Annual Report 2010 - Frauenthal Holding AG

new interpretations 1)
Consolidated Financial Statements Frauenthal Holding Group 2010
New standards effective for the first time Applicable from
iFriC 12 Service Concession Arrangements 29 Mar. 2009
iFriC 15 Agreements for the Construction of Real Estate 01 Jan. 2010
iFriC 16 Hedges of a Net Investment in a Foreign Operation 01 Jul. 2009
iFriC 17 Distributions of Non-cash Assets to Owners 01 Nov. 2009
iFriC 18 Transfer of Assets from Customers 01 Nov. 2009
revised standards and interpretationen 1)
iaS 39 Financial Instruments: Recognition and Measurement
(Eligible Hedged Items) 01 Jul. 2009
iFrS 1 First-time Adoption of International Financial Reporting Standards IFRS (revised in 2008) 01 Jan. 2010
iFrS 3 Business Combinations (revised in 2008) 01 Jul. 2009
iaS 27 Consolidated and Separate Financial Statements (amendments) 01 Jul. 2009
iFrS 2 Share-based Payment
(Group Cash-settled Share-based Payment Transactions)) 01 Jan. 2010
iFrS 1 First-time Adoption of International Financial Reporting Standards
(Additional Exemptions for First-time Adopters) 01 Jan. 2010
improvements Improvements to IFRS made by the 2007-2009 No common
annual improvement projects effective date
1) The standards and interpretations are applicable from the annual periods beginning on or after the effective dates stated in EU Official Journal.
IFRIC 12 Service Concession Arrangements
IFRIC 12 was published on 30 November 2006 and adopted by the EU on 25 March 2009. The deadline for mandatory firsttime
adoption was moved by the EU endorsement of reporting periods, which was changed from annual periods beginning
on or after 1 January 2008 to years beginning on or after 29 March 2009. Early application is permitted. The interpretation
concerns the accounting treatment of service agreements, which are arrangements whereby a government or other body
grants contracts for the supply of public services – such as the construction of roads, airports or energy distribution infrastructure
– to private operators. While control of the assets remains with the public sector the operator is contractually
obliged to build, operate and maintain the infrastructure. IFRIC 12 deals with the question as to how the rights and duties
arising from such contractual agreements are to be accounted for. IFRIC 12 is not relevant to the Frauenthal Group as it does
not provide public services under contract to national or regional governments, or local authorities.
IFRIC 15 Agreements for the Construction of Real Estate
IFRIC 15 was published on 3 July 2008, and adopted by the EU on 22 July 2009. It is applicable to annual periods beginning
on or after 1 January 2010. IFRIC 15 harmonises accounting practice in all jurisdictions with regard to the recognition
of revenue from the sale of housing units (apartments or houses) by the developer before construction is completed. The
interpretation provides guidelines for determining whether an agreement for the construction of real estate falls within the
scope of IAS 11 Construction Contracts or IAS 18 Revenue. This affects the timing of recognition. IFRIC 15 is not relevant
to the Frauenthal Group.
IFRIC 16 Hedges of a Net Investment in a Foreign Operation
IFRIC 16 was published on 3 July 2008 and adopted by the EU on 4 June 2009. It is applicable to annual periods beginning
on or after 1 January 2009. The interpretation refers to IAS 21 The Effects of Changes in Foreign Exchange Rates and IAS 39
Financial Instruments: Recognition and Measurement, and deals with the treatment of hedges of net investments in foreign
operations. It addresses two main issues. Firstly, it states that a foreign exchange difference may only be designated as a
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