AT&S World

Consolidated Financial Statements as of 31 March 2011
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u. New accounting regulations
The IFRS already mandatory at the balance sheet date were
adopted in the preparation of the consolidated financial statements.
At the last balance sheet date, the IASB had already issued
amendments to existing standards as well as new standards
and interpretations, which are mandatory as of 2010/11. These
regulations also have to be applied in the EU and relate to the
following standards:
IFRS 3 “Business combinations” and IAS 27 “Consolidated and
separate financial statements” (Amendments: Recognition of
costs of a business combination, option full goodwill method;
clarifications on step-by-step acquisition and other revision)
A number of additional amendments to standards, as well as
new and amended interpretations were published and adopted
by the European Union. The effects of these regulations on the
consolidated financial statements are not material and therefore
not presented in detail.
The amendments are mandatory for reporting periods beginning
on or after 1 July 2009 and 1 January 2010. Therefore, the Group
will apply these new regulations as of the financial year 2010/11.
The amendments to be applied as of the financial year 2010/11
did not have a material impact on the consolidated financial
statements.
The IASB issued additional standards and amendments to standards
and interpretations that are not yet mandatory in the financial
year 2010/11. The following standards and interpretations
had been adopted by the EU by the time the consolidated financial
statements were prepared and published in the official journal:
IAS 24 “Related party disclosures” (Amends the definition of
a related party and simplifies certain related party disclosure
requirements for government-related entities)
IFRIC 14 “IAS 19 – Prepayments of a minimum funding requirement”
(amendment relevant where there is a minimum
funding requirement and the company makes prepayments of
contributions)
IFRIC 19 “Extinguishing financial liabilities with equity instruments”
(The interpretation clarifies the accounting by an
entity when the terms of a financial liability are renegotiated
and result in the entity issuing equity instruments to a creditor
of the entity to extinguish all or part of the financial liability).
The amendments are mandatory for accounting periods beginning
on or after 1 July 2010 and 1 January 2011. Therefore, the
Group will apply these new regulations as of the financial year
2011/12, which will not have a material impact on the consolidated
financial statements.
Furthermore, the following standard has already been published,
but not yet adopted by the EU:
IFRS 9 “Financial instruments” (This standard is the first step
to replace Standard IAS 39 “Financial instruments: recognition
and measurement” and changes the existing provisions on classification
and measurement of financial assets).
The Standard will only be mandatory for reporting periods beginning
on or after 1 January 2013. From today’s perspective, the
Standard is not expected to have a material impact on the Group’s
financial position and financial performance.
C. Critical accounting estimates and assumptions
The Group uses estimates and assumptions to determine the reported
amounts of assets, liabilities, net sales and expenses, as
well as the disclosure of commitments and contingent assets
and liabilities. All estimates and assumptions are reviewed on
a regular basis and are based on past experiences and additional
factors, including expectations regarding future events
that seem reasonable under given circumstances. In the future
actual results may differ from these estimates, Management believes
that the estimates are reasonable.
Projected benefit obligations
The present value of non-current employee benefits depends on
various factors that are based on actuarial assumptions (refer
to I.B.p. “Employee benefits”).