Merck 2008 Annual Report Download - page 85

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In addition, the following amendments to standards were published by the International
Accounting Standards Board (IASB) and the following interpretations published by
the International Financial Reporting Interpretations Committee (IFRIC), but not yet
adopted by the EU:
– Amendment to IAS 27 "Consolidated and Separate Financial Statements"
– Amendment to IAS 39 "Financial Instruments: Recognition and Measurement:
Eligible Hedged Items"
– Amendment to IAS 39 and IFRS 7: "Reclassification of Fianancial Assets: Effective
Date and Transition"
– Revised version of IFRS 1 "First-time Adoption of Internatioanl Financial Reporting
Standards"
– Revised version of IFRS 3 "Business Combinations"
– IFRIC 12 "Service Concession Arrangements"
– IFRIC 15 "Agreements for the Construction of Real Estate"
– IFRIC 16 "Hedges of a Net Investment in a Foreign Operation"
– IFRIC 17 "Distributions of Non-cash Assets to Owners"
– IFRIC 18 "Transfers of Assets from Customers"
We currently do not expect the new rules to have any material effects on the consoli-
dated financial statements.
Companies consolidated
Including the parent company Merck KGaA, Darmstadt, 178 companies are fully con-
solidated in the annual financial statements of the Merck Group. One associate is
included using the equity method. Due to secondary importance 40 investments are
not consolidated and are presented under non-current financial assets. In fiscal 2008,
ten companies were included in the consolidated financial statements for the first
time, and 24 companies were deconsolidated, mainly as a result of company mergers.
80 | Merck Annual Report 2008