ANNUAL REPORT 2008 | 2009 - SinnerSchrader AG

48NotesConsolidated Financial Statements of SinnerSchrader AG2 Presentationof the Main Evaluation and Balancing Methods2.1 Financial YearThe Consolidated Financial Statements of the SinnerSchrader Group refer to the financial years covering1 September 2008 to 31 August 2009 (“2008/2009”) and from 1 September 2007 to 31 August 2008(“2007/2008”) as well as the report dates 31 August 2009 and 31 August 2008, respectively.2.2 New Accounting PrinciplesIn the reporting period, the IASB issued standards as well as interpretations and amendments to existingstandards, the application of which, however, was not mandatory in the Consolidated Financial Statements forthis period. Application of these innovations presumes that they have been adopted within the context of theEU’s IFRS endorsement procedure.The following standards are concerned:IAS/IFRS/IFRIC Content To be applied for annual periodsbeginning on or after thefollowing dateIAS 39 1) / IFRS 7 1) Reclassification of Financial Instruments 1 July 2008IAS 39 1) / IFRS 7 1) Reclassification of Financial Instruments - Effective date and transition 1 July 2008IFRS 1 1) Restructuring of the Standard 1 July 2009IFRS 7 1) Financial Instruments: Disclosures 1 January 2009IFRIC 17 Distributions of Non-Cash Assets to Owners 1 July 2009IFRIC 18 Transfers of Assets from Customers 1 July 2009Various Annual Improvement Project 2007-2009 2) 30 June 2009IFRS 2 1) Share-based Payment (Vesting Conditions and Cancellation) 1 January 2010IFRS 1 1) Additional exceptions for first-time adoption of IFRS 1 January 2010IFRS for SMEsIFRS for small and and medium-sized entitiesTo be applied for annual periodsending on or after thefollowing dateIAS 39 1) / IFRIC 9 1) Embedded Derivatives 30 June 2009IASInternational Accounting StandardsIFRS International Financial Reporting StandardsIFRIC International Financial Reporting Interpretations Committee1)Amendments2)Effect on several standards