DHL 2014 Annual Report Download - page 151

New accounting pronouncements adopted by the 
but only required to be applied in future periods
e following Standards, changes to Standards and Interpretations
have already been endorsed by the . However, they will only be
required to be applied in future periods.
Effective for
financial years
beginning
on or after Subject matter and significance
Standard
(Issue date)
  (Levies)
( May )
17 June 2014 1 This Interpretation provides guidance on when to recognise a liability for a levy imposed by a government. It covers the
recognition of levies imposed in accordance with laws or regulations. It does not include taxes, fines and other outflows
that fall within the scope of other standards. The effects of this Interpretation on the consolidated financial statements
areimmaterial.
Amendments to  
( Defined Benefit Plans:
Employee Contributions)
( November )
1 February 2015 1 The amendments apply to the recognition of employee contributions to defined benefit retirement plans. Their objective
isto simplify accounting for employee contributions that are independent of the number of years of service. In such cases,
the service cost in the period in which the corresponding service is rendered may be reduced. The new requirements must
be applied retrospectively. Application will not lead to any significant effects.
Annual Improvements
to s – Cycle
( December )
1 February 2015 1 The annual improvement process refers to the following standards:  ,  ,  ,  ,  ,  ,  ,  
and  . The amendments will not have a significant influence on the consolidated financial statements.
Annual Improvements
to s – Cycle
( December )
1 January 2015 1 The annual improvement process refers to the following standards:  ,  ,   and  . The amendments will
nothave a significant influence on the consolidated financial statements.
1 The effective date was amended for companies within the . This is a departure from the original standard.
New accounting requirements not yet adopted by the 
( endorsement procedure)
e  and the  issued further Standards, amendments to
Standards and Interpretations in nancial year  and in previ-
ous years whose application is not yet mandatory for nancial year
. e application of these  s is dependent on their adoption
by the .
Effective for
financial years
beginning
on or after Subject matter and significance
Standard
(Issue date)
  (Consolidated
Financial Statements)
( July )
1 January 2018   was issued in  as part of the project to replace   and contains rules on the recognition and measurement of
financial instruments, derecognition and hedge accounting. The fourth and final version of   now issued supersedes
all previous versions.   changes the previous requirements applicable for the classification and measurement of finan-
cialassets, including the requirements regarding impairment, and supplements the new hedge accounting requirements
published in . A new fair value through other comprehensive income measurement category was introduced for business
models where assets are both held for sale and held to collect contractual cash flows. The new requirements for deter-
mining impairment (impairment losses, particularly allowances for losses on loans and advances) include a new expected
loss model, under which losses are recognised earlier, with both incurred and expected future losses taken into account.
By contrast,   results in little change to the classification and measurement requirements for financial liabilities. For
financial liabilities designated as at fair value, changes to their fair value attributable to changes inthe credit risk of the
entity must in future be presented in other comprehensive income , as opposedto profit and loss. The revision of hedge
accounting places greater focus on an entity’s economic risk management. Extensive new disclosure requirements were
added as an amendment to  . Application of   is required for reporting periods beginning on or after  January .
Voluntary early application is permitted subject to local requirements. Initial application must in principle be retrospective,
although various simplification options are permitted. The Group is currently reviewing the effects on the consolidated
financial statements.
  (Revenue from
Contracts with Customers)
( May )
1 January 2017 This standard will in future replace the existing requirements governing revenue recognition under   (Revenue) and
  (Construction Contracts). The new standard establishes uniform requirements regarding the timing and amount of
revenue recognition, which are applicable for all sectors and for all categories of revenue transaction. The standard provides
aprinciple-based five-step model that must be applied to allcontracts with customers. It also introduces extensive dis-
closure requirements.   must be applied for reporting periods beginning on or after  January . The requirements
must in principle be applied retrospectively. Its effects on the consolidated financial statements are currently being reviewed.
Deutsche Post  Group —  Annual Report
145
Consolidated Financial Statements — NOTES — Basis of preparation