Accounting standards

Effects of new and amended IFRSs

The following standards and interpretations adopted by the IASB were required to be applied for the first time in fiscal year 2008:

  • IAS 39: Reclassification of Financial Assets
  • IFRS 7: Reclassification of Financial Assets

The initial application of the standards had no effect on the presentation of the consolidated financial statements.

New and amended IFRSs not applied

In its 2008 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 2008.

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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, 2008.

2

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

3

Minor amendments to a large number of standards (IAS 1, IAS 8, IAS 10, IAS 16, IAS 18, IAS 19, IAS 20, IAS 23, IAS 27, IAS 28, IAS 29, IAS 34, IAS 36, IAS 38, IAS 39, IAS 40, IAS 41).

IFRS 1

 

First-time Adoption of IFRSs

 

Nov. 25, 2008

 

Jan. 1, 2010

 

No

 

None

IFRS 1/
IAS 27

 

Cost of an Investment in a Subsidary, Jointly Controlled Entity or Associates

 

May 22, 2008

 

Jan. 1, 2009

 

No

 

None

IFRS 2

 

Share-based Payment – Vesting Conditions and Cancellations

 

Jan. 17, 2008

 

Jan. 1, 2009

 

Yes

 

None

IFRS 3/
IAS 27

 

Business Combinations/
Consolidated Financial Statements

 

Jan. 10, 2008

 

Jan. 1, 2010

 

No

 

Change in the presentation of business combinations

IFRS 8

 

Operating Segments

 

Nov. 30, 2006

 

Jan. 1, 2009

 

Yes

 

Segment reporting

IAS 1

 

Presentation of Financial Statements

 

Sept. 6, 2007

 

Jan. 1, 2009

 

Yes

 

Reclassification of components of the financial statements

IAS 1/
IAS 32

 

Puttable Financial Instruments and Obligations Arising on Liquidation

 

Feb. 14, 2008

 

Jan. 1, 2009

 

No

 

None

IAS 23

 

Borrowing Costs

 

March 29, 2007

 

Jan. 1, 2009

 

Yes

 

Increase in carrying amount of qualifying assets

IAS 39

 

Exposures Qualifying for Hedge Accounting

 

July 31, 2008

 

Jan. 1, 2010

 

No

 

None

IAS 39/
IFRS 7

 

Reclassification of Financial Assets – Effective Date

 

Nov. 27, 2008

 

Jan. 1, 2009

 

No

 

None

 

 

Improvements3

 

May 22, 2008

 

Jan. 1, 2009/
Jan. 1, 2010

 

No

 

Insignificant

IFRIC 11

 

IFRS 2 – Group and Treasury Share Transactions

 

Nov. 2, 2006

 

Jan. 1, 2009

 

Yes

 

None

IFRIC 12

 

Service Concession Arrangements

 

Nov. 30, 2006

 

Jan. 1, 2009

 

No

 

None

IFRIC 13

 

Customer Loyalty Programmes

 

June 28, 2007

 

Jan. 1, 2009

 

Yes

 

None

IFRIC 14

 

IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction

 

July 4, 2007

 

Jan. 1, 2009

 

Yes

 

No material effects

IFRIC 15

 

Agreements for the Construction of Real Estate

 

July 3, 2008

 

Jan. 1, 2009

 

No

 

None

IFRIC 16

 

Hedges of a Net Investment in a Foreign Operation

 

July 3, 2008

 

Jan. 1, 2009

 

No

 

None

IFRIC 17

 

Distributions of Non-cash Assets to Owners

 

Nov. 27, 2008

 

Jan. 1, 2010

 

No

 

None

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