Porsche 2012 Annual Report Download - page 188

Financials
Notes to the consolidated fi nancial statements
New accounting standards
a) The following new or revised standards and interpretations which were adopted for
the first time in the fiscal year had no material effect on the consolidated financial
statements
Amendments to IFRS 7 “Financial Instruments: Disclosures”
The amendment governs new disclosures of transferred financial assets that are not derecog-
nized. In addition, disclosures on the continuing involvement in transferred and derecognized
financial assets are required.
This amendment had no 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
Publication of the Annual Improvements to IFRSs 2009-2011 Cycle
The IASB has published the final amendments under the Annual Improvements Project
(2009-2011 Cycle). The following standards are essentially affected by these amendments:
· IFRS 1 "First-time Adoption of International Financial Reporting Standards": Repeated appli-
cation of IFRS 1
· IFRS 1 "First-time Adoption of International Financial Reporting Standards": Borrowing costs
incurred on a qualifying asset when the commencement of capitalisation is prior to first-time
adoption of IFRSs
· IAS 1 "Presentation of Financial Statements": Clarification of the requirements for comparative
information
· IAS 16 "Property, plant and equipment": Clarification of servicing equipment
· IAS 32 "Financial Instruments: Presentation": Income tax effects of distributions to equity
holders are accounted for in accordance with IAS 12 "Income Taxes"
· IAS 34 "Interim Financial Reporting": Consistency of disclosures relating to segment infor-
mation for the sum of segment assets
The amended standards are applicable for reporting years beginning on or after
1 January 2013.
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