mdg-annual-report-2013

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82 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSSubsequent measurementFinancial liabilities classified as loans are valued in subsequent periods at amortised acquisition cost. Every differencebetween the net loan proceeds (after deducting transaction costs) and the amount repayable is recognised in theincome statement over the term of the loan using the effective interest rate method.DerecognitionA financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires.(18) AccrualsAccruals are formed in accordance with IAS 37 »Provisions, Contingent Liabilities and Contingent Assets« providedthat there is a current obligation to third parties arising from a past event that will probably lead to the outflow ofresources in the future and that this amount can be estimated in a reliable manner. The cost of forming the accrual isreported in the income statement. Accruals for obligations that are not likely to impact assets in the subsequent yearare formed in the amount of the present value of the expected outflow of assets. The valuation of accruals is examinedon every closing date.(19) Pension obligationsPension obligations are accounted for in accordance with IAS 19 »Employee Benefits« (revised 2011). There are variouspension plans within the Group. These include both defined benefit and defined contribution plans.A defined benefit plan is a pension plan which defines the pension benefits that an employee will receive upon retiring.The amount normally depends on one or more factors such as age, length of service, and salary. The obligations recognisedin the balance sheet for defined benefit plans equals the present value of the defined benefit obligations (DBO)as per the balance sheet date less the fair value of the plan assets that arise from liability insurance, adjusted forcumulative unrecognised actuarial gains and losses and past unrecognised service costs. The DBO is calculated annuallyby an independent actuary using the projected unit credit method. The 2005 G guideline tables by Prof. Dr. KlausHeubeck were used as the biometric calculation basis. The pension obligations have a duration of 15 years. The presentvalue of the DBO is calculated by discounting the expected future cash payments using the interest rate of thehighest-quality corporate bonds. These must be denominated in the currency in which the benefits are also paid andtheir terms to maturity must equal those of the pension obligations. Actuarial gains and losses based on empiricallyestablished adjustments and changes to actuarial assumptions are recognised in other income in their full amount.A defined contribution plan is a pension plan under which the Group pays fixed contributions to an independent entity(fund). With these plans, the Group has no legal or factual obligations to make additional contributions if the fundholds insufficient assets to pay all employees the pension claims for their service in current and previous fiscal years.The contributions are recognised in personnel expenses upon maturity. Prepaid contributions are recognised as assetsto the extent that there is a right to a refund or a reduction in future payments.
MEDIGENE AG ANNUAL REPORT 2013 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 83(20) TaxesActual taxesActual tax assets and liabilities are measured using the amount expected to be repaid by or paid to tax authorities.The amount is calculated on the basis of the tax rates and laws applicable as per the balance sheet date.Actual taxes pertaining to items recognised directly in shareholders’ equity are not posted in the income statement,but rather in shareholders’ equity.The result from continued and discontinued operations is charged with the standard effective tax rate as the tax burdenresulting thereof is mainly arising from the taxable income of Medigene AG.Deferred taxesDeferred tax is recognised in accordance with IAS 12 »Income Taxes« using the liability method for all temporarydifferences between the tax base of assets/liabilities and their carrying amounts in the financial statements accordingto IFRS. Deferred tax is valued using the tax rates (and regulations) applicable on the balance sheet date or thosethat are widely legally adopted. In addition, tax rates and regulations are expected to be legally applicable at the timewhen the deferred tax receivable is recognised or the deferred tax liability is settled.Deferred tax liabilities are recognised for all taxable temporary differences, except:→→where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transactionthat is not a business combination and, at the time of the transaction, affects neither the accounting profitnor taxable profit of loss; andwith the deferred tax liability arising from taxable temporary differences associated with investments in subsidiaries,associates, and interests in joint ventures where the timing of the reversal of the temporary differencescan be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.Deferred tax assets are recognised for all deductible temporary differences, as yet unused tax loss carryforwards,and unused tax credits to the extent that deferred tax liabilities exist, or that taxable income is likely to be availableagainst which the deductible temporary differences and the as yet unused tax loss carryforwards and tax credits canbe used. Exceptions are:→→deferred tax assets from deductible temporary differences arising from the initial recognition of an asset or debtfrom a business transaction that is not a business combination and which, at the time of the transaction, impactsneither the net income for the period using German commercial law nor the taxable income, anddeferred tax assets from deductible temporary differences in connection with investments in subsidiaries, associatedcompanies, and shares in joint ventures provided that the temporary differences are not likely to reversein the foreseeable future or it is probable that insufficient taxable income will be available against which thetemporary differences can be used.
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132 REPORT OF THE SUPERVISORY BOARD
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134 REPORT OF THE SUPERVISORY BOARD
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136 GLOSSARYGLOSSARYAAAVLPAdeno-ass
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142 GLOSSARYTecDAXIndex of the Germ
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144 FINANCIAL CALENDAR/ TRADEMARKS/
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