Caso: Cemento Sol
3. La marca: Cemento Sol 1 Escenario
In accordance with EU Regulation No. 1606/2002 in conjunction with Section 315a (I) of the German Com- mercial Code (Handelsgesetzbuch – HGB) Continental AG has prepared its consolidated financial statements in compliance with the IFRS as adopted by the Euro- pean Union under the endorsement procedure. Thus IFRS are only required to be applied following en- dorsement of a new standard by the European Union. The following amendments and interpretations issued in relation to published standards that were applicable to Continental AG became effective in 2010 and have been adopted accordingly:
IFRIC 12, Service Concessions Arrangements, pro- vides guidance on the accounting by operators (licen- sees) for the rights and obligations arising from public- to-private service concession arrangements. The inter- pretation applies to agreements in which public infra- structure services are outsourced to private companies and in which
a) The grantor controls and regulates what services the operator (licensee) must provide with the infra- structure, to whom it must provide them, and at what price, and
b) The grantor controls through ownership, beneficial entitlement or otherwise any significant residual in- terest in the infrastructure at the end of the term of the arrangement (infrastructure that is used in a public-to-private service concession arrangement for its entire useful life is also within the scope of IFRIC 12, if the condition under a) is met).
IFRIC 12 is to be applied, at the latest, as from the commencement date of the first financial year starting after March 29, 2009. IFRIC 12 had no significant effect on the consolidated financial statements of Con- tinental AG.
IFRIC 15, Agreements for the Construction of Real Estate, deals with the accounting for revenue and associated expenses by entities that undertake the construction of real estate. The interpretation clarifies the conditions to determine whether the agreement is within the scope of IAS 11, Construction Contracts, or IAS 18, Revenue. The interpretation also deals with the
question as to when revenue from the construction of real estate should be recognized. The interpretation is required to be applied for annual periods beginning on or after January 1, 2010. IFRIC 15 had no effect on the consolidated financial statements of Continental AG. IFRIC 16, Hedges of a Net Investment in a Foreign Operation, clarifies that only foreign exchange differ- ences arising between the functional currency of the foreign operation and the functional currency of any parent entity may qualify for hedge accounting. IFRIC 16 also states that any entity within the group (except the foreign operation that itself is being hedged) can hold the hedging instrument in a hedge of a net investment in a foreign operation. When a foreign operation that was hedged is disposed of, the amount reclassified to profit or loss as a reclassification ad- justment from the foreign currency translation reserve in respect of the hedging instrument is determined in accordance with IAS 39, Financial instruments: Recog- nition and Measurement, and the amount reclassified in respect of the net investment in that foreign opera- tion is determined in accordance with IAS 21, The Effects of Changes in Foreign Exchange Rates. The interpretation is to be applied, at the latest, as from the commencement date of the first financial year starting after June 30, 2009. IFRIC 16 had no significant effect on the consolidated financial statements of Continen- tal AG.
IFRIC 17, Distributions of Non-cash Assets to Owners, deals with the recognition and measurement of divi- dends payable and addresses also the question of how to account for any difference between the carrying amount of the assets distributed and the carrying amount of the dividend payable. The liability to pay a dividend shall be recognized when the dividend is appropriately authorized and is no longer at the discre- tion of the entity. The dividend payable shall be meas- ured at the fair value of the assets to be distributed. Subsequent adjustments at a later reporting date or at the date of settlement are to be recognized directly in equity. At the date of settlement, the difference be- tween the carrying amount of the asset distributed and the carrying amount of the dividend payable is to be recognized in profit or loss. IFRIC 17 also amends IFRS 5, Non-current Assets Held for Sale and Discon- tinued Operations, to the effect that in the future, as-
165 sets classified as ‘held for distribution to owners’ will
be in the scope of IFRS 5. The interpretation (including the amendments to IFRS 5 and IAS 10, Events after the Reporting Period) is required to be applied, at the latest, as from the commencement date of the first financial year starting after October 31, 2009
.
IFRIC 17 had no significant effect on the consolidated financial statements of Continental AG.IFRIC 18, Transfers of Assets from Customers, speci- fies the accounting for transfers of items of property, plant and equipment by entities that receive such transfers from their customers. Agreements within the scope of this interpretation are agreements in which an entity receives from a customer an item of property, plant and equipment (or cash from customers for the acquisition or construction of such items of property, plant and equipment) that the entity must then use either to connect the customer to a network or to provide the customer with ongoing access to a supply of goods or services (such as electricity, gas or water), or to do both. IFRIC 18 (including the corresponding amendments to IFRS 1, First-time Adoption of Interna- tional Financial Reporting Standards) is to be applied, at the latest, as from the commencement date of the first financial year starting after October 31, 2009. IFRIC 18 had no significant effect on the consolidated financial statements of Continental AG.
