Porsche 2012 Annual Report Download - page 174
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Financials
Notes to the consolidated fi nancial statements
With the exception of their capitalizable portion, development costs are not capitalized, but
recognized in profit or loss in the period in which they are incurred. The portion of development
expenditure that can be measured reliably and meets all other recognition criteria of IAS 38 is
capitalized. The capitalized development costs include all costs and overhead expenditure di-
rectly attributable to the development process incurred after the point in time at which all recog-
nition criteria are met. Capitalized development costs are amortized beginning at the start of
production using the straight-line method over the expected useful life of the product, taking any
impairments into account. The useful life is usually five to ten years. Research costs are ex-
pensed as incurred.
Property, plant and equipment
Items of property, plant and equipment are measured at cost less accumulated depreciation
over the useful life of the assets and any accumulated impairment losses. The cost of items of
property, plant and equipment acquired as part of a business combination is the fair value as of
the date of acquisition. Self-constructed items of property, plant and equipment are recognized
at cost. Cost is determined on the basis of the direct and the proportionate indirect production-
related costs. Grants are generally deducted from cost. Costs for repairs and maintenance are
recognized as an expense.
Depreciation, which is generally charged on a straight-line basis, reflects the pattern of the
assets’ expected utility to the company. Higher depreciation rates are applied for some equip-
ment used in shift operations.
Depreciation is based on the following useful lives:
Residual values, depreciation methods and useful lives are reviewed, and adjusted prospec-
tively as changes in estimates if appropriate, at each reporting date.
Years
Buildings 25 to 50
Site improvements 9 to 20
Technical equipment and machinery 6 to 20
Other equipment, furniture and fixtures (including special tools) 3 to 15
3170