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ePaper created 2014-04-29, 17:58:02 | version 1.30.00
DEUTSCHEEUROSHOPANNUALREPORT2013/CONSOLIDATEDFINANCIALSTATEMENTS 161 F. TRADE PAYABLES Trade payables are recognised at their repayment amount. G. OTHER LIABILITIES Other liabilities are recognised at amortised cost. H. CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash and bank balances (terms of up to three months) at their principal amounts. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD Shares in associates and joint ventures are recorded in the balance sheet at investment cost, altered to reflect changes in the Group’s share of the associate’s/joint venture’s equity after the acquisition date. The Group assesses at each balance sheet date whether there is evidence of a need for impairment in relation to the amortised carrying amounts of the shares. Please also note the explanations of the “Changes in accounting and valuation methods”. DEFERRED TAXES In accordance with IAS 12, deferred taxes are recognised for all differences between the tax accounts and the IFRS bal- ance sheet, using the currently enacted tax rate. Currently, deferred taxes are primarily formed on the differences between the IFRS carrying amounts of the properties and their carrying amounts for tax purposes. A uniform corporation tax rate of 15% plus the solidarity surcharge of 5.5% was used for German companies, and in some cases a rate of 16.45% for trade tax. The respective local tax rates were applied for foreign companies. In accordance with IAS 12.74, deferred tax assets on existing loss carryforwards are offset against deferred tax liabilities. OTHER PROVISIONS Under IFRS, other provisions may only be recognised if a present obligation exists towards a third party and payment is more likely than not. Non-current provisions are discounted.