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ePaper created 2014-04-29, 17:58:02 | version 1.30.00
DEUTSCHEEUROSHOPANNUALREPORT2013/CONSOLIDATEDFINANCIALSTATEMENTS 148 CHANGES IN ACCOUNTING POLICIES Switch from the proportionate consolidation method to equity method accounting from 1 January 2013 Joint ventures in which Deutsche EuroShop AG has a majority of the voting rights together with third parties have up until now been proportionately included as joint ventures in the consolidated financial statements. Proportional con- solidation is no longer allowed given the adoption of the new IFRS 11. In future, joint ventures will be accounted for using the equity method. Adoption of this standard is compulsory as of 1 January 2014. Regardless of this, we exer- cised our right as set forth in IAS 31 and switched to equity accounting as of 1 January 2013. The comparative amounts of fiscal year 2012 have been altered as though in 2012 and in previous periods equity accounting had been applied. This means that the capital market now has a clearer picture of the asset, financial and earnings position of the Group with a view to the upcoming changes induced by IFRS 11. The transition from proportional to equity accounting has an impact on the structure of our consolidated financial statements. Assets, liabilities, expenses and income are no longer recognised proportionally in the corresponding balance sheet or income statement items. The following companies are affected by the switch: • Altmarkt-Galerie Dresden KG, Hamburg (until 30 April 2013) • Allee-Center Magdeburg KG, Hamburg • CAK City Arkaden Klagenfurt KG, Hamburg • EKZ Eins Errichtungs- und Betriebs Ges.m.b.H.&Co OG, Vienna • Einkaufs-Center Arkaden Pécs KG, Hamburg