Porsche 2011 Annual Report Download - page 172
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(3) the ability to use power over the investee to affect the amount of the investor's returns. All three elements
of the control concept have to be fulfilled. IFRS 10 replaces the requirements from IAS 27 “Consolidated and
Separate Financial Statements” in relation to consolidation and SIC 12 “Consolidation – Special Purpose
Entities”. The requirements in IAS 27 related to single entity financial statements are not affected and the
standard was renamed “Separate Financial Statements”.
· Pursuant to IFRS 11 “Joint Arrangements”, the accounting treatment of joint arrangements is oriented at the
rights and duties of the parties concerned rather than the legal form (substance over form). Proportionate
consolidation is no longer permitted for joint ventures. The new standard replaces IAS 31 “Interests in Joint
Ventures”. As a consequence, IAS 28 “Investments in Associates” was supplemented accordingly and
renamed “Investments in Associates and Joint Ventures”.
· IFRS 12 “Disclosure of Interests in Other Entities” is a new and comprehensive standard governing disclosure
requirements for all forms of interests in other companies, including joint arrangements, associates, special
purpose entities and other off-balance sheet vehicles. Requirements in other standards governing such
interests are being removed.
The new and amended standards are applicable for fiscal years beginning on or after 1 January 2013.
IFRS 13 “Fair Value Measurement”
IFRS 13 “Fair Value Measurement” will improve consistency and reduce complexity by providing a
precise definition of fair value for the first time, serving as a single source for fair value measurement and
prescribing disclosure requirements applicable for all IFRSs.
IFRS 13 is applicable prospectively for reporting periods beginning on or after 1 January 2013.
Amendments to IAS 1 “Financial Instruments: Presentation”
Amendments to IAS 1 “Financial Statement Presentation” require that the items of other comprehensive
income are broken down into those that are reclassified through the income statement and those items that are
not. A similar treatment is intended for income tax where the pre-tax presentation method is used. These
should also be separated into items that can and items that cannot be reclassified. The amendments to IAS 1
are mandatory for fiscal years beginning on or after 1 July 2012.
172 FINANCIALS