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84Conergy AG I Annual Report 2010the Management Board at the level of Conergy AG(see note 26), these amendments do not have anyeffect on the assets, liabilities, cash flows and profitor loss of the Conergy Group.| IFRS 3 rev. 2008, Business Combination andIAS 27 (Amendment), Consolidated and SeparateFinancial Statements (1 July 2009)Revised IFRS 3 now governs accounting for businesscombinations. Material changes under therevised standard concern the option to measurenon-controlling interests at fair value in future. Inaddition, acquisition-related costs may no longer beincluded in the acquisition cost but must be expensedinstead. Qualified components of the acquisitioncost must be recognised at the acquisition-date fairvalue while subsequent changes in estimates mustbe recognised in income. Acquisitions of non-controllinginterests and disposals of ownership intereststhat do not result in a loss of control must beaccounted for as equity transactions pursuant toIAS 27 rev. 2008. Compared to previous transactions,the revised standard will affect the futurepresentation of business combinations in Conergy’sconsolidated financial statements in ways that cannotbe estimated at this time.| IFRS 5, Non-current Assets Held for Sale andDiscontinued Operations (1 July 2009)The amendments of IFRS 5 in connection with theimprovements to IFRSs 2008 clarify that subsidiaries’assets and liabilities must be classified asavailable for sale if the Group is not selling all sharesin the given subsidiary but if the sale leads to a lossof control and the remaining classification requirementsof IFRS 5 have been met. The amendment ofthe standard will not have any effect on the assets,liabilities, cash flows and profit or loss of the ConergyGroup because it does not have any such plans as atthe reporting date to sell equity interests in subsidiariesthat would result in a loss of control.| Various Standards, Improvements to IFRSs 2009(1 July 2009 or 1 January 2010)In April 2009, the IASB published the document entitled“Improvements to IFRSs” containing a total of15 amendments to 12 standards. The most importantof these concern– the clarification that the disclosures required in respectof non-current assets (or disposal groups)held for sale and discontinued operations arisesolely from the requirements of IFRS 5 (IFRS 5);– the clarification that the potential settlement of aliability by issuing equity instruments does notaffect the classification of the liability as current ornon-current;– the clarification that the assets of the segment as awhole must only be disclosed in numerical termsonly if this disclosure is an integral part of theregular reporting to an entity’s chief operatingdeci sion maker (IFRS 8);– the requirement that leases of land and/or theland component of leases that combine buildingsand land are measured in accordance with thegeneral criteria governing the classification ofleases (IAS 17);– additional guidelines on the determination whetheror not an entity acted as the principal or the agentin a transaction (IAS 18); and– the clarification that a cash generating unit may notbe larger than the operating segment pursuant toIFRS 8.5, i. e. prior to the aggregation of operatingsegments into reportable segments (IAS 36).The first-time application of the amendment did nothave a significant effect on the Group’s assets, liabilities,cash flows and profit or loss or its presentationand disclosures.| IAS 39 (Amendment), Eligible Hedged Items(1 July 2009)In July 2008, the IASB published an amendment toIAS 39 that clarifies under which conditions or forwhich risks hedge accounting may be applied tospecific components of a change in fair value or achange in cash flow hedges. The amendments didnot have a material effect on the assets, liabilities,cash flows and profit or loss of the Conergy Group.In addition, the following interpretations also had to beapplied in the 2010 financial year for the first time butthey did not give rise to any changes in the ConergyGroup’s accounting policies:| IFRIC 15, Agreements for the Construction of RealEstate (1 January 2009)| IFRIC 16, Hedges of a Net Investment in a ForeignEntity (1 October 2008)