Porsche 2009 Annual Report Download - page 166

166 Financials
New accounting standards
a) The group has adopted the following new and revised IFRSs and interpretations
that became effective for the fiscal year for the first time
In the fiscal year 2009/10, Porsche SE adopted the standards presented in the following in
accordance with the transitional provisions:
IFRS 3 “Business Combinations” (rev. 2008) and IAS 27 “Consolidated and Separate Financial
Statements” (rev. 2008)
IAS 27 (rev. 2008) provides that the acquisition or sale of minorities without loss of control
is recognized directly in equity. This does not have any effect as this accounting policy was already
applied in the Porsche SE group before first-time adoption of IAS 27 (rev. 2008) in the Porsche SE
group. IAS 27 (rev. 2008) also contains rulings on deconsolidation. For the effects of applying this
change in the fiscal year 2009/10, please refer to the explanations given in the section “Consoli-
dated group”.
Revised IAS 1 “Presentation of Financial Statements”
A new version of IAS 1 was published in September 2007. The main changes relate to the
separate presentation of equity changes resulting from transactions with owners and other changes.
In addition, the titles of some of the elements of the financial statements have been changed. The
revision also led to the first-time preparation of a statement of comprehensive income as a separate
component of the financial statements. Moreover, the revaluation reserve of €3,508 million result-
ing from the first-time consolidation of the Volkswagen group was reclassified to other comprehen-
sive income. The figures of the comparative period were restated accordingly. Due to the decon-
solidation of the Volkswagen group, the revaluation reserve was reclassified to accumulated profits
in the reporting period.
Annual improvements project I
In the course of the annual improvements project, a series of clarifications to the various
standards were approved on 22 May 2008. The improvements have an effect on the statement of
cash flows of the Porsche SE group. They are described in note [13].
Amendments to IFRS 7 “Financial Instruments: Disclosures” and IFRS 4 “Insurance Contracts”
The amendments provide for extended disclosures on the fair value measurement of finan-
cial instruments and liquidity risks and concern, among other things, the introduction of a three-
stage measurement hierarchy. This differentiates fair values by the type of input parameters in-
cluded in the valuation and shows to what extent observable market data are available when deter-
mining the fair value. In addition, the disclosures on the liquidity risk are to be improved by clarifying