management authorized the consolidated
financial statements for publication on February 16, 2016.
Basis of preparation
Applied IFRSs
The accounting policies applied in the consolidated financial
statements comply with the IFRSs required to be applied in the
EU as of December 31, 2015.
IFRSs issued, EU endorsed and initially adopted
in the reporting period
IFRSs with mandatory initial application in the EU as of
January 1, 2015 had no significant impact on the consolidated
financial statements.
IFRSs issued but neither EU endorsed nor yet adopted
In July 2014, the IASB published IFRS 9 Financial Instruments,
which shall supersede IAS 39. IFRS 9 deals with the classi-
fication, recognition and measurement (including impairment)
of financial instruments as well as with regulations for
general hedge accounting. With IFRS 9, additional notes will
be required, as specified by the revised IFRS 7 Financial
Instruments - Disclosures. Subject to being endorsed by the
EU, application of IFRS 9 is mandatory for reporting periods
beginning on or after January 1, 2018. Early adoption is permitted.
Investigation of the effects on the consolidated financial
statements of adopting IFRS 9 has not yet been completed.
In May 2014, the IASB published IFRS 15 Revenue from Contracts
with Customers. It replaces existing guidance for revenue
recognition, including IAS 18 Revenue, IAS 11 Construction
Contracts and IFRIC 13 Customer Loyalty Programmes.
The new standard defines a comprehensive framework for
determining whether, in which amount and at which date
revenue is recognized. The new standard specifies a uniform,
five-step model for revenue recognition, which is generally
to be applied to all contracts with customers. Subject to being
endorsed by the EU, application of IFRS 15 is mandatory
for reporting periods beginning on or after January 1, 2018.
Early adoption is permitted. Investigation of the effects on
the consolidated financial statements of adopting IFRS 15 has
not yet been completed. Effects on Daimler may occur, in
particular with regard to the date of revenue recognition for
multiple-element arrangements. Disclosure requirements
are also extended. From today’s perspective, the application
of IFRS 15 is not expected to have any major impact on the
Group’s profitability, liquidity and capital resources or financial
position.
The final standard IFRS 16 Leases was published by the IASB
on January 13, 2016. The changes resulting from this new
standard mainly affect lessee accounting and generally require
lessees to recognize assets and liabilities for all leases.
The exact effects still have to be analyzed.
Notes to the Consolidated Financial Statements