DHL 2011 Annual Report Download - page 169

On  May ,   (Fair Value Measurement) was is-
sued, which sets out a uniform, cross-standard framework for the
measurement of fair value. In addition,   requires a speci c
presentation of the techniques used to determine fair value.  e
application of the new standard will result in additional disclosure
requirements.
 e amendments to   (Presentation of Items of Other
Comprehensive Income) require entities in future to classify items
presented in other comprehensive income by whether or not they
will be reclassi ed to pro t or loss in subsequent periods (recycl-
ing).  e amendments have no signi cant e ect on the consoli-
dated  nan cial statements.
On  June , the  issued a revised version of  
(Employee Bene ts).  ese requirements signi cantly a ect the
recognition and measurement of the cost of de ned bene t plans
and termination bene ts. Furthermore, there are corresponding
e ects on the balance sheet and additional disclosure requirements
for employee bene ts. In relation to de ned bene t plans, the recog-
nition of actuarial gains and losses (remeasurements) in other com-
prehensive income for the period, and the future use of a uniform
discount rate for provisions for pensions and similar obligations,
and for pension assets, are of particular signi cance.  e e ects
of the detailed requirements on the recognition of administrative
expenses are still being assessed.  e same applies to the changes in
relation to the classi cation of termination bene ts.
 e amendments to   (Financial Instruments: Presenta-
tion) provide clari cation on the conditions for the o setting of
 nancial assets and liabilities in the balance sheet. A right of set-
o must be legally enforceable for all counterparties, both in the
normal course of business and also in the event of insolvency, and
it must exist at the balance sheet date. In addition, the Standard
speci es which gross settlement systems can be regarded as net
settlement for this purpose.  e additions to   arising from
these amendments require comprehensive disclosure of the rights
of set-o , especially for those rights that do not result in o setting
under  s.
 e amendment to   (Deferred Tax: Recovery of Under-
lying Assets) introduces a mandatory rebuttable presumption in
respect of the treatment of temporary taxable di erences for invest-
ment properties where the fair value model is applied in accordance
with  .  e new rule is important for countries where the tax
rules governing the use and the sale of such assets di er. As part
of this amendment, - (Income Taxes – Recovery of Revalued
Non-Depreciable Assets) was also incorporated into  .  e ef-
fects on the consolidated  nancial statements are being assessed.
  (Consolidated Financial Statements) introduces a
uniform de nition of control for all entities that are to be consoli-
dated in the consolidated  nancial statements.  e standard also
contains comprehensive requirements on determining a relation-
ship where control exists.   supersedes   (Consolidated
and Separate Financial Statements) as well as - (Consolida-
tion – Special Purpose Entities). Special purpose entities previ-
ously consolidated in accordance with - are now subject to
 .  e e ects on the Group are currently being assessed.
  (Joint Arrangements) supersedes   (Interests
in Joint Ventures).  e previous option to proportionately con-
solidate for joint ventures has been removed. Changes in the new
Standard’s terminology and the classi cation of entities as joint
ventures must, however, be considered, and not all joint ventures
that are currently subject to proportionate consolidation will have
to be accounted for under the equity method in the future.  
provides a uniform de nition of the term “joint arrangements”
and distinguishes between joint operations and joint ventures.  e
interest in a joint operation is recognised on the basis of direct
rights and obligations, whereas the interest in the pro t or loss of a
joint venture must be accounted for under the equity method.  e
mandatory application of the equity method to joint ventures will
now follow the requirements of the revised   (Investments in
Associates and Joint Ventures).  e e ects on the Group are cur-
rently being assessed.
  (Disclosure of Interests in Other Entities) combines
the disclosure requirements for all interests in subsidiaries, joint
ventures, associates and unconsolidated structured entities into
a single standard. Under  , an entity is required to provide
quantitative and qualitative disclosures about the types of risks
and  nancial e ects associated with the entity’s interests in other
en tities.   results in increased disclosure requirements.
 e existing standards   (Consolidated and Separate
Finan cial Statements) and   (Investments in Associates) were
revised in conjunction with the new standards  ,   and
 .   (Separate Financial Statements) (revised ) now
only contains requirements applicable to separate  nancial state-
ments.   was renamed as   (Investment in Associates
and Joint Ventures) (revised ) and the scope of application was
extended to include accounting for joint ventures under the equity
method.  e requirements of - (Jointly Controlled Entities –
Non-Monetary Contributions by Venturers) were incorporated
into  .
Deutsche Post DHL Annual Report 
Consolidated Financial Statements
Notes
Basis of preparation
163