Porsche 2006 Annual Report Download - page 141

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139
IFRIC 4 “Determining whether an Arrangement contains a Lease”
IFRIC 4 provides guidance in determining whether arrangements contain a lease to which lease accounting
must be applied.
IFRIC 5 “Rights to Interests arising from Decommissioning, Restoration and
Environmental Rehabilitation Funds”
IFRIC 5 governs the accounting treatment for funds set up to finance the decommissioning of an
entity’s assets.
IFRIC 6 “Liabilities arising from Participating in a Specific Market – Waste Electrical and
Electronic Equipment”
This interpretation regulates the recognition of a liability for the disposal of electrical and electronic
equipment in accordance with the provisions of the EU Directive relating to the disposal of Waste Electrical
and Electronic Equipment.
IFRIC 7 “Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary
Economies”
IFRIC 7 stipulates that when hyperinflation is identified for the first time in the economy of the reporting
entity’s functional currency, the entity has to apply the provisions of IAS 29 as if it had always been a
hyperinflationary economy.
IFRIC 8 “Scope of IFRS 2”
IFRIC 8 requires IFRS 2 to be applied to any arrangements where equity instruments are issued for
consideration which appears to be less than fair value.
IFRIC 9 “Reassessment of Embedded Derivatives”
IFRIC 9 specifies how financial instruments with embedded derivatives should be accounted for
after initial recognition.
.
c) The following standards and interpretations which have been published but whose
adoption is not yet mandatory have not yet been adopted:
IFRS 7 “Financial Instruments: Disclosures”
IFRS 7 governs the disclosure requirements for financial instruments for industrial entities as well as
banks and similar financial institutions. IFRS 7 replaces IAS 30 “Disclosures in the Financial Statements
of Banks and Similar Financial Institutions” as well as the disclosure requirements contained in IAS 32
“Financial Instruments: Disclosure and Presentation”. IFRS 7 is applicable for fiscal years beginning on
or after January 1, 2007. The amendment will extend the disclosures on financial instruments required
in the notes.
IFRS 8 “Operating Segments”
IFRS 8 regulates the financial information which an entity has to present about its operating segments
in its reporting. IFRS 8 replaces IAS 14 “Segment Reporting”, applies the rulings SFAS 131 “Disclosures
about Segments of an Enterprise and related Information” with a few exceptions and has to be used
adopted for the first time in fiscal years beginning on or after January 1, 2009.
Amendment to IAS 1 “Presentation of Financial Statements”
These amendments result in new disclosures of internal control parameters and possibly also
explanations on the nature and scope of external capital requirements. The amendments of IAS 1
are mandatory for the first time for fiscal years beginning on or after January 1, 2007.