Fiat Group - Consolidated Financial Statements and Notes - Fiat SpA
Fiat Group - Consolidated Financial Statements and Notes - Fiat SpA
Fiat Group - Consolidated Financial Statements and Notes - Fiat SpA
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Accounting st<strong>and</strong>ards, amendments <strong>and</strong> interpretations applied since 1 January 2011<br />
On 4 November 2009, the IASB issued a revised version of IAS 24 - Related Party Disclosures that simplifies the disclosure requirements<br />
for government-related entities <strong>and</strong> clarifies the definition of a related party. Application of this amendment did not have any significant<br />
effects on the measurement of items in the <strong>Group</strong>’s financial statements <strong>and</strong> had only limited effects on the disclosures for related party<br />
transactions provided in these consolidated financial statements.<br />
Accounting st<strong>and</strong>ards, amendments <strong>and</strong> interpretations effective from 1 January 2011 but not applicable to the <strong>Group</strong><br />
The following amendments, improvements <strong>and</strong> interpretations have also been issued <strong>and</strong> are effective from 1 January 2011; these<br />
relate to matters that were not applicable to the <strong>Group</strong> at the date of these consolidated financial statements but which may affect the<br />
accounting for future transactions or arrangements:<br />
<strong>Financial</strong> Instruments: Presentation, Classification of Rights Issues: an amendment to IAS 32;<br />
Prepayments of a Minimum Funding Requirement: an amendment to IFRIC 14;<br />
IFRIC 19 – Extinguishing <strong>Financial</strong> Liabilities with Equity Instruments;<br />
Improvements to IAS/IFRS (2010).<br />
Accounting st<strong>and</strong>ards <strong>and</strong> amendments not yet applicable <strong>and</strong> not early adopted by the <strong>Group</strong><br />
Except for the amendments to IFRS 7 – <strong>Financial</strong> Instruments: Disclosures issued on 7 October 2011 described below, the European<br />
Union had not yet completed its endorsement process for these st<strong>and</strong>ards <strong>and</strong> amendments at the date of these consolidated financial<br />
statements.<br />
On 12 November 2009, the IASB issued a new st<strong>and</strong>ard IFRS 9 – <strong>Financial</strong> Instruments that was subsequently amended. This<br />
st<strong>and</strong>ard, having an effective date for m<strong>and</strong>atory adoption of 1 January 2015 retrospectively, represents the completion of the first<br />
part of a project to replace IAS 39 <strong>and</strong> introduces new requirements for the classification <strong>and</strong> measurement of financial assets <strong>and</strong><br />
financial liabilities. The new st<strong>and</strong>ard uses a single approach to determine whether a financial asset is measured at amortised cost<br />
or fair value, replacing the many different rules in IAS 39. The approach in IFRS 9 is based on how an entity manages its financial<br />
instruments <strong>and</strong> the contractual cash flow characteristics of the financial assets. The most significant effect of the st<strong>and</strong>ard regarding<br />
the classification <strong>and</strong> measurement of financial liabilities relates to the accounting for changes in fair value attributable to changes<br />
in the credit risk of financial liabilities designated as at fair value through profit or loss. Under the new st<strong>and</strong>ard these changes are<br />
recognised in other comprehensive income <strong>and</strong> are not subsequently reclassified to profit or loss.<br />
On 20 December 2010, the IASB issued an amendment to IAS 12 – Income Taxes which clarify the accounting for deferred tax<br />
relating to investment properties measured at fair value. The amendment introduces the presumption that the carrying amount of<br />
deferred taxes relating to investment properties measured at fair value under IAS 40 will be recovered through sale. As a result of the<br />
amendments, SIC-21 – Income Taxes – Recovery of Revalued Non-Depreciable Assets no longer applies. These amendments are<br />
effective retrospectively from 1 January 2012.<br />
On 12 May 2011, the IASB issued IFRS 10 – <strong>Consolidated</strong> <strong>Financial</strong> <strong>Statements</strong> replacing SIC-12 – Consolidation - Special Purpose<br />
Entities <strong>and</strong> parts of IAS 27 – <strong>Consolidated</strong> <strong>and</strong> Separate <strong>Financial</strong> <strong>Statements</strong> (subsequently reissued as IAS 27 - Separate <strong>Financial</strong><br />
<strong>Statements</strong> which addresses the accounting treatment of investments in separate financial statements). The new st<strong>and</strong>ard builds<br />
on existing principles by identifying the concept of control as the determining factor in whether an entity should be included in the<br />
consolidated financial statements of the parent company. The st<strong>and</strong>ard provides additional guidance to assist in the determination<br />
of control where this is difficult to assess. The st<strong>and</strong>ard is effective retrospectively from 1 January 2013.<br />
153<br />
<strong>Consolidated</strong><br />
<strong>Financial</strong> <strong>Statements</strong><br />
at 31 December 2011