IFRS 1, First-time Adoption of International Financial Reporting Standards (revised 2008) amends IFRS 1 solely with regard to its formal structure by separating general and special rules of the standard. The revised version of IFRS 1 is to be applied, at the latest, as from the commencement date of the first financial year starting after December 31, 2009. The revised IFRS 1 had no effect on the consolidated financial statements of Continental AG.
The amendments to IFRS 1, First-time Adoption of International Financial Reporting Standards – Additional Exemptions for First-time Adopters, provide additional exemptions from the generally mandatory full retros- pective application of International Financial Reporting Standards. Oil and gas entities are relieved from the retrospective application of the IFRS for oil and gas assets if they previously followed the full cost method of accounting for oil and gas producing activities. Furthermore, if a first-time adopter made the same determination of whether an arrangement contained a
lease in accordance with previous GAAP as that re- quired by IFRIC 4, Determining whether an Arrange- ment contains a Lease, but at a date other than that required by IFRIC 4, the first-time adopter need not reassess that determination when it adopts IFRS. The amendments to IFRS 1 are to be applied, at the latest, as from the commencement date of the first financial year starting after December 31, 2009. The amend- ments had no effect on the consolidated financial statements of Continental AG.
The amendments to IFRS 2, Share-based Payment, clarify the accounting for share-based payment trans- actions within the group. The entity which receives the goods or services (receiving entity) should generally account for a grant as cash-settled share-based pay- ment transactions in accordance with the requirements of IFRS 2 unless the grant is settled with equity instru- ments of the receiving entity or unless the receiving entity is not obliged to settle the grant. The entity which is obliged to settle the share-based payment transaction (settling entity) accounts for the transaction depending on the nature of the settlement. If the share-based payment is settled with equity instru- ments, the grant is accounted for as an equity-settled share-based payment transaction. If the grant is set- tled in cash, it is accounted for in accordance with the IFRS 2 requirements for cash-settled share-based payment transactions. The amendments shall be ap- plied, at the latest, as from the commencement date of the first financial year starting after December 31, 2009. Under these IFRS 2 amendments, IFRIC 8, Scope of IFRS 2, and IFRIC 11, IFRS 2–Group and Treasury Share Transactions, are included in the stan- dard with the simultaneous elimination of the two inter- pretations. The amendments had no significant effect on the consolidated financial statements of Continen- tal AG.
IFRS 3, Business Combinations (revised 2008), was amended to take account of a number of issues relat- ing to accounting for business combinations. The main amendments are as follows:
q All transaction costs, including costs directly attri- butable to the acquisition, must be expensed imme- diately instead of treating them as a component of the purchase price of the acquired entity;
q In future, an option will exist for all business combi- nations in which less than a 100% interest is ac- quired to recognize the non-controlling interests ei- ther including any goodwill attributable to them or, as previously, merely at the fair value of the non- controlling interest’s proportionate share of the iden- tifiable assets and liabilities;
q When determining the purchase price, contingent purchase price adjustments must now be included at their fair value at the acquisition date, regardless of the probability of their occurrence. Subsequent adjustments to the fair value of purchase price com- ponents classified as liabilities must generally be recognized in income in the period in which the ad- justment is made;
q In the case of a business combination achieved in stages (step acquisition), the acquirer must in future recognize the differences between carrying value and fair value of the previously held stock at the time of acquisition in income;
q All contractual relationships existing at the acquiree at the acquisition date, with the exception of leases, must be reclassified or redesignated;
q A claim granted to the acquirer by the seller to in- demnification in relation to a liability of the acquiree, e.g., in connection with tax risks or legal disputes, will in future lead to the recognition of an asset in the amount of the liability concerned. In subsequent pe- riods, this asset must then be measured in the same way as the related liability.
These amendments to IFRS 3 are required to be ap- plied to business combinations taking place in annual periods beginning on or after July 1, 2009. Its applica- tion affected the accounting treatment of acquisitions in 2010.
IAS 27, Consolidated and Separate Financial State- ments (revised 2008), was amended to include the following clarifications:
q The ‘economic entity approach’ is required to be applied to all transactions involving non-controlling interests. Under it, purchases and disposals of in- vestments in subsidiaries that do not result in a loss of control are accounted for as an equity transaction.
Thus such transactions do not result in any change in the carrying amounts of the assets and liabilities reported in the balance sheet (including goodwill). q By contrast, where a disposal of an investment leads
to a loss of control, a disposal gain or loss is recog- nized in income. In future, the disposal gain or loss will also include the difference between the previous carrying amount and the fair value of such invest- ments in the subsidiary that are retained after the loss of control.
q The current limitation on the loss attributable to non- controlling interests to the carrying amount of the non-controlling interests is eliminated, with the result that the carrying amount of non-controlling interests may be negative in future.
These amendments to IAS 27 are required to be ap- plied for annual periods starