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3.6 Consolidated financial statements Notes to the consolidated financial statements 3.6 Consolidated financial statements Notes to the consolidated financial statements On initial classification as held for sale, non-current assets are recognized at the lower of the carrying amount and fair value less costs to sell and depreciation and amortization ceases. A disposal group is initially measured in line with the respective IFRS standards to determine the carrying amount of the disposal group which is then compared to the fair value less costs to sell of the group in order to recognize the group at the lower of both amounts. Impairment losses on initial classification as held for sale are included in profit or loss, as are gains and losses on subsequent remeasurement, but not in excess of the cumulative impairment loss. Financial statement classification Certain line items in the consolidated statement of income and on the consolidated balance sheet have been combined. These items are disclosed separately in the Notes to the consolidated financial statements. Certain reclassifications have been made to the prior year presentation to conform to that of the current year. In general the Group classifies assets and liabilities as current when they are expected to be realized or settled within twelve months after the balance sheet date. Group companies that have operating cycles longer than twelve months classify assets and liabilities as current if they are expected to be realized within the company’s normal operating cycle. Use of estimates The preparation of the Group consolidated financial statements requires Management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Accounting estimates and judgements made by Management in the application of IFRS that have a significant effect on the consolidated financial statements are presented in Note 25. Recently adopted accounting standards In fiscal year 2010/2011, ThyssenKrupp adopted the following standards, interpretations and amendments to already existing standards: In October 2009 the IASB issued an amendment to IAS 32 “Financial Instruments: Presentation”. The amendment addresses the accounting for rights, options and warrants issues that are denominated in a currency other than the functional currency of the issuer. The amendment is compulsory for fiscal years beginning on or after February 01, 2010. The adoption of the amended standard did not have a material impact on the Group’s consolidated financial statements. In June 2009 the IASB issued an amendment to IFRS 2 “Share-based Payment – Group Cash-settled Share-based Payment Transactions” that clarify the accounting for Group cash-settled share-based payment transactions in the individual financial statements of the subsidiary. Furthermore the amendment to IFRS 2 incorporates guidance previously included in IFRIC 8 “Scope of IFRS 2” and IFRIC 11 “IFRS 2 – Group and Treasury Share Transactions”. The application of the amended standard is compulsory for fiscal years beginning on or after January 01, 2010. The adoption of the amended standard did not have a material impact on the Group’s consolidated financial statements. In November 2008 the IFRIC issued IFRIC 17 “Distributions of Noncash Assets to Owners”. The interpretation addresses the accounting of distributions of assets other than cash to its owners. IFRIC 17 is compulsory for fiscal years beginning after October 31, 2009. The adoption of the interpretation did not have a material impact on the Group’s consolidated financial statements. In January 2009 the IFRIC issued IFRIC 18 “Transfers of Assets from Customers”. IFRIC 18 clarifies the requirements of IFRSs for agreements in which an entity receives from a customer an item of property, plant and equipment that the entity must then either use to connect the customer to a network or to provide the customer with ongoing access to a supply of goods or services. The interpretation is compulsory for fiscal years beginning after October 31, 2009. The adoption of the interpretation did not have a material impact on the Group’s consolidated financial statements. 144
3.6 Consolidated financial statements Notes to the consolidated financial statements In November 2009 the IFRIC issued IFRIC 19 “Extinguishing Financial Liabilities with Equity Instruments”. The interpretation clarifies the requirements of IFRS when an entity renegotiates the terms of a financial liability with its creditor and the creditor agrees to accept the entity’s shares or other equity instruments to settle the financial liability fully or partially. The application of the interpretation is compulsory for fiscal years beginning on or after July 01, 2010. The adoption of the interpretation did not have a material impact on the Group’s consolidated financial statements. In April 2009 the IASB issued the second omnibus standard “Improvements to IFRSs” as part of its annual improvement process project. This standard slightly adjusts ten existing standards and two interpretations by fifteen amendments. Unless otherwise specified, the amendments are effective for fiscal years beginning on or after January 01, 2010. The adoption of the amended standards and interpretations did not have a material impact on the Group’s consolidated financial statements. Recently issued accounting standards In fiscal year 2010/2011, the following standards, interpretations and amendments have been issued which still must be endorsed by the EU before they can be adopted: In December 2010 the IASB issued an amendment to IAS 12 “Income Taxes”. Under IAS 12, the measurement of deferred taxes depends on whether the carrying amount of an asset is recovered through use or sale. Such assessment is often difficult, in particular when the asset is measured using the fair value model in IAS 40 for investment property. The amendment introduces a presumption that in general an investment property is recovered through sale. The application of the amended standard is compulsory for fiscal years beginning on or after January 01, 2012, while earlier application is permitted. Currently, Management does not expect the adoption of the amended standards – if endorsed by the EU in the current version – to have an impact on the Group’s consolidated financial statements because currently investment property is accounted for at cost less accumulated depreciation. Consolidated financial statements 144 | 145 In May 2011 the IASB issued three new standards dealing with various aspects of interests in entities: IFRS 10 “Consolidated Financial Statements”, IFRS 11 “Joint Arrangements” and IFRS 12 “Disclosure of Interests in Other Entities”. At the same time it issued amended versions of IAS 27 “Separate Financial Statements” (2011) and IAS 28 “Investments in Associates and Joint Ventures” (2011). IFRS 10 introduces a single definition for the concept of control for all entities, thus creating a standard basis for determining whether a parent-subsidiary relationship exists and should be included in the scope of consolidation. The standard contains comprehensive guidance for determining whether control exists. It completely replaces SIC-12 “Consolidation – Special Purpose Entities” and partly replaces IAS 27 “Consolidated and Separate Financial Statements”. IFRS 11 prescribes the accounting for circumstances in which an entity exercises joint control of a joint venture or joint operation. The new standard replaces IAS 31 “Interests in Joint Ventures” and SIC-13 “Jointly Controlled Entities – Non-Monetary Contributions by Venturers”. IFRS 12 combines in one standard all disclosure requirements for interests in other entities, including interests in subsidiaries, associates, joint arrangements and structured entities. The new standard replaces the previous disclosure requirements in IAS 27 “Consolidated and Separate Financial Statements”, IAS 28 “Investments in Associates”, IAS 31 “Interests in Joint Ventures” and SIC-12 “Consolidation – Special Purpose Entities”. The amended IAS 27 now focuses solely on accounting and disclosure requirements for investments in subsidiaries, joint ventures and associates when separate financial statements according to IFRS are presented. The amended IAS 28 prescribes the accounting for investments in associates and sets out the requirements for the application of the equity method when accounting for investments in associates and joint ventures.
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Annual Report 2010/2011 At the cent
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Our mission statement We are Thysse
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Making tomorrow possible Our engine
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Letter to shareholders Dr.-Ing. Hei
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