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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 | ||||||||||||||
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IFRS 1 |
First-time Adoption – Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters |
Dec. 20, 2010 |
Jan. 1, 2013 |
Yes |
None | |||||||||||||
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IFRS 1 |
Government Loans |
Mar. 13, 2012 |
Jan. 1, 2013 |
No |
None | |||||||||||||
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IFRS 7 |
Financial Instruments: |
Dec. 16, 2011 |
Jan. 1, 2013 |
Yes |
Enhanced disclosures on offsetting of financial instruments | |||||||||||||
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IFRS 9 |
Financial Instruments: |
Nov. 12, 2009/ |
Jan. 1, 20153 |
No |
Change in the accounting treatment of fair value changes in financial instruments previously classified as available for sale | |||||||||||||
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IFRS 10 |
Consolidated Financial Statements |
May 12, 2011 |
Jan. 1, 2014 |
Yes |
No material changes | |||||||||||||
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IFRS 11 |
Joint Arrangements |
May 12, 2011 |
Jan. 1, 2014 |
Yes |
No material effects | |||||||||||||
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IFRS 12 |
Disclosures of Interests in Other Entities |
May 12, 2011 |
Jan. 1, 2014 |
Yes |
Enhanced disclosures on interests in other entities | |||||||||||||
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Transition Guidance on |
June 28, 2012 |
Jan. 1, 2013 |
No |
No material changes | |||||||||||||
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Investment Entities |
Oct. 31, 2012 |
Jan. 1, 2014 |
No |
None | |||||||||||||
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IFRS 13 |
Fair Value Measurement |
May 12, 2011 |
Jan. 1, 2013 |
Yes |
Modifications to and enhanced disclosures on fair value measurement | |||||||||||||
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IAS 1 |
Presentation of Financial Statements – |
June 16, 2011 |
Jan. 1, 2013 |
Yes |
Change in the presentationof other comprehensive income | |||||||||||||
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IAS 12 |
Deferred Taxes – Recovery of Underlying Assets |
Dec. 20, 2010 |
Jan. 1, 2013 |
Yes |
No material changes | |||||||||||||
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IAS 19 |
Employee Benefits |
June 16, 2011 |
Jan. 1, 2013 |
Yes |
Change in accounting for and enhanced disclosures on employee benefits | |||||||||||||
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IAS 27 |
Separate Financial Statements |
May 12, 2011 |
Jan. 1, 2014 |
Yes |
None | |||||||||||||
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IAS 28 |
Investments in Associates and Joint Ventures |
May 12, 2011 |
Jan. 1, 2014 |
Yes |
None | |||||||||||||
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IAS 32 |
Financial Instruments: Presentation – |
Dec. 16, 2011 |
Jan. 1, 2014 |
Yes |
No material changes | |||||||||||||
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Improvements to IFRSs 20114 |
May 17, 2012 |
Jan. 1, 2013 |
No |
No material changes | |||||||||||||
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IFRIC 20 |
Stripping Costs in the Production Phase of a Surface Mine |
Oct. 19, 2011 |
Jan. 1, 2013 |
Yes |
None | |||||||||||||
