Porsche 2006 Annual Report Download - page 142
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140
Revision of IAS 1 “Presentation of Financial Statements”
A revised version of IAS 1 was published in September 2007. The main changes relate to the changed
presentation of changes in equity resulting from transactions with the owners and other changes as well
as changes in the title of some components of the financial statements. The standard is effective for
fiscal years beginning on or after January 1, 2009.
Amendment to IAS 23 “Borrowing Costs”
The amendment requires the recognition of borrowing costs which can be allocated directly to the
purchase, construction or manufacture of a qualifying asset. The option for the immediate recognition
in profit or loss has thus been abolished. The amendment is applicable for fiscal years beginning on
or after January 1, 2009.
IFRIC 10 “Interim Financial Reporting and Impairment”
IFRIC 10 stipulates that an impairment of goodwill or certain financial instruments charged in the financial
statements of past interim financial statements cannot be reversed in later annual financial statements.
IFRIC 10 is to be applied for the first time to fiscal years beginning on or after November 1, 2006.
IFRIC 11 “Group and Treasury Share Transactions”
This interpretation clarifies how group share transactions are accounted for and treated. IFRIC 11 is
applicable for fiscal years beginning on or after March 1, 2007.
IFRIC 12 “Service Commission Arrangements”
IFRIC 12 gives guidance on how operators under service concession agreement have to apply IFRS
in order to recognize the obligations entered into and the rights received under these agreements.
IFRIC 12 is mandatory for the first time for fiscal years beginning on or after January 1, 2008.
IFRIC 13 “Customer Loyalty Programs”
IFRIC 13 regulates the accounting of customer bonus programs which are run by manufacturers or
service providers themselves or by third parties. IFRIC 13 is applicable for fiscal years beginning on
or after July 1, 2008.
IFRIC 14 “The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction”
IFRIC 14 deals with the interaction between an obligation existing at the balance sheet date to pay in
additional amounts to a pension plan (minimum funding requirement) and the rulings in IAS 19 on the
upper limit of a positive balance between plan assets and the defined benefit obligation (asset ceiling).
IFRIC 14 is mandatory for fiscal years beginning on or after January 1, 2008.
These new accounting provisions are not expected to have any material effect on the result of future
consolidated financial statements.