El giro maoísta: antirrevisionismo y antialthusserianismo en el PCR

In accordance with EU Regulation No. 1606/2002 in conjunction with Section 315a (1) of the German Commercial Code (Handelsgesetzbuch – HGB) Conti- nental AG has prepared its consolidated financial statements in compliance with the IFRS as adopted by the European Union under the endorsement proce- dure. Thus IFRS are only required to be applied follow- ing endorsement of a new standard by the European Union.

The following endorsed standards, interpretations issued in relation to published standards and amendments that were applicable to Continental AG became effective in 2012 and have been adopted accordingly:

The amendments to IFRS 7, Financial Instruments:

Disclosures – Transfers of Financial Assets, improve

the disclosure requirements of IFRS 7 in order to help users to understand transfer transactions of financial assets and to evaluate the related risk exposures and their effect on the financial position of the entity that transferred the assets. The amendments clarify, inter alia, that disclosures (qualitative and quantitative in- formation) have to be made about contractual rights or obligations which the entity retains or obtains in the transfer transaction also in the case an entity derecog- nizes financial assets in their entirety. The amendments are required to be applied for annual periods beginning on or after July 1, 2011. The amendments had no significant effect on the consolidated financial state- ments of Continental AG.

The following amendments have already been endorsed by the EU but will not take effect until a later date:

As a result of the amendments to IFRS 1, First-time

Adoption of International Financial Reporting Stand-

amendments will have any effect on the future consoli- dated financial statements of Continental AG.

The amendments to IFRS 7, Financial Instruments:

Disclosures, introduce additional disclosure require-

ments in the context of the offsetting of financial as- sets and financial liabilities. The amendments are required to be applied for annual periods beginning on or after January 1, 2013. The amendments are not expected to have any significant effect on the future consolidated financial statements of Continental AG. IFRS 10, Consolidated Financial Statements, estab- lishes principles for the presentation and preparation of consolidated financial statements when an entity (parent) controls one or more other entities. A report- ing entity is required to consolidate an investee when that entity controls the investee. Control exists only if the investor has the power over the investee, exposure or rights to variable returns from involvement with the investee, and the ability to use power over the investee to affect the amount of the investor’s returns. Besides the introduction of a single consolidation model based on the principle of control, IFRS 10 includes account- ing requirements regarding, inter alia, non-controlling interests, potential voting rights, and loss of control. The standard supersedes the requirement related to consolidated financial statements in IAS 27, Consoli-

dated and Separate Financial Statements, and SIC-12, Consolidation – Special Purpose Entities. The standard

and the consequential amendments to other standards and interpretations are required to be applied for an- nual periods beginning on or after January 1, 2014. The standard and the consequential amendments are not expected to have any significant effect on the future consolidated financial statements of Continental AG.

in Associates and Joint Ventures. IFRS 11 supersedes

IAS 31, Interests in Joint Ventures, and SIC-13, Jointly

Controlled Entities – Non-Monetary Contributions by Venturers. The standard and the consequential

amendments to other standards and interpretations are required to be applied for annual periods beginning on or after January 1, 2014. The standard and the consequential amendments are not expected to have any effect on the future consolidated financial state- ments of Continental AG.

IFRS 12, Disclosure of Interests in Other Entities, re- quires the disclosure of information that enables users of financial statements to evaluate the nature of and risk associated with interests in subsidiaries, associ- ates, joint arrangements and unconsolidated struc- tured entities, and the financial effect of those inter- ests. The standard and the consequential amend- ments to other standards are required to be applied for annual periods beginning on or after January 1, 2014. IFRS 12 and the consequential amendments are not expected to have any significant effect on the future consolidated financial statements of Continental AG.

