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:
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IAS 39: Reclassification of Financial Assets
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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 |
Effective date2 |
Adopted by the EU1 |
Expected effects | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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IFRS 1 |
First-time Adoption of IFRSs |
Nov. 25, 2008 |
Jan. 1, 2010 |
No |
None | |||||||||||
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IFRS 1/ |
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 | |||||||||||
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IFRS 3/ |
Business Combinations/ |
Jan. 10, 2008 |
Jan. 1, 2010 |
No |
Change in the presentation of business combinations | |||||||||||
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IFRS 8 |
Operating Segments |
Nov. 30, 2006 |
Jan. 1, 2009 |
Yes |
Segment reporting | |||||||||||
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IAS 1 |
Presentation of Financial Statements |
Sept. 6, 2007 |
Jan. 1, 2009 |
Yes |
Reclassification of components of the financial statements | |||||||||||
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IAS 1/ |
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 | |||||||||||
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IAS 39 |
Exposures Qualifying for Hedge Accounting |
July 31, 2008 |
Jan. 1, 2010 |
No |
None | |||||||||||
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IAS 39/ |
Reclassification of Financial Assets – Effective Date |
Nov. 27, 2008 |
Jan. 1, 2009 |
No |
None | |||||||||||
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Improvements3 |
May 22, 2008 |
Jan. 1, 2009/ |
No |
Insignificant | |||||||||||
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IFRIC 11 |
IFRS 2 – Group and Treasury Share Transactions |
Nov. 2, 2006 |
Jan. 1, 2009 |
Yes |
None | |||||||||||
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IFRIC 12 |
Service Concession Arrangements |
Nov. 30, 2006 |
Jan. 1, 2009 |
No |
None | |||||||||||
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IFRIC 13 |
Customer Loyalty Programmes |
June 28, 2007 |
Jan. 1, 2009 |
Yes |
None | |||||||||||
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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 | |||||||||||
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IFRIC 15 |
Agreements for the Construction of Real Estate |
July 3, 2008 |
Jan. 1, 2009 |
No |
None | |||||||||||
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IFRIC 16 |
Hedges of a Net Investment in a Foreign Operation |
July 3, 2008 |
Jan. 1, 2009 |
No |
None | |||||||||||
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IFRIC 17 |
Distributions of Non-cash Assets to Owners |
Nov. 27, 2008 |
Jan. 1, 2010 |
No |
None | |||||||||||
