annual financial statement 2011 - conwert Immobilien Invest SE

INTRO | MANAGEMENT REPORT |
| FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL STATEMENTS
Notes
2.2. CHANGES IN ACCOUNTING PRINCIPLES
The accounting principles that formed the basis for the consolidated financial statements as of
31 December 2010 were applied without change to the consolidated financial statements as of
31 December 2011, with the exception of the changes described below.
The conwert Group applied all applicable amendments to existing IAS as well as the new IFRS
and the interpretations issued by the International Financial Reporting Interpretation Committee
(“IFRIC“) and Standard Interpretation Committee (“SIC“), as adopted by the EU, which required
mandatory application as of 31 December 2011. conwert generally applies new standards and
interpretations as well as changes to existing standards only when their application becomes
mandatory.
The following new or revised IFRS regulations require mandatory application in the 2011 financial
year (if not applied at an earlier date in 2010), and were therefore applied by the Group for the first
time in the reporting year. These new standards and interpretations only had an impact on the
consolidated financial statements as of 31 December 2011 if they are designated with “yes“ in the
following table.
Rules
Effective
date 1)
Impact on
consolidated
fi nancial
statements
IFRS
IFRS 1 Limited Exemption from Comparative IFRS 7 Disclosures for First-time
Adopters
01.07.2010 no
Various
IAS
Improvements to IFRSs 2010 01.01.2011 yes
IAS 32 Classifi cation of Issued Rights 01.02.2010 no
IAS 24 Related Party Disclosures (revised 2009) 01.01.2011 no
IFRIC
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments 01.07.2010 no
IFRIC 14 Advance Contributions for Minimum Funding Requirements 01.01.2011 no
1) Applicable to fi nancial years beginning on or after the indicated date
If the application of a standard or an interpretation has an impact on the presentation of the
financial position, financial performance or cash flows of the Group, the resulting effects are
explained below.
IMPROVEMENTS TO IFRS 2010
The Improvements to IFRSs 2010 comprise changes to various IFRS and represent a vehicle for
making non-urgent but necessary amendments to the IFRS regulations.
The changes to IFRS 7 can lead to additional disclosures on collateral held, but also eliminate a
number of previously required disclosures. This amendment is designed to simplify the disclosures
on collateral held by reducing the scope of the required information and to improve the
disclosures by adding further qualitative information.
The changes to IAS 34 could lead to more detailed disclosures in the notes for interim financial
reporting.
The other changes included in the Improvements to IFRSs 2010 had no effect on the accounting
principles applied by the Group or the presentation of the Group’s financial position, financial
performance or cash flows.
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