IFRS 13, Fair Value Measurement, defines the fair value, describes the measurement of fair value, and enhances the corresponding disclosures. IFRS 13 and the consequential amendments to other standards and interpretations are required to be applied for annual periods beginning on or after January 1, 2013. The standard and the consequential amendments are not expected to have any significant effect on the future consolidated financial statements of Continental AG. The amendments to IAS 1, Presentation of Financial

Statements, deal with the presentation of items of

other comprehensive income (OCI). The amendments require entities to group items presented in OCI on the basis of whether they are potentially subsequently reclassifiable to profit and loss or not. The option of IAS 1 (revised 2007) to present OCI items either before or net of tax will not be changed by the amendments. If presentation before tax is chosen, the tax related to each of the groups (described above) must be shown separately. The amendments and the consequential amendments to other standards are required to be applied for annual periods beginning on or after July 1, 2012. The amendments and the consequential amendments are not expected to have any significant

effect on the future consolidated financial statements of Continental AG.

The amendments to IAS 12, Income Taxes (Deferred

Tax: Recovery of Underlying Assets), contain a clarifi-

cation regarding the treatment of temporary tax differ- ences when using the fair value model in IAS 40, In-

vestment Property. It can be difficult to assess whether

recovery will be through use or through sale when the asset is measured using the fair value model in IAS 40. The amendments provide a practical approach in such cases by introducing a rebuttable presumption that an investment property is recovered entirely through sale. The amendments supersede SIC-21, Income Taxes –

Recovery of Revalued Non-Depreciable Assets. The

amendments are required to be applied for annual periods beginning on or after January 1, 2013. It is not expected that the amendments will have any effect on the future consolidated financial statements of Conti- nental AG.

IAS 19 (revised 2011), Employee Benefits, changes IAS 19 (revised 2008) fundamentally. The recognition of actuarial gains and losses using the corridor method and the recognition of past service cost over the vest- ing period are eliminated. The revised standard chang- es the presentation of defined benefit costs and the calculation of net interest. Furthermore, the definitions of termination benefits, curtailments, as well as short- term and other long-term benefits have been clarified and the disclosures of IAS 19 enhanced. The revised standard and the consequential amendments to other standards and interpretations are required to be ap- plied for annual periods beginning on or after Janu- ary 1, 2013. IAS 19 (revised 2011) and the consequen- tial amendments are expected to have a significant effect on the future consolidated financial statements of Continental AG. As a result of these new regula- tions, a change in equity of approximately €1.0 billion and a change in pension provisions amounting to about €1.2 billion are expected. Fluctuations in actuar- ial assumptions, especially those for the interest rate, will in the future lead to great volatility in equity. IAS 27 (revised 2011), Separate Financial Statements, deals with the accounting and disclosure requirements for investments in subsidiaries, joint ventures and associates in separate financial statements. IAS 27 requires that investments in subsidiaries, joint ventures and associates be accounted for either at cost or in

accordance with IAS 39, Financial Instruments:

Recognition and Measurement, and accordingly

IFRS 9, Financial Instruments. The standard is required to be applied for annual periods beginning on or after January 1, 2014. The standard is not expected to have any effect on the future consolidated financial state- ments of Continental AG.

IAS 28 (revised 2011), Investments in Associates and

Joint Ventures, deals with the accounting for invest-

ments in associates and the application of the equity method when accounting for investments in associates and joint ventures. Furthermore, IAS 28 clarifies cases in which an investment, or a portion of an investment, in an associate or a joint venture is classified as held for sale in accordance with IFRS 5, Non-current Assets

Held for Sale and Discontinued Operations. The

standard implements a measurement option for in- vestments in associates or joint ventures which are held by, or are held indirectly through, an entity that is a venture capital organization, a mutual fund, unit trust or similar entity including investment-linked insurance funds. IAS 28 (revised 2011) supersedes IAS 28 (re- vised 2003), Investment in Associates, and incorpo- rates rules of SIC-13, Jointly Controlled Entities – Non-

Monetary Contributions by Venturers. IAS 28 is re-

quired to be applied for annual periods beginning on or after January 1, 2014. The standard is not expected to have any effect on the future consolidated financial statements of Continental AG.

