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ePaper created 2014-04-29, 17:58:02 | version 1.30.00
DEUTSCHEEUROSHOPANNUALREPORT2013/CONSOLIDATEDFINANCIALSTATEMENTS 157 The official announcements that did not yet have to be applied in 2013 will be implemented in the year in which their application becomes compulsory for the first time. The effects of these individual amendments are being examined by the Group. Due to the switch of the joint ventures from proportionate consolidation to equity accounting in 2013, no significant impact on the Group is expected from the first-time application of IFRS 11. The following standards as well as interpretations of and amendments to existing standards were issued by IASB. However, their application was not yet compulsory for the preparation of the consolidated financial statements dated 31 December 2013. Application requires that they are endorsed by the EU within the scope of the IFRS endorsement process. Amendment/standard Date of publication Anticipated date of adoption into EU law IASB date of application IFRS 9 Financial Instruments and subsequent amendments (Amendments to IFRS 9 and IFRS 7) 2 November 2009/ 16 December 2011 postponed – Defined Benefit Plans: Employee Contributions (Amendments to IAS 19 21 November 2013 Q3/2014 1 July 2014 Annual Improvements to IFRSs 2010-2012 Cycle 12 December 2013 Q3/2014 1 July 2014 Annual Improvements to IFRSs 2011-2013 Cycle 12 December 2013 Q3/2014 1 July 2014 IFRIC Interpretation 21 Levies 20 May 2013 Q2/2014 1 January 2014 The official announcements that did not yet have to be applied in 2013 will be implemented in the year in which their application becomes compulsory for the first time. The effects of these individual amendments are being examined by the Group. SIGNIFICANT ACCOUNTING POLICIES REVENUE AND EXPENSE RECOGNITION Revenue and other operating income are recognised once the relevant service has been rendered or once the risk has passed to the customer. Operating expenses are recognised once the service has been utilised or at the time when they are booked through profit and loss. Interest income and expense are accrued. INTANGIBLE ASSETS Intangible assets relate exclusively to software purchased by Deutsche EuroShop AG. Additions are measured at cost. These are amortised at 20% using the straight-line method over the expected useful life of five years. The method of depreciation and the depreciation period are reviewed annually at the end of each financial year. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment is reported at cost, less scheduled depreciation and, where applicable, unscheduled write-downs (impairment charges). Operating and office equipment comprises company cars, office equipment, leasehold improvements, fittings and tech- nical equipment belonging to Deutsche EuroShop AG, and is depreciated using the straight-line method over three to 13 years. The method of depreciation and the depreciation period are reviewed annually at the end of each financial year.