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comprehensive income instead of in the income statement, unless this results in an
incorrect presentation. The Group will analyze the further phases of IFRS 9, as soon as
these are adopted by IASB.
IFRS 10 “Consolidated Financial Statements” builds on existing foundations. The focus
of IFRS 10 is on the introduction of a uniform consolidation model for all companies,
which is based on the control of the subsidiary by the parent company. The standard also
contains additional guidelines – particularly useful in difficult cases – for determining
whether an entity is controlled. As of now, the Group currently does not expect significant
effects on the consolidated annual financial statements from this amendment.
IFRS 11 “Joint Arrangements” outlines the accounting by entities that jointly control an
arrangement. Joint control involves the contractual sharing of control and arrangements
subject to joint control. Joint arrangements are classified as either a joint venture (representing
a share of net assets and equity accounted) or a joint operation (representing
rights to assets and obligations for liabilities, accounted for accordingly). As of now, the
Group does not expect this to have any significant effect on the consolidated financial
statements.
IFRS 12 “Disclosure of Interests in Other Entities” combines the revised disclosure obligations
under IAS 27 and IFRS 10, IAS 31 and IFRS 11, and IAS 28 in one standard.
The Group has not yet evaluated the full effects of IFRS 12 and will implement IFRS 12
at the latest in the financial year beginning on January 1, 2013.
IFRS 13 “Fair Value Measurement” aims to improve the continuity of valuations and to
reduce complexity. This standard describes how to define fair value, how to determine the
valuation, and which disclosures are required. The regulations that involve bringing IFRS
into alignment with US GAAP do not extend the scope of application of fair value measurement,
but explain how fair value is to be applied in cases where this is already required
or permitted by the standards.
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