Porsche 2011 Annual Report Download - page 171
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New accounting standards
a) The following new or revised standards and interpretations which were adopted for first time
in the fiscal year had no material effect on the consolidated financial statements
IAS 24 “Related Party Disclosures”
The revised IAS 24 contains revised definitions of related parties and eliminates any associated
inconsistencies. In addition, it introduces new regulations with regard to disclosure requirements for entities
that are controlled or significantly influenced by a government in their relationship to other entities controlled or
significantly influenced by the same government.
Annual Improvements Project III
The IASB published the “Improvements to IFRSs 2008-2010” (Annual Improvements) on 6 May 2010.
This contains changes to six International Financial Reporting Standards (IFRSs) and one interpretation (IFRIC).
Amendments to IFRIC 14 “IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and
their Interaction”
The amendments to IFRIC 14 are relevant in the rare event that an entity is subject to minimum funding
requirements and makes prepayments to satisfy these minimum funding requirements. The amendment allows
entities to recognize the economic benefit from such prepayment as an asset.
None of the amendments had an effect on the consolidated financial statements.
b) The following standards and interpretations, which have been published but whose adoption
is not yet mandatory or which are not yet applicable in the EU, have not yet been applied
New and amended standards with respect to business combinations
On 12 May 2011, the IASB published the following standards with respect to business combinations.
· IFRS 10 “Consolidated Financial Statements” focuses on the introduction of a uniform consolidation model for
all companies that is based on the parent company's control over subsidiaries. The control concept is thus
applicable to both parent-subsidiary relationships that are based on voting rights as well as parent-subsidiary
relationships resulting from contractual arrangements. Consequently, the control concept is in future applicable
to special purpose entities that are currently consolidated based on the risks and rewards concept. The control
concept pursuant to IFRS 10 comprises three elements: (1) power over the investee, (2) variable returns and
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