Porsche 2007 Annual Report Download - page 148
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145
IFRIC 12 “Service Commission Arrangements”
IFRIC Interpretation 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 Interpretation 12 is mandatory for the first time for fiscal years beginning
on or after 1 January 2008.
IFRIC 13 “Customer Loyalty Programmes”
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 effective for reporting periods
beginning on or after 1 July 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 effective for fiscal years beginning on or after 1 January 2008.
IFRIC 15 “Agreements for the Construction of Real Estate”
IFRIC 15 regulates the accounting of real estate sales where a contract is concluded with the
purchaser before the construction work is completed. The interpretation first clarifies the pre-
requisites for applying IAS 11 and IAS 18. The recognition of revenues is also regulated as are
the disclosures in the notes. IFRIC 15 is effective for fiscal years beginning on or after
1 January 2009.
IFRIC 16 “Hedges of a Net Investment in a Foreign Operation”
IFRIC 16 answers uncertain points relating to the hedging of a foreign operation. The issues
addressed include:
– What is the nature of the risk being hedged?
– What is the maximum amount of the hedged item?
– Where in a group can the hedging instrument be held?
– How is the disposal of the foreign operation accounted for?
IFRIC 16 is effective for reporting periods beginning on or after 1 October 2008.
Annual amendment process
In the course of the annual amendment process, a series of clarifications for the individual
standards were enacted on 22 May 2008.
Besides the segment reporting and the reclassification of parts of the financial statements, these
new accounting principles are not currently expected to have a major effect on future consolidated
financial statements. As a rule, the Porsche Group does not implement new standards and inter-
pretations or amendments to existing standards until they are mandatory.