The amendments to IAS 32, Financial Instruments:

Presentation, clarify the conditions for the offsetting of

financial assets and financial liabilities. The amend- ments are required to be applied for annual periods beginning on or after January 1, 2014. The amend- ments are not expected to have any significant effect on the future consolidated financial statements of Continental AG.

IFRIC 20, Stripping Costs in the Production Phase of a

Standards, are required to be applied for annual peri-

ods beginning on or after January 1, 2013. IFRIC 20 and the consequential amendment are not expected to have any effect on the future consolidated financial statements of Continental AG.

The following standards, interpretations issued in relation to published standards, and amendments are not yet endorsed by the EU and will become effective at a later date:

The amendments to IFRS 1, First-time Adoption of

International Financial Reporting Standards (Govern- ment Loans), introduce an exception to retrospective

application of IFRS. In accordance with IAS 20, Ac-

counting for Government Grants and Disclosure of Government Assistance, the benefit of a government

loan at a below-market rate of interest is treated as a government grant. The benefit of the below-market rate of interest is measured as the difference between the initial carrying value of the loan determined in ac- cordance with IAS 39, Financial Instruments: Recogni-

tion and Measurement, and accordingly IFRS 9, Finan- cial Instruments, and the proceeds received. These

amendments require first-time adopters to apply the requirements of IAS 20 prospectively to government loans existing at the date of transition. Retrospective application may be chosen if the necessary information was obtained at the time of initial recognition of the loan. With the amendments, first-time adopters are permitted to apply the previous GAAP carrying amount of the loan at the date of transition as the carrying amount of the loan in the opening IFRS statement of financial position. The amendments have no effect on the requirement to classify the loan as a financial liabil- ity or as an equity instrument in accordance with IAS 32, Financial Instruments: Presentation. The amendments are required to be applied for annual periods beginning on or after January 1, 2013. The amendments are not expected to have any effect on the future consolidated financial statements of Conti-

classifications – those measured at amortized cost and those measured at fair value. A financial asset is measured at amortized cost if the asset is held within a business model with the objective of holding assets in order to collect contractual cash flows and the con- tractual terms of the financial assets give rise on speci- fied dates to cash flows that are solely payments of principal and interest on the principal amount out- standing. Financial assets which do not fulfill both conditions are measured at fair value. IFRS 9 states that an entity shall reclassify all affected financial as- sets only when it changes its business model for man- aging financial assets. IFRS 9 restricts the option to designate a financial asset at fair value through profit or loss. An entity may designate if doing so eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as an ‘account- ing mismatch’). Furthermore, IFRS 9 introduces an option that, at initial recognition, an entity may irrevo- cably elect to present in other comprehensive income subsequent changes in the fair value of an investment in an equity instrument within the scope of this IFRS that is not held for trading. If an entity elects to report in this manner, it must recognize in profit or loss divi- dends from that investment. With regard to embedded derivatives, IFRS 9 adopts the IAS 39 concept only for hosts that are assets outside the scope of IFRS 9. Requirements on classification and measurement of financial liabilities and requirements for derecognition of financial assets and liabilities were added to IFRS 9 in October 2010. The existing requirements of IAS 39,

Financial Instruments: Recognition and Measurement,

for derecognition were adopted thereby. New require- ments affect the accounting of financial liabilities when choosing the fair value option: The portion of the change in the fair value due to changes in the entity’s own credit risk should be presented in other compre- hensive income (OCI). IFRS 9 (including 2010 supple- ments) is to be applied to annual periods beginning on or after January 1, 2015. The effective date was re- scheduled to 2015 by the amendments to IFRS 9,

Financial Instruments (2009 and 2010) and IFRS 7, Financial Instruments: Disclosures, (Mandatory Effec- tive Date and Transition Disclosures). Furthermore, the

relief from restating comparative periods and associat- ed disclosures in accordance with IFRS 7 were amended. It is expected that IFRS 9 will have an effect on the future consolidated financial statements of Continental AG.

