Porsche 2004 Annual Report Download - page 122
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Group Notes Principles118
Financial instruments
Pursuant to IAS 39, a financial instrument is any contract that gives rise to a financial asset at
one entity and a financial liability or equity instrument at another entity.
If the trade date of a financial asset differs from the settlement date, the settlement date is
authoritative for initial recognition.
Initial measurement of a financial instrument is at cost. Transaction costs are included.
Subsequent measurement of financial instruments is either at fair value or amortized cost.
With respect to measurement, IAS 39 distinguishes between the following categories of
financial assets:
– Financial instruments recognized at fair value with effect on income,
– Held-to-maturity investments,
– Loans and receivables originated by the entity, and
– Available-for-sale investments.
By contrast, financial liabilities are divided into the two categories
– Financial instruments recognized at fair value with effect on income and financial instruments
held for trading, and
– Other liabilities.
Depending on the category, measurement of financial instruments is either at fair value or
amortized cost.
Fair value corresponds to market price provided the financial instruments measured are traded
on an active market. If there is no active market for a financial instrument, fair value is calculated
using appropriate actuarial methods such as recognized option price models or discounting future
cash flows with the market interest rate.
Amortized cost corresponds to costs of purchase less redemption, impairment losses and the
reversal of any difference between costs of purchase and the amount repayable upon maturity.
Primary financial instruments
Loans and receivables originated by the entity, held-to-maturity investments and
financial liabilities are measured at amortised cost unless they are associated with hedging
instruments.
In particular, these include trade receivables and payables, receivables from financial services,
other receivables and assets, held-to-maturity investments, financial liabilities and other liabilities.
Provided they are financial instruments as defined by IAS 39 and not associated with a hedging
instrument, the liabilities have been disclosed at their fair value or amortized cost. Fair value is
recognized if exercising the fair value option requires the liabilities to be recognized at fair value
with an effect on income. Amortized cost is recognized for all other liabilities as defined by IAS 39.
The liabilities from finance leases which are also disclosed under financial liabilities are recognized
at present value in accordance with IAS 17.