La formación doctoral y sus inicios en la investigación

PROSPECTIVE IFRS CHANGES 2010 / 2011

The following IFRS were issued at the balance sheet date by the IASB or IFRIC but are not mandatorily applica- ble until later reporting periods or have not yet been adopted into EU law. The Nemetschek Group has decided not to exercise the possible option of early application of standards and interpretations that are not mandatorily applicable until later reporting periods.

IAS 12 “INCOME TAXES”

In December 2010 the IASB published a revision to IAS 12 “Deferred Tax: Recovery of Underlying Assets” . According to IAS 12, the measurement of deferred taxes depends on whether or not the temporary difference is reversed due to utilization or sale. In those cases where measurement is at the fair value in accordance with IAS 40 Investment Property, a rebuttable assumption is made that the reversal is recovered through sale.

IAS 24 (REVISED), “RELATED PARTY DISCLOSURES”

The revised version of IAS 24 replaces IAS 24 (2003) and was published in November 2009 by the IASB and adopted into EU Law on July 19, 2010. The revised standard is effective for fiscal years beginning on or after January 1, 2011. Earlier application is permitted. With the amendment of IAS 24 the definition of a related party has, in particular, been revised. A further focus of the revision was on the introduction of a simplification rule for entities controlled, or significantly influenced, by government (so-called government-related entities). The simplification rule, which only requires certain minimum disclosures, covers disclosures regarding transactions of the reporting entity itself with government, as well as disclosures relating to transactions with other govern- ment-related entities. The Nemetschek Group will apply the new rules from January 1, 2011. According to the application of this standard, the group will have to disclose information on transactions between subsidiaries and associates. The group is currently in the process of ensuring that such information is systematically recor- ded. Consequently, it is presently not possible to report on the exact effects of the new standard.

AMENDMENT TO IAS 32 “CLASSIFICATION OF RIGHTS ISSUES”

The amendments to IFRS 32 were issued in October 2009, adopted into EU law on December 23, 2009 and are applicable for the first time to fiscal years beginning on or after February 1, 2010. This amendment addresses the accounting for certain rights issues that are denominated in a currency other than the functional currency of the issuer. If such instruments are offered to the current owners proportionally at a fixed amount, then these should also be classified as equity instruments if their rights price is denominated in a currency other than the functional currency. The changes are not relevant to the Nemetschek Group.

IFRS 7 “FINANCIAL INSTRUMENTS”

In October 2010, the IASB published an amendment to IFRS 7, “Financial Instruments: Disclosures”. The amendment is applicable for fiscal years beginning after July 1, 2011 and was not adopted by the EU. The amendments consists of disclosure requirements which must be made in connection with a transfer of financial assets. A transfer of assets occurs, for example, where trade accounts receivable are sold (factoring) or where there are transactions of so-called asset-backed securities (ABS).

IFRS 9 „FINANCIAL INSTRUMENTS”

IFRS 9 was published in November 2009. This standard is the first step to replacing the standard IAS 39 “Financial Instruments: Recognition and Measurement”. IFRS 9 fundamentally changes the requirements to date on the classification and measurement of financial assets and is expected to have an effect on the accoun- ting for financial assets within the group. The standard is not applicable until fiscal years beginning on or after January 1, 2013, however earlier application is permitted. The standard will not, however, be adopted into EU law (endorsement). The Nemetschek Group is still analyzing the full impact of IFRS 9.

IFRIC 14, “IAS 19 – PREPAYMENTS AS PART OF MINIMUM FUNDING REQUIREMENTS AND THEIR INTERACTION”

The amendment of the interpretation IFRIC 14 was published by the IASB in November 2009 and adopted into EU law on July 19, 2010. It is of relevance when a pension plan includes a minimum funding requirement and the entity makes (voluntary) prepaid contributions towards this. In comparison with existing provisions, the economic benefit of prepayments by the entity, which reduce future contributions due to the minimum funding

requirement, is recognized as an asset. Where there is a minimum funding obligation which relates to the con- tributions for future services, the interpretation now envisages recognition of an asset resulting from the sum of two amounts. These are, on the one hand, the voluntary prepayment, which reduces the minimum funding requirement, and on the other hand, the estimated future service cost should be accounted for. The estimated amounts based on the minimum funding requirement (excluding the prepaid contribution) shall be deducted here. The Interpretation is effective for financial years beginning on or after January 1, 2011. These amend- ments shall be applied from the beginning of the earliest comparable period in the first financial statements to which this interpretation applies. Adjustments resulting from the application of these amendments are to be included in retained earnings in the opening balance sheet of this comparable period. The Nemetschek Group will apply the new rules from January 1, 2011.

IFRIC 19, “EXTINGUISHING FINANCIAL LIABILITIES WITH EQUITY INSTRUMENTS”

IFRIC 19 shall apply to financial years which begin on or after July 1, 2010. The interpretation addresses the accounting by the debtor, if newly negotiated contractual conditions of a financial liability allow the financial liability to be settled, in full or in part, by issuing own equity instruments (so-called debt for equity swaps) and the creditor is an independent third-party. In accordance with IAS 39.41, the difference between the carrying values of a settled liability and the consideration payment should be recognized in profit or loss. In addition, IFRIC 19 has now clarified that equity instruments issued by the debtor to settle a financial liability, in full or in part, should be seen as part of the consideration paid. The equity instruments should be measured at their fair values. If these cannot be reliably determined, they should be measured at the fair value of the fully or partially settled liabilities. Measurement of the issued equity instruments at the carrying value of the fully or partially settled financial liabilities, i.e. a simple reclassification of the financial liability to equity, is no longer possible under IFRIC 19. The Nemetschek Group is still analyzing the full impact of IFRIC 19.

IMPROVEMENTS TO IFRS 2010

As part of its annual improvement project in May 2010, the IASB published changes to existing IFRS. These include both amendments to various IFRS affecting recognition, measurement and the disclosure of business transactions, as well as terminology or editorial corrections. Most of the amendments relate to fiscal years beginning on or after January 1, 2011. Earlier application is permitted. The EU-commission adopted the changes into European Law on February 19, 2011. Nemetschek is currently checking the potential effects of implementation of the changes on the consolidated financial statements.