Under the IASB’s fourth annual improvements project (Improvements to IFRSs, May 2012), the following amendments will become effective at a later date:

► The amendment to IFRS 1, First-time Adoption of

International Financial Reporting Standards, clarifies

that under certain circumstances a repeated appli- cation of IFRS 1 is possible. Furthermore the amendment clarifies the recognition of borrowing costs in accordance with IAS 23, Borrowing Costs, relating to qualifying assets for which the com- mencement date for capitalization is prior to the date of transition to IFRS.

► The amendment to IAS 1, Presentation of Financial

Statements, clarifies the disclosure requirements for

comparative information when a third balance sheet is provided on a voluntary or mandatory basis. A consequential amendment to IFRS 1, First-time

Adoption of International Financial Reporting Stand- ards, clarifies that supporting notes for all state-

ments have to be presented. Furthermore IAS 34,

Interim Financial Reporting, was changed through

the amendment of IAS 1.

► The amendment to IAS 16, Property, Plant and

Equipment, clarifies that spare parts and servicing

equipment should not be classified as inventory when they meet the definition of property, plant and equipment as per IAS 16.

► The amendment to IAS 32, Financial Instruments:

Presentation, clarifies that IAS 12, Income Taxes, is

the relevant standard to account for income tax re- lating to distributions to holders of an equity instru- ment and to transaction costs of an equity transac- tion. A consequential amendment to IFRIC 2, Mem-

bers’ Shares in Co-operative Entities and Similar In- struments, was made.

► The amendment to IAS 34, Interim Financial Report-

ing, clarifies the disclosure of segment information

for total assets and liabilities in the interim financial reporting in order to achieve harmonization with the requirements of IFRS 8, Operating Segments. The amendments are required to be applied for annual periods beginning on or after January 1, 2013. The amendments are not expected to have any effect on

the future consolidated financial statements of Conti- nental AG.

The amendments to IFRS 10, Consolidated Financial

Statements, IFRS 12, Disclosure of Interests in Other Entities, and IAS 27 (revised 2011), Separate Financial Statements, (Investment Entities), deal with the defini-

tion of investment entities and introduce an exception to the general principle that all subsidiaries are to be consolidated. An investment entity that is a parent should measure its investments in particular subsidiar- ies in accordance with IAS 39, Financial Instruments:

Recognition and Measurement, and accordingly

IFRS 9, Financial Instruments. Furthermore the

amendments specify new disclosure requirements for investment entities. The amendments (and the conse- quential amendments to other standards) are required to be applied for annual periods beginning on or after January 1, 2014. The amendments are not expected to have any effect on the future consolidated financial statements of Continental AG.

The amendments to IFRS 10, Consolidated Financial

Statements, IFRS 11, Joint Arrangements, and IFRS

12, Disclosure of Interests in Other Entities, (Transition

Guidance), define the date of initial application of IFRS

10 and explain when and how adjustments should be made. The amendments describe that an entity need only present adjusted comparative information for the period immediately preceding the date of initial appli- cation of IFRS 10. A similar transition relief is provided for IFRS 11 and IFRS 12 regarding the presentation and adjustment of comparative information. The re- quirement to present comparatives for the disclosures relating to unconsolidated structured entities for peri- ods before the annual reporting period in which IFRS 12 is first applied is eliminated. The amendments are required to be applied for annual periods beginning on or after January 1, 2013.

As the endorsements of IFRS 10, 11 and 12 change the original effective date to January 1, 2014, it is expected that the same date will be obligatory. This will also be mandatory for the consequential amend- ment of IFRS 1, First-time Adoption of International

Financial Reporting Standards. The amendments are

not expected to have any significant effect on the future consolidated financial statements of Continental AG.