Annual Financial Statement P&I Personal & Informatik AG April 1 ...

P&I Personal & Informatik AG, Wiesbaden
Notes 2010/2011
A. General Notes to the Annual Financial Statements
The annual financial statements have been compiled in euros and in compliance with the
provisions of Commercial Law. Disclosures in the balance sheet, the income statement, the
notes to the accounts and the management report may be shown, for reasons of clarity, in
euros, thousands of euros or millions of euros.
B. Initial implementation of the German Modernisation of
Company Annual Accounts Act
The amended accounting regulations stipulated in the German Modernisation of Company
Accounting Regulations Act (BilMoG) issued on May 25, 2009 were implemented for the first
time for fiscal 2010/2011. The amendment requirements resulting from the amended
regulations were listed in the opening balance sheet for April 1, 2010.
The previous year’s figures were not adjusted with regard to the exercising of the options
listed under Article 67, Para. 8, Sentence 2, EGHGB.
The accounting, valuation and disclosure requirements amended by the commercial law
have had the following effects since April 1, 2010:
In accordance with § 8a of the Partial Employment Act, P&I Personal & Informatik AG is
obliged to secure accrued assets arising from the partial employment agreements or
comparable long-term liabilities due to employees (absolute value credit from deferred
compensation) against possible insolvency. P&I Personal & Informatik AG has deposited the
relevant assets in the equity market in securities (shares in funds) and has pledged these
insolvency-proof and non-accessible securities to the benefit of the employees. These
securities fulfil the conditions stipulated in § 246 Para. 2, Sentence 2, HGB. They have been
allocated at fair value and the evaluation corresponds to a settlement value that amounts to
1,634,000 euros for partial employment liabilities or comparable long-term liabilities accrued
on behalf of the employees. On March 31, 2011 (April 1, 2010) the fair value of the securities
amounted to 1,634,000 euros (1,378,000 euros) and the acquisition costs were 1,688,000
euros (1,433,000 euros). A revenue of 2,000 euros was offset during fiscal 2010/2011.
For the first time reserves with a residual term of longer than one year were discounted
against their corresponding residual term using the average market interest rates published
by the German Central Bank. The amount resulting from the amended valuation amounted to
65,000 euros and this was posted as an item not affecting net income in the revenue
reserves.
The deferred taxes were established by applying the balance-orientated temporary concepts
existing on the balance sheet date and the temporary differences that exist between the
value of an asset or a liability in the balance and the valuations for tax purposes. Deferred
tax assets and liabilities were measured according to the tax rates that were applicable
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