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noteS TO THE CONSolidated FINANCIAL StatementS
conSolidated FINANCIAL StatementS FOR THE Year ENDED 31 DECEMBER 2011
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In November 2011, the EU Commission adopted the revised version of IFRS 7 Financial Instruments: Disclosures –
Enhanced Derecognition, to be applied from 1 July 2011 onwards; the revision of this standard did not have any
impact on the consolidated financial statements of PALFINGER.
The following new, revised and/or supplemented IASB standards and IFRIC interpretations that might be of
relevance for PALFINGER have been issued but their application is not yet mandatory and they have not yet been
endorsed by the European Commission. For this reason, they are not relevant for these consolidated financial
statements:
Standards/interpretations
Mandatory
application
IAS 1 Financial Statement Presentation – Presentation of Items
of Other Comprehensive Income (published in: June 2011) 1 July 2012
IAS 12 Income Taxes – Recovery of Underlying Assets (published in: December 2010) 1 January 2012
IAS 19 Employee Benefits (published in: June 2011) 1 January 2013
IAS 27 Separate Financial Statements (published in: May 2011) 1 January 2013
IAS 28 Investments in Associates and Joint Ventures (published in: May 2011) 1 January 2013
IFRS 1 Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters (published in: December 2010) 1 July 2011
IFRS 9 Financial Instruments: Classification and Measurement (published in: November 2009) 1 January 2015
IFRS 10 Consolidated Financial Statements (published in: May 2011) 1 January 2013
IFRS 11 Joint Arrangements (published in: May 2011) 1 January 2013
IFRS 12 Disclosure of Involvement with Other Entities (published in: May 2011) 1 January 2013
IFRS 13 Fair Value Measurement (published in: May 2011) 1 January 2013
IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine (published in: September 2011) 1 January 2013
In November 2009, the IASB issued IFRS 9 Financial Instruments – Classification and Measurement. The
new standard replaces the measurement categories of IAS 39 by the categories of amortized cost and fair value.
Whether an instrument is to be allocated to the category of amortized cost depends on the business model
applied by the company, on the one hand, and on the product features of the individual instrument, on the other
hand. Instruments that do not satisfy the definition criteria of the category of amortized cost have to be measured
at fair value in the income statement. Measurement at fair value through the balance sheet is admissible
for selected equity instruments. The new standard is to be applied for financial years starting on or after
1 January 2015. The Company is currently examining the impact of this standard on the consolidated financial
statements.
The Company does not expect the remaining new, revised and/or supplemented standards to have any major
impact on its consolidated financial statements.
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palfinger Annual Report 2011