Please activate JavaScript!
Please install Adobe Flash Player, click here for download
ePaper created 2014-04-29, 17:58:02 | version 1.30.00
DEUTSCHEEUROSHOPANNUALREPORT2013/CONSOLIDATEDFINANCIALSTATEMENTS 155 DEFERRED TAXES: REALISATION OF UNDERLYING ASSETS, AMENDMENTS TO IAS 12 (Date of application: Start of the first financial year on or following the ordinance’s entry into effect) The valuation of deferred tax liabilities and entitlements depends on whether the carrying amount of the asset is real- ised through use or sale. Real estate that is held as a financial investment at fair value is particularly subject to eval- uation issues and especially high discretion. The amendment introduces the rebuttable presumption that such real estate can also be realised by sale. However, this does not apply to assets newly evaluated under IAS 16 or 38. SEVERE HYPERINFLATION AND REMOVAL OF FIXED DATES OF APPLICATION FOR FIRST-TIME ADOPTERS, AMENDMENTS TO IFRS 1 (DATE OF APPLICATION: START OF THE FIRST FINANCIAL YEAR ON OR FOLLOWING THE ORDINANCE’S ENTRY INTO EFFECT) Following the amendment, the previously used reference to the date 1. January 2004 as the fixed conversion date has been replaced by the general wording “Date of transition to IFRS”. Also, for the first time regulations have been cre- ated for cases where companies for some time prior to the changeover were unable to comply with IFRS regulations because the functional currency was highly inflationary (high inflation). OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES, AMENDMENT TO IFRS 7 (SINCE 1 JANUARY 2013) The amendment introduces comprehensive explanatory notes requirements with the aim of clarifying the way in which netting agreements work. PUBLIC-SECTOR LOANS, AMENDMENT TO IFRS 1 (SINCE 1 JANUARY 2013) The amendments relate to public-sector loans at interest rates which are not market interest rates. The amendment means that IFRS first-time adopters are offered a derogation to the full retrospective application of IFRS when accounting for such loans during the transition to IFRS. ANNUAL IMPROVEMENTS TO IFRS 2009–2011 (SINCE 1 JANUARY 2013) IFRS 1 FIRST-TIME ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS: REPEATED APPLICATION OF IFRS 1 AND INTEREST ON BORROWED CAPITAL Repeated application of IFRS 1: Clarification of the scope of application. IFRS is also to be applied by companies whose last financial statements did not comply with the IFRS. Interest on borrowed capital: Capitalisation of borrowing costs relating to qualified assets whose activation date was before the transition to IFRS may be continued. After the tran- sition date, only borrowing costs that comply with IAS 23 may be capitalised. IAS 1 PRESENTATION OF FINANCIAL STATEMENTS: PRIOR-PERIOD AMOUNTS Clarification of when preparation of a third balance sheet at the start of the comparative period and the provision of associated explanatory notes are necessary. The amendments to IAS 1 clarify that a third balance sheet is only required when (a) a company retroactively applies principles of accounting and valuation or retroactively adjusts or reclassifies balance sheet items and (b) retroactive modification, adjustment or reclassification significantly affects the information in the third balance sheet. Moreover, it states that explanatory notes on the third balance sheet are unnecessary.