Porsche 2012 Annual Report Download - page 189

IFRS 10-12: Transition Guidance
The amendments specify and clarify the transition requirements in IFRS 10 "Consolidated
Financial Statements". In addition, simplification is also provided in that, on initial application,
the required disclosure of adjusted comparative figures is limited to the immediately preceding
comparative period and the disclosure of comparative information relating to unconsolidated
structured entities when applying IFRS 12 for the first time is no longer required.
Under the IASB transition guidance, the amended standards are applicable for reporting
years beginning on or after 1 January 2013. At EU level, however, it is planned to prescribe
mandatory application for reporting years beginning on or after 1 January 2014.
IFRS 10, IFRS 12, IAS 27: Investment Entities
Under these amendments investment entities are defined as a separate category of entities that,
as parent companies, are exempted from the consolidation requirements in IFRS 10 "Consoli-
dated Financial Statements". Instead, in order to improve the usefulness of financial reporting
information, accounting at fair value must be applied. The amended standards are applicable for
reporting years beginning on or after 1 January 2014.
From the application of IFRS 12, Porsche SE expects new disclosure requirements, but no
effects on the net assets, financial position and results of operations of the Porsche SE group.
In addition, the consolidated financial statements for prior years already presented
amendments that have still not been applied in the fiscal year 2012. There are no changes
regarding the assessment of potential effects resulting from this on future consolidated financial
statements.
Voluntary early adoption of the amendments before they become mandatory under the
transitional provisions of IASB is not planned.
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