Porsche 2011 Annual Report Download - page 173

Amendments to IAS 19 “Employee Benefits”
The amendments concern
· the elimination of the deferred recording of actuarial gains and losses (corridor method); in future actuarial
gains and losses must be recognized in other comprehensive income
· the presentation/allocation of changes in the net liabilities/assets from defined benefit plans
· additional disclosures on characteristics of and risks relating to such defined benefit plans
The amended IAS 19 is mandatory for fiscal years beginning on or after 1 January 2013. In connection
with the elimination of what is referred to as the corridor method, pension provisions have to be reduced or
increased by an amount equivalent to the unrecognized actuarial gains or losses and a corresponding counter-
adjustment has to be made in equity. The effects on pension provisions reported in the consolidated financial
statements of Porsche SE will be immaterial. In addition, this will give rise to effects on Porsche SE’s
accounting for its investments in Volkswagen AG and Porsche Zwischenholding GmbH at equity and on Porsche
SE’s group equity. These quantitative effects are still being analyzed.
Amendments to IFRS 9 “Financial Instruments” and IFRS 7 “Financial Instruments: Disclosures”
The IASB published an amendment to IFRS 9 “Financial Instruments”. This encompasses additions to
IFRS 7 “Financial Instruments”. It prescribes that IFRS 9 is not mandatory until fiscal years beginning on or after
1 January 2015. Earlier adoption is permitted.
Amendments to IAS 32 “Financial Instruments” and IFRS 7 “Financial Instruments: Disclosures”
The IASB published amendments to IAS 32 and IFRS 7. With these amendments the IASB clarifies
some details relating to the netting of financial assets against financial liabilities and requires additional
disclosures. The IASB does not intend this to alter the existing netting principle in IAS 32. The clarification of
the criteria “simultaneous settlement” and “legally enforceable right to set off the amounts” can only result in a
change in the accounting treatment if IAS 32 had been interpreted differently thus far. As a supplementary
mandatory disclosure, the gross and net amounts from offsetting as well as amounts related to existing
offsetting rights that do not satisfy the criteria for offsetting in the balance sheet will in future have to be
presented in a table. These amendments are applicable respectively for fiscal years beginning on and after
1 January 2013 (additional disclosures) or 2014 (clarifications).
In addition, the consolidated financial statements for SFY 2010 already presented amendments that
have still not been applied in the fiscal year 2011. Porsche SE will analyze the impact of the new standards and
the amendments on the presentation of its net assets, financial position and results of operations as well as the
cash flows.
Voluntary early adoption of the changes before they become mandatory under the transitional
provisions of IASB is not planned.
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