Accounting Standards Applied for the First Time in 2010
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Substantial Changes and Impact | ||||
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Revised IFRS 1 |
First-Time Adoption of the International Financial Reporting Standards |
Jan. 1, |
Nov. 25, |
Due to a lack of relevant data, there was no impact on the consolidated financial statements of Wacker Chemie AG. | ||||
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Amendments to IFRS 1 |
Additional Exemptions for First-Time Adopters |
Jan. 1, |
June 23, |
Due to a lack of relevant data, there was no impact on the consolidated financial statements of Wacker Chemie AG. | ||||
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Amendments to IFRS 2 |
Share-Based Payment: Group Cash-Settled Share-Based Payment Transactions in the Statement of Financial Position |
Jan. 1, |
March 23, |
Due to a lack of relevant data, there was no impact on the consolidated financial statements of Wacker Chemie AG. | ||||
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IFRS 3 |
Business Combinations |
July 1, |
June 3, |
If less than 100 percent of the shares are acquired, the purchaser had a new option either to recognize the entire amount of goodwill (including the minority stake) or, as was the case to date, only a pro rata amount for the acquired share. Incidental acquisition costs are to be expensed as incurred. The revised standard leads to different results in the case of business combinations, especially when not all the shares in a company are acquired. | ||||
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Improvements to IFRS (May 2008) |
Amendments to IFRS 5 |
July 1, |
Jan. 24, |
The changes had no impact on the statement, presentation, and valuation of the figures in the consolidated financial statements of Wacker Chemie AG. | ||||
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Improvements to IFRS 2009 |
Annual Improvements Project |
Jan. 1, |
March 24, |
The changes had no impact on the statement, presentation and valuation of the figures in the consolidated financial statements of Wacker Chemie AG. | ||||
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IAS 27 |
Consolidated and Separate Financial Statements |
July 1, |
June 3, |
The revised standard defines acquisitions and disposals of shares without loss of control as transactions between shareholders, and states that they be recognized in equity. In the case of sales involving loss of control, the remaining shares are to be reported at fair value. Any differences from the carrying amount are to be reported in the statement of income. Application of the standard had no substantial impact on the statement, presentation and valuation of the figures in the consolidated financial statements. | ||||
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Amendments to IAS 39 |
Eligible Hedged Items (Financial Instruments: Recognition and Measurement) |
July 1, |
Sept. 15, |
Application of the standard had no substantial impact on the consolidated financial statements of Wacker Chemie AG. | ||||
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Amendments to IAS 39 |
Reclassification of Financial Assets: Effective Date and Transition |
July 1, |
Sept. 9, |
Application of the standard had no substantial impact on the consolidated financial statements of Wacker Chemie AG. | ||||
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IFRIC 12 |
Service Concession Arrangements |
April 1, |
March 26, |
Application of the standard had no substantial impact on the consolidated financial statements of Wacker Chemie AG. | ||||
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IFRIC 15 |
Agreements for the Construction of Real Estate |
Jan. 1, |
July 22, |
Application of the standard had no substantial impact on the consolidated financial statements of Wacker Chemie AG. | ||||
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IFRIC 16 |
Hedges of a Net Investment in a Foreign Operation |
July 1, |
June 4, |
Due to a lack of relevant data, there was no impact on the consolidated financial statements of Wacker Chemie AG. | ||||
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IFRIC 17 |
Distributions of Non-Cash Assets to Owners |
Nov. 1, |
Nov. 26, |
Due to a lack of relevant data, there was no impact on the consolidated financial statements of Wacker Chemie AG. | ||||
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IFRIC 18 |
Transfers of Assets from Customers |
Nov. 1, |
Nov. 27, |
Due to a lack of relevant data, there was no impact on the consolidated financial statements of Wacker Chemie AG. |
Accounting Standards/Interpretations Not Applied Prematurely
The International Accounting Standards Board (IASB) has published the following standards, interpretations, and changes to existing standards of which the application is not yet mandatory and which Wacker Chemie AG is not applying earlier than required.
Standards, Interpretations, and Changes to Existing Standards
Already Endorsed by the EU
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IFRS 1 |
Limited Exemption from Comparative IFRS 7 Disclosures for First-Time Adopters |
July 1, |
June 30, |
Due to a lack of relevant data, there was no impact on the consolidated financial statements of Wacker Chemie AG. | ||||
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Amendments to |
Classification of Rights Issues |
July 1, |
Dec. 23, |
Application of the revised standard has no substantial impact on the consolidated financial statements of Wacker Chemie AG. | ||||
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IFRIC 19 |
Extinguishing Financial Liabilities with Equity Instruments |
July 1, |
July 23, |
Application of the revised standard has no substantial impact on the consolidated financial statements of Wacker Chemie AG. | ||||
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Amendments to |
Advance Payments in the Context of Minimum Funding Requirements |
Jan. 1, |
July 19, |
The changes may have an impact on the statement, presentation and valuation of the figures in the consolidated financial statements of Wacker Chemie AG. | ||||
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IAS 24 |
Related Party Disclosures |
Jan. 1, |
July 19, |
The revised version clarifies the definition of the term “related party.” At the present time, Wacker Chemie AG does not expect this to result in any substantial changes in the representation of the figures in its consolidated financial statements. |
Standards, Interpretations and Changes to Existing Standards
Not Yet Endorsed by the EU
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IFRS 9 |
Financial Instruments |
Nov. 12, |
Jan. 1, |
Deferred |
In the future, financial assets will be measured either at amortized cost or at fair value, depending on the business model of the company in question. At the moment, Wacker Chemie AG cannot conclusively assess what impacts the first-time application of this standard will have, should it be endorsed by the EU in its current form. | |||||
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Miscellaneous |
Improvements to IFRS 2010 |
May 6, |
July 1, |
Expected in Q1 2011 |
The changes may have an impact on the statement, presentation and valuation of the figures in the consolidated financial statements of Wacker Chemie AG. | |||||
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Amendments to IFRS 7 |
Financial Instruments: |
Sept. 28, |
July 1, |
Expected in Q2 2011 |
Application of the revised standard will have no substantial impact on the consolidated financial statements of Wacker Chemie AG. | |||||
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Amendments to IAS 12 |
Deferred Tax: Recovery of Underlying Assets |
Dec. 20, |
Dec. 1, |
Expected in Q3 2011 |
The amendment contains a partial clarification on the treatment of temporary taxable differences in connection with the adoption of IAS 40’s fair value model. Investment property often makes it difficult to assess whether existing differences are recovered as part of continuing use or in the wake of a sale. The amendment therefore generally makes it necessary to presume recovery due to a sale. The adoption will have no substantial impact on the consolidated financial statements of Wacker Chemie AG. | |||||
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Amendments to IFRS 1 |
Severe Hyper-Inflation and Removal of Fixed Dates for First-Time Adopters |
Dec. 20, |
July 1, |
Expected in Q3 2011 |
The amendment replaces the existing references to the date of January 1, 2004 by a reference to the timing of the transition to IFRS. This amendment also includes rules for those cases in which hyperinflation makes it impossible for an entity to comply with all IFRS stipulations. The adoption will have no impact on the consolidated financial statements of Wacker Chemie AG. |