Porsche 2007 Annual Report Download - page 147

144
To our shareholders
The Company
The new Panamera
Financials
Revision of IFRS 3 “Business Combinations” and IAS 27 “Consolidated and Separate Financial
Statements”
Revised versions of IFRS 3 and IAS 27 were published in January 2008. This concluded the
“Business Combinations II” project commenced in November 2001, which the IASB carried
out in close cooperation with the US American standard setter. The main changes involved a
comprehensive revision of the use of the purchase method. The revised standards are to be
applied to fiscal years beginning on or after 1 July 2009.
IFRS 8 "Operating Segments"
IFRS 8 regulates the financial information which an entity has to present about its operating
segments in its reporting. IFRS 8 replaces IAS 14 “Segment Reporting”, applies the rulings
SFAS 131 “Disclosures about Segments of an Enterprise and related Information” with a few
exceptions and has to be adopted for the first time in fiscal years beginning on or after
1 January 2009.
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 titles of some components of the financial statements.
The standard is effective for fiscal years beginning on or after 1 January 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 recog-
nition in profit or loss has thus been abolished. The amendment is applicable for fiscal years
beginning on or after 1 January 2009.
IAS 28 “Accounting for Investments in Associates”
Amendments to IAS 23 “Accounting for Investments in Associates” by IAS 1 “Presentation of
Financial Statements" (amended 2007) and IAS 27 "Consolidated and Separate Financial
Statements" (amended 2008) have to be applied simultaneously.
Amendment to IAS 32 “Financial Instruments: Presentation” and IAS 1 “Presentation of Financial
Statements”
The change mainly refers to the conditions for the classification of cancellable instruments as
equity or debt capital. As a rule, the amended version is designed to allow German partnerships
to classify their partnership capital as equity in the IFRS financial statements. The amendment is
applicable for fiscal years beginning on or after 1 January 2009.
Amendments to IAS 39, “Financial Instruments: Recognition and Measurement” and IFRS 7
“Financial Instruments: Disclosures”
The amendments allow companies to reclassify certain financial instruments from the at fair value
through profit or loss category to another category in which they are measured at amortized cost
taking impairments into account. This amendment can be applied retroactively from 1 July 2008.
Amendments to IAS 39 “Financial Instruments: Recognition and Measurement”
This amendment specifies how the principles contained in IAS 39 are to be applied for the hedge
accounting in two specific situations. These are the unilateral risk with reference to a hedged
transaction (e.g. the risk of changes in the fair value or cash flows above or below a fixed price
or another variable) and the risk of inflation in a financially hedged transaction. This supplement is
effective for fiscal years beginning on or after 1 January 2009.