Porsche 2008 Annual Report Download - page 172

To our shareholders The Company
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b) The following new or revised standards and interpretations which were adopted for first
time in the fiscal year had no material effect on the consolidated financial statements
Amendments to IAS 39 “Financial Instruments: Recognition and Measurement” and IFRS 7 “Finan-
cial Instruments: Disclosures”
The amendments allow entities to reclassify certain financial instruments from the category “at fair
value through profit or loss” to another category in which they are measured at amortized cost
taking impairments into account. These amendments were applied retrospectively from 1 August
2008.
IFRIC 12 “Service Concession Arrangements”
IFRIC 12 gives guidance on how operators under service concession arrangements have to apply
existing IFRSs in order to recognize the obligations entered into and the rights received under
these agreements. IFRIC 12 is mandatory for the first time for reporting periods beginning on or
after 1 January 2008.
IFRIC 13 “Customer Loyalty Programmes”
IFRIC 13 determines the accounting of customer bonus programs which are run by manufacturers
or service providers themselves or by third parties. IFRIC 13 is applicable for reporting periods
beginning on or after 1 July 2008.
IFRIC 14 “The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their
Interaction”
IFRIC 14 deals with the interaction between an obligation existing at the balance sheet date to pay
in additional amounts to a pension plan (minimum funding requirement) and the regulations set
forth in IAS 19 on the upper limit of a positive balance between plan assets and the defined benefit
obligation (asset ceiling). IFRIC 14 must be applied for reporting periods beginning on or after 1
January 2008. According to Article 2 of the Regulation (EC) No. 1263/2008 from 16 December
2008, Official Journal EU No. L 338/25, IFRIC 14 must be applied in the EU for reporting period
beginning after 31 December 2008.
c) The following standards and interpretations, which have been published but whose
adoption is not yet mandatory or which are not applicable in the EU, have not yet
been adopted
Amendment to IFRS 2 “Share-Based Payment”
The amendments concern transactions in which an employee receives a cash settlement which
corresponds to the value of the equity instruments of the parent company or subsidiary and which
the subsidiary is not obliged to pay. Such transactions are to be accounted for in the IFRS sepa-
rate financial statements of the subsidiary as equity-settled share-based payment transactions. As
a result, the accounting differs from the accounting in the consolidated financial statements. In the
consolidated financial statements, these transactions are to be treated as cash-settled share-
based payment transactions. The amendments are applicable for the first time for reporting
periods beginning on or after 1 January 2010.