Effects of new and amended IFRSs

Volkswagen AG has adopted all accounting pronouncements required to be applied starting in fiscal year 2012.

As a consequence of the amendment to IFRS 7 in October 2010, the disclosure requirements for transfers of financial assets were supplemented starting in fiscal year 2012. The supplemented disclosures relate both to transferred financial assets that are derecognized in their entirety and to transferred financial assets that are not derecognized in their entirety. The other balance sheet disclosures in accordance with IFRS 7 (Financial Instruments) were supplemented in line with this.

New and amended IFRSs not applied

In its 2012 consolidated financial statements, Volkswagen AG did not apply the following accounting pronouncements that have already been adopted by the IASB, but were not yet required to be applied for the fiscal year.

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Standard/Interpretation1

 

Issued by the IASB

 

Effective date2

 

Adopted by the EU1

 

Expected effects

1

Up to December 31, 2012.

2

Required to be applied for the first time by Volkswagen AG.

3

Effective date postponed from 2013 to 2015 by the Mandatory Effective Date project.

4

Minor amendments to a large number of IFRSs (IFRS 1, IAS 1, IAS 16, IAS 32, IAS 34).

IFRS 1

 

First-time Adoption – Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters

 

Dec. 20, 2010

 

Jan. 1, 2013

 

Yes

 

None

IFRS 1

 

Government Loans

 

Mar. 13, 2012

 

Jan. 1, 2013

 

No

 

None

IFRS 7

 

Financial Instruments:
Disclosures – Offsetting Financial Assets and Financial Liabilities

 

Dec. 16, 2011

 

Jan. 1, 2013

 

Yes

 

Enhanced disclosures on offsetting of financial instruments

IFRS 9

 

Financial Instruments:
Classification and Measurement

 

Nov. 12, 2009/
Oct. 28, 2010

 

Jan. 1, 20153

 

No

 

Change in the accounting treatment of fair value changes in financial instruments previously classified as available for sale

IFRS 10

 

Consolidated Financial Statements

 

May 12, 2011

 

Jan. 1, 2014

 

Yes

 

No material changes

IFRS 11

 

Joint Arrangements

 

May 12, 2011

 

Jan. 1, 2014

 

Yes

 

No material effects

IFRS 12

 

Disclosures of Interests in Other Entities

 

May 12, 2011

 

Jan. 1, 2014

 

Yes

 

Enhanced disclosures on interests in other entities

 

 

Transition Guidance on
IFRS 10, IFRS 11, IFRS 12

 

June 28, 2012

 

Jan. 1, 2013

 

No

 

No material changes

 

 

Investment Entities
(Amendments to IFRS 10, IFRS 12, IAS 27)

 

Oct. 31, 2012

 

Jan. 1, 2014

 

No

 

None

IFRS 13

 

Fair Value Measurement

 

May 12, 2011

 

Jan. 1, 2013

 

Yes

 

Modifications to and enhanced disclosures on fair value measurement

IAS 1

 

Presentation of Financial Statements –
Presentation of Items of Other Comprehensive Income

 

June 16, 2011

 

Jan. 1, 2013

 

Yes

 

Change in the presentationof other comprehensive income

IAS 12

 

Deferred Taxes – Recovery of Underlying Assets

 

Dec. 20, 2010

 

Jan. 1, 2013

 

Yes

 

No material changes

IAS 19

 

Employee Benefits

 

June 16, 2011

 

Jan. 1, 2013

 

Yes

 

Change in accounting for and enhanced disclosures on employee benefits

IAS 27

 

Separate Financial Statements

 

May 12, 2011

 

Jan. 1, 2014

 

Yes

 

None

IAS 28

 

Investments in Associates and Joint Ventures

 

May 12, 2011

 

Jan. 1, 2014

 

Yes

 

None

IAS 32

 

Financial Instruments: Presentation –
Offsetting Financial Assets and Financial Liabilities

 

Dec. 16, 2011

 

Jan. 1, 2014

 

Yes

 

No material changes

 

 

Improvements to IFRSs 20114

 

May 17, 2012

 

Jan. 1, 2013

 

No

 

No material changes

IFRIC 20

 

Stripping Costs in the Production Phase of a Surface Mine

 

Oct. 19, 2011

 

Jan. 1, 2013

 

Yes

 

None

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