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METRO gROUP : ANNUAL REPORT 2011 : BUsiNEss
→ noTes : noTes To THe GRoUp aCCoUnTInG pRInCIples anD MeTHoDs
IAS 19 (Employee Benefits)
prior to the amendment, Ias 19 (employee Benefits) provided
the option to account for actuarial gains and losses from
defined benefit pension plans either directly in profit or loss,
in equity outside of profit or loss or based on the so-called
corridor approach. MeTRo aG currently uses the corridor
method whereby actuarial gains and losses are recognised
only to the extent that their cumulative amount which is not
recognised in profit or loss exceeds the higher of 10 percent
of the present value of the defined benefit obligation or
10 percent of plan assets.
In June 2011, the IasB published a revised version of Ias 19
which applies from the financial year 2013. essentially, the
revision eliminates the choices on how to account for actuarial
gains and losses (for example, due to changes in interest
rates). In future, these must be recognised immediately in
equity (other comprehensive income). The amounts collected
in equity remain there and are not reclassified to the income
statement in subsequent periods. as a result, the income
statement will in future remain unaffected by actuarial gains
and losses. another change concerns the fact that, in future,
returns on plan assets will be determined using the discount
rate used to measure the pension obligations. In addition,
past service costs will in future be recognised fully in profit or
loss during the period in which the respective plan changes
were effected. In addition, disclosure requirements about
pension plans are expanded.
The revised Ias 19 comes into effect on 1 January 2013.
Based on the level of actuarial gains and losses existing
on 31 December 2011, an adoption of the amendment in the
financial year 2011 would have resulted in €203 million lower
earnings reserves (previous year: €–244 million). other
material effects from the first-time adoption of the revised
Ias 19 are not expected.
IAS 32 (Financial Instruments: Presentation)
pursuant to Ias 32 (Financial Instruments: presentation),
financial assets and financial liabilities should be offset if the
following two preconditions are met: first, the entity must
have a legally enforceable right to set off the amounts as of
the balance sheet date; second, it must intend to either settle
on a net basis or to realise the asset and settle the liability
simultaneously. The amendment to Ias 32 “offsetting of
Financial assets and Financial liabilities” specifies when
these conditions are considered met. In particular, it determines
criteria for the existence of an unconditional legal
claim.
The amendment to Ias 32 will come into effect on 1 January
2014. at present, this amendment is not expected to have any
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material effect on the asset, financial and earnings position of
MeTRo aG.
IFRS 9 (Financial Instruments – Phase 1: Classification and
Measurement)
The new IFRs 9 standard (Financial Instruments) is to replace
Ias 39 (Financial Instruments: Recognition and Measurement)
covering the classification and measurement of financial
assets. IFRs 9 is developed in three phases of which only
the first phase “Classification and Measurement” has been
concluded so far. additional planned phases are “amortised
Cost and Impairment of Financial assets” and “Hedge
accounting”.
In its currently released state, IFRs 9 therefore contains
only the results from the first phase, “Classification and
Measurement”. as part of this first phase, the four Ias
39 measurement categories used in the classification of
financial assets have been reduced to two – measurement
at amortised cost and fair value measurement. Financial
assets are classified to one of these two categories on the
basis of the characteristics of contractual cash flow of the
respective financial asset and the business model which
the entity uses to manage its financial assets. Due to these
criteria, equity instruments may in future only be measured
at fair value. In addition, under IFRs 9, the fair value
option for financial assets included in Ias 39 is permitted
only if this eliminates or significantly reduces an accounting
mismatch.
In general, financial liabilities are measured at amortised
cost. Financial liabilities held for trading, in turn, are measured
at fair value. In addition, IFRs 9 also provides for a fair
value option for financial liabilities. However, in exercising
this option, fair value changes resulting from changes in the
entity’s creditworthiness must be recognised in equity outside
of profit or loss, while other changes must be recognised
in profit or loss.
as of today, IFRs 9 in its current version is scheduled to apply
as of 1 January 2015. as a result, the potential impact of this
new standard cannot be determined at this point.
IFRS 10 (Consolidated Financial Statements), IFRS 11
(Joint Arrangements) and IFRS 12 (Disclosure of Interests
in Other Entities)
The new standards IFRs 10, 11 and 12 contain changes in
accounting and disclosure requirements for consolidated
financial statements. IFRs 10 (Consolidated Financial
statements) includes a new definition of control that determines
which entities are consolidated. It replaces previous
regulations governing consolidated financial statements