Porsche 2004 Annual Report Download - page 125

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121
New Accounting Policies
As a result of various projects, the IASB issued numerous changes to existing standards besides
promulgating new standards that are generally applicable for fiscal years beginning on or after
January 1, 2005.
Without exception, Porsche AG has observed all standards of the IASB and interpretations of
the IFRIC which are mandatory as of the balance sheet date in preparing the consolidated financial
statements as of July 31, 2005.
In addition, Porsche chose to early adopt the revised versions of the following standards:
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
IAS 10 Events after the Balance Sheet Date
IAS 16 Property, Plant and Equipment
IAS 17 Leases
IAS 21 The Effects of Changes in Foreign Exchange Rates
IAS 27 Consolidated and Separate Financial Statements
IAS 28 Investments in Associates
IAS 32 Financial Instruments: Disclosure and Presentation
IAS 33 Earnings Per Share
IAS 39 Financial Instruments: Recognition and Measurement
All other standards issued by the end of the fiscal year 2004/05 and revisions of existing standards
and interpretations were not applied in the consolidated financial statements as of July 31, 2005.