Porsche 2009 Annual Report Download - page 146
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146 Financials
Goodwill and adjustments to recognize assets and liabilities arising from business combina-
tions at their fair value are expressed in the functional currency of the subsidiary.
The financial statements of consolidated subsidiaries prepared in a foreign currency are translated
to the euro in accordance with IAS 21. The functional currency of the company included in consolidation is
the currency of the primary economic environment in which it operates.
Assets, liabilities and contingent liabilities are translated at the closing rate as of the report-
ing date, while equity is translated at historical rates with the exception of income and expenses
recognized directly in equity. The income statement is translated using average exchange rates.
Exchange rate differences resulting from the translation of financial statements are recognized as a
separate component directly in equity until the disposal of the subsidiary. Upon disposal the sepa-
rate item is reclassified to profit or loss.