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Annual Report

Accounting standards

Effects of new and amended IFRSs

Volkswagen AG has adopted all accounting pronouncements required to be applied starting in fiscal year 2010.

The revisions to IAS 27/IFRS 3 result in a change in the way future business combinations are presented. In particular, there is an option to capitalize the share of goodwill attributable to noncontrolling interests. Existing shares that were already accounted for before the transfer of control must be measured at fair value in profit or loss at the acquisition date. Equally, shares in a subsidiary that are retained after the loss of control must be recognized at fair value in profit or loss at the deconsolidation date. Changes in the interest held in existing consolidated subsidiaries that do not lead to a loss of control will continue to be recognized directly in equity.

In accordance with the amendment to IFRS 8 as part of the Improvements to International Financial Reporting Standards 2009, no disclosure on segment assets is made; this disclosure is not used in Volkswagen’s internal reporting.

In addition, the following standards and interpretations were required to be applied for the first time in fiscal year 2010, but did not have any material effects on presentation in the Group’s consolidated financial statements.

  • IFRS 1: First-time Adoption of IFRSs (revised)
  • IFRS 1: Additional Exemptions for First-time Adopters
  • IFRS 1/IFRS 5: Improvements to International Financial Reporting Standards 2008
  • IFRS 2/IFRIC 11: Group Cash-settled Share-based Payment Transactions
  • IAS 39/IFRS 7: Reclassification of Financial Assets – Effective Date and Transition
  • IAS 39: Eligible Hedged Items – amendment to IAS 39
  • Improvements to International Financial Reporting Standards 2009 – minor amendments to a large number of IFRSs (IFRS 2, IFRS 5, IAS 1, IAS 7, IAS 17, IAS 18, IAS 36, IAS 38, IAS 39, IFRIC 9, IFRIC 16) and resulting changes.
  • IFRIC 12: Service Concession Arrangements
  • IFRIC 15: Agreements for the Construction of Real Estate
  • IFRIC 16: Hedges of a Net Investment in a Foreign Operation
  • IFRIC 17: Distributions of Non-cash Assets to Owners
  • IFRIC 18: Transfers of Assets from Customers

New and amended IFRSs not applied

In its 2010 consolidated financial statements, Volkswagen AG did not apply the following accounting standards or interpretations that have already been adopted by the IASB but were not required to be applied for fiscal year 2010.

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Standard/Interpretation1

 

Issued by the IASB

 

Effective date2

 

Adopted by the EU1

 

Expected effects

1

In the period up to December 31, 2010.

2

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

3

Minor amendments to a large number of IFRSs (IFRS 1, IFRS 3, IFRS 7, IAS 1, IAS 27, IAS 34, IFRIC 13) and resulting changes.

IFRS 1

 

Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters

 

Jan. 28, 2010

 

Jan. 1, 2011

 

Yes

 

None

IFRS 1

 

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

 

Dec. 20, 2010

 

Jan. 1, 2012

 

No

 

None

IFRS 7

 

Disclosures –Transfers of Financial Assets

 

Oct. 7, 2009

 

Jan. 1, 2012

 

No

 

Enhanced disclosures on the transfer of financial instruments

IFRS 9

 

Financial Instruments: Classification and Measurement

 

Nov. 12, 2009/ Oct. 28, 2010

 

Jan. 1, 2013

 

No

 

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

IAS 12

 

Deferred Taxes –Recovery of Underlying Assets

 

Dec. 20, 2010

 

Jan. 1, 2012

 

No

 

No material effects

IAS 24

 

Related Party Disclosures

 

Nov. 4, 2009

 

Jan. 1, 2011

 

Yes

 

Simplification of reporting of related party transactions with state-controlled entities and their subsidiaries

IAS 32

 

Classification of Rights Issues

 

Oct. 8, 2009

 

Jan. 1, 2011

 

Yes

 

None

 

 

Improvements to International Financial Reporting Standards 20103

 

May 6, 2010

 

Jan. 1, 2011

 

No

 

Amendments to disclosures on financial instruments

IFRIC 14

 

Prepayments of a Minimum Funding Requirement

 

Nov. 26, 2009

 

Jan. 1, 2011

 

Yes

 

None

IFRIC 19

 

Extinguishing Financial Liabilities with Equity Instruments

 

Nov. 26, 2009

 

Jan. 1, 2011

 

Yes

 

None

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