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METRO GROUP : ANNUAL REPORT 2010 : BUSINESS → NOTES : NOTES TO ThE GROuP ACCOuNTING PRINCIPlES ANd METhOdS IAS 39 (Financial Instruments: Recognition and Measurement) The amendments to IAS 39 clarify that a one-sided risk in a hedging relationship may also be hedged. In this case, the entity designates only the changes in the cash flows or fair value of the hedged item that are above or below a specified variable (for example, the price). Where an option was purchased as a hedging instrument, its intrinsic value, not its fair value, reflects a one-sided risk. In principle, inflation does not represent a separately identifiable risk and may therefore not be designated as a hedged risk. The amendments to IAS 39 now permit the cash flow hedging of changes in inflation where these reflect a contractually specified portion of cash flows of a recognised financial instrument. The amendments to IAS 39 had no effects on the consolidated financial statements of METRO AG. IFRIC 12 (Service Concession Arrangements) The interpretation prescribes the disclosure requirements for so-called service concession arrangements. These are arrangements whereby a government or other public sector body contracts with a private operator to implement public infrastructure projects such as road construction, energy distribution networks, etc. depending on the type of arrangement, the entity recognises a financial or intangible asset. The financial asset represents the unconditional contractual right to receive an amount of cash or another financial asset from the government in return for constructing a public sector asset. An intangible asset must be recognised for the entity’s right to charge for use of a public sector asset that it has constructed. The financial or intangible assets recognised in connection with service concession arrangements must be measured at fair value. The first-time adoption of IfRIC 12 had no effects on the consolidated financial statements of METRO AG. IFRIC 15 (Agreements for the Construction of Real Estate) IfRIC 15 regulates the recognition of revenue for off plan sales of real estate units. According to the interpretation, an agreement for the construction of real estate is a construction contract within the scope of IAS 11 only when the buyer is able to specify the major structural elements of the design of the real estate before construction begins or once construction is in progress, irrespective of whether it exer- → p. 156 cises that ability or not. If the buyer has no or only little ability to influence the design of the real estate, the agreement does not represent a construction contract and IAS 18 (Revenue) applies. According to IfRIC 15, the percentage of completion method may apply to an IAS 18 case if the entity either provides construction services or sells a completed real estate property where control over the risks and rewards of ownership of the work in progress are transferred to the buyer as construction progresses. If the control and the risks and rewards are transferred at a single time, a recognition as construction progresses is not permissible. The application of IfRIC 15 had no effect on the consolidated financial statements of METRO AG. IFRIC 16 (Hedges of a Net Investment in a Foreign Operation) According to IfRIC 16, a parent entity may designate as a hedged risk only the foreign exchange differences arising from a difference between its own functional currency and that of its foreign operation. The hedging of foreign exchange differences between a presentation currency of the parent entity’s consolidated financial statements that deviates from the functional currency and the functional currency of the foreign operation is not permissible. IfRIC 16 also concludes that hedging instruments in a hedge of a net investment in a foreign operation may be held by any entity within the group as long as the requirements of hedge accounting are met. In addition, IfRIC 16 clarifies that both the effective portion of gains and losses from the hedging instrument and the cumulative recognised amount from the foreign currency translation for the net investment in a foreign operation must be reclassified from equity to profit or loss when the entity disposes of the foreign operation. The application of IfRIC 16 had no effect on the consolidated financial statements of METRO AG. IFRIC 17 (Distributions of Non-cash Assets to Owners) IfRIC 17 clarifies that non-cash dividend payables must be recognised as liabilities when the dividend has been appropriately authorised and is no longer at the discretion of the entity. This generally corresponds to the time when the dividend is announced by the responsible management and approved by the relevant instance (for example, the shareholders), where this is legally stipulated. The dividend payable must be measured at fair value. Any differences
METRO GROUP : ANNUAL REPORT 2010 : BUSINESS → NOTES : NOTES TO ThE GROuP ACCOuNTING PRINCIPlES ANd METhOdS between the carrying amounts of the net assets to be distributed and the dividend paid must be recognised in profit or loss at the time of distribution. As no non-cash dividends were distributed within METRO GROuP, the application of IfRIC 17 had no effect on the consolidated financial statements of METRO AG. IFRIC 18 (Transfers of Assets from Customers) The interpretation clarifies the disclosure requirements for agreements in which an entity receives from a customer an item of property, plant and equipment or cash to be used to acquire or construct the necessary item of property, plant and equipment that the entity must then use either to connect the customer to a network or to provide the customer with ongoing access to a supply of goods or services. According to IfRIC 18, the recipient may recognise the asset in its financial statements only when the item of property, plant and equipment transferred from the customer or the item of property, plant and equipment purchased or constructed with the customer’s cash funds meets the definition of an asset under the IASB framework. for this to occur, the recipient must gain control over the transferred item. If this is the case, the asset must be classified under property, plant and equipment and measured at fair value. Standard/ Interpretation Title → p. 157 According to IfRIC 18, the connection to a network or the provision of ongoing access to a supply of goods or services in return for the transfer of property, plant and equipment represents an exchange transaction in the meaning of IAS 18 (Revenue) for which revenue must be realised at the time the services are performed. If there are separately identifiable services received by the customer in exchange for the transfer, then the fair value of the transaction should be allocated to the individual services and recognised separately when the services are performed. The application of IfRIC 18 had no effect on the consolidated financial statements of METRO AG. In the context of the “Improvements to IfRSs 2009”, amendments were made to other standards. These had no effect on the consolidated financial statements of METRO AG. A number of other accounting standards and interpretations were newly adopted or revised by the IASB that will be binding from 1 January 2011 at the earliest, insofar as they are approved by the European Commission and relevant to METRO AG: Application at METRO AG from Approved by EU 1 IfRS 1 first-time Adoption of International financial Reporting Standards (Amendment: Severe hyperinflation and Removal of fixed dates for first-Time Adopters) first-time Adoption of International financial Reporting Standards (limited Exemption from 1/1/2012 No IfRS 1 Comparative IfRS 7 disclosures for first-Time Adopters) 1/1/2011 yes IfRS 7 financial Instruments: disclosures (Amendment: disclosures – Transfers of financial Assets) 1/1/2012 No IfRS 9 financial Instruments (Phase 1: Classification and Measurement) 1/1/2013 No IAS 12 Income Taxes (Amendment: deferred Tax – Recovery of underlying Assets) 1/1/2012 No IAS 24 Related Party disclosures (Revised) 1/1/2011 yes IAS 32 financial Instruments: Presentation (Amendment: Classification of Rights Issues) IAS 19 – The limit on a defined Benefit Asset, Minimum funding Requirements and their Inter- 1/1/2011 yes IfRIC 14 action (Amendment: Prepayments of a Minimum funding Requirement) 1/1/2011 yes IfRIC 19 Extinguishing financial liabilities with Equity Instruments 1/1/2011 yes diverse Improvements to IfRSs 2010 1/1/2011 No 1 As of 31 december 2010
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