Porsche 2009 Annual Report Download - page 167

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the scope of the liabilities to be included in the reconciliation of opening and closing balances. For
the effects of these amendments, please refer to note [31].
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
IFRIC 15 “Agreements for the Construction of Real Estate”
IFRIC 15 regulates the accounting of real estate sales where a contract is concluded with
the purchaser before the construction work is completed. The interpretation first clarifies the pre-
requisites for applying IAS 11 and IAS 18. Revenue recognition as well as disclosures in the notes
are also regulated.
IFRIC 16 “Hedges of a Net Investment in a Foreign Operation”
IFRIC 16 answers uncertain points relating to hedges of a foreign operation. The issues ad-
dressed include:
· What is the nature of the risk being hedged?
· What is the maximum amount of the hedged item?
· Where in a group can the hedging instrument be held?
· How is the disposal of the foreign operation accounted for?
IFRIC 17 “Distributions of Non-cash Assets to Owners”
IFRIC 17 clarifies that when an entity settles the dividend payable, it must recognize the dif-
ference, if any, between the carrying amounts of the assets distributed and the fair value in profit or
loss. The obligations and any changes in the fair value of the asset concerned should be recognized
in equity.
IFRIC 18 “Transfers of Assets from Customers”
IFRIC 18 regulates agreements in which an entity receives an asset from a customer that
the entity must use either to connect the customer to a network or to provide the customer with
ongoing access to a supply of goods or services, or to do both. The interpretation addresses in
particular the recognition criteria of customer contributions, the timing and the amount of revenue
recognition from such business transactions.