Financial Report

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AFG Annual Report 2011 Consolidated Financial Statements AFG Arbonia-Forster-Group Notes to the Consolidated Financial Statements 114 Published standards and interpretations that are not yet effective nor adopted early The following published but as of the balance sheet date not yet effective significant new or amended standards have not yet been adopted by AFG: – Amendments to IAS 1 “Presentation of financial statements” – presentation of items of other comprehensive income – Amendments to IAS 12 “Taxes” – exception for investment property at fair value – Amendments to IAS 19 “Employee benefits” – IAS 27 revised “Separate financial statements” – IAS 28 revised “Investments in associates and joint ventures” – Amendments to IAS 32 “Financial instruments; presentation” – Amendments to IFRS 7 “Financial instruments; disclosure” – transfers of financial assets and offsetting financial assets and financial liabilities – Amendments to IFRS 9 “Financial instruments” – mandatory effective date of IFRS 9 and transition disclosures – IFRS 9 “Financial instruments: classification and measurement” – IFRS 10 “Consolidated financial statements” – IFRS 11 “Joint arrangements” – IFRS 12 “Disclosure of interests in other entities” – IFRS 13 “Fair value measurement” AFG will adopt these standards no later than the required effective dates. The amendments to IAS 19 effective from 1 January 2013 primarily remove the corridor approach. All actuarial gains and losses have to be recognised immediately in other comprehensive income. The net interest expense / income replaces the previously calculated interest cost on the defined benefit obligation and expected return on plan assets and is calculated on the net amount of the defined benefit obligation and plan assets using the discount rate. The net amount charged for defined benefit plans to the income statement is allocated to personnel expenses and financial results. Since AFG applies the corridor method under IAS 19, the amendment of this standard will impact the Group's financial statements. A higher volatility is therefore expected on capitalised pension surplus and employee benefit obligation as well as within shareholders' equity. Because of a changed calculation on the basis of net interest expense / income, charges for defined benefit plans tend to be higher than under the current standard. Had the amendments to IAS 19 already been applied for the 2011 financial year, the immediate recognition of all actuarial gains and losses would have lowered shareholders' equity as of 31 December 2011 by CHF 45.6 million and the charge for defined benefit plans would have been higher by CHF 3.0 million. IFRS 9 introduces new principles for the classification and measurement of financial assets and liabilities. IFRS 13 replaces the fair value measurement guidance contained in individual IFRSs with a single source of fair value measurement guidance and extends the disclosure requirements. It is not expected that these two as well as the other above mentioned standards will significantly affect the Group's financial statements. AFG will soon assess the impact of these standards on its financial statements.
AFG Annual Report 2011 Consolidated Financial Statements AFG Arbonia-Forster-Group Notes to the Consolidated Financial Statements 3 Reporting entity 115 The consolidated financial statements are based on the financial statements of the individual Group companies prepared as of 31 December. Subsidiaries are fully consolidated from the date on which control is transferred to AFG (generally where the interest in votes and share capital is more than 50 %). They are deconsolidated from the date that control ceases. Investments in associated companies, over which AFG exercises significant influence but does not control, are accounted for using the equity method. A significant influence is generally assumed by a shareholding of between 20 % to 50 % of the voting rights. The following material changes occurred in the Group: In the financial year 2011 – As of 14 April 2011, 100 % of the shares of Avia Peintures Sàrl, FR-Pau, were acquired (see note 40). In the financial year 2010 – None An overview of the material Group companies is included in note 58. 4 Full consolidation In line with the full consolidation method, 100 % of all balance sheet and income statement items are included in the consolidated financial statements. Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Minority interests are disclosed in the balance sheet as part of shareholders' equity. The result attributable to minority interests in the income statement forms part of the Group result for the period. 5 Capital consolidation Subsidiaries are fully consolidated from the date on which control is transferred to AFG. The purchase method of accounting is used to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given and liabilities incurred or assumed at the date of exchange. The excess of the cost of acquisition over the fair value of the Group's share of the identifiable net assets acquired is recorded as goodwill. Contingent considerations are measured at fair value as a cost of the acquisition. Directly attributable acquisition-related costs are expensed. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the income statement. Companies which are sold are deconsolidated from the date that control ceases. The difference between the consideration received and the net assets is recognised in the income statement as other operating income / expenses.
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Financial Report

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