Changes in accounting policies
The International Accounting Standards Board (IASB) has issued several amendments to the existing International Financial Reporting Standards (IFRSs), as well as a number of new IFRSs, which are required to be applied effective 1 January 2008. The following IFRSs were applied for the first time during the year under review:
- IAS 39 A Reclassification of Financial Assets
- IAS 39 A Reclassification of Financial Assets – Effective Date and Transition
- IFRS 7 A Reclassification of Financial Assets
- IFRIC 12 Service Concession Arrangements
- IFRIC 14 IAS 19 – The limit on a Defined Benefit Asset, Minimal Funding Requirements and their Interaction
The application of these interpretations did not result in any changes of accounting policies within the Group.
The following new or revised Standards and Interpretations relevant to the Group’s business activities were published as of 31 December 2008 but are not yet required to be applied as of the balance sheet date:
- IFRS 2 A Vesting Conditions and Cancellations
- IFRS 8 Operating Segments
- IAS 1 A Presentation of Financial Statements
- IAS 23 A Borrowing Costs
- IFRIC 13 Customer Loyalty Programmes