Porsche 2008 Annual Report Download - page 174

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To our shareholders The Company
172
Annual improvements project II
On 16 April 2009, the International Accounting Standards Board (IASB) the IASB issued the second
annual “Improvements to IFRSs” standard to implement minor amendments to the existing IFRSs.
This standard contains 15 different changes to 12 existing IFRSs. Unless stated otherwise in the
standard, the amendments are applicable for reporting periods beginning on or after 1 January
2010.
In addition, a number of other changes were presented in the consolidated financial statements for
the fiscal year 2007/08 which had still not been applied in the fiscal year 2008/09.
These new accounting principles are not currently expected to have a major effect on future con-
solidated financial statements with the exception of IAS 27 (rev. 2008). IAS 27 (rev. 2008) pro-
vides that the acquisition or sale of minorities without loss of control is taken directly to equity.
This does not have any effect as this accounting policy is already applied in the Porsche group.
IAS 27 (rev. 2008) also contains rulings on deconsolidation. For possible effects of applying this
revision in the fiscal year 2009/10, please refer to the subsequent events presented in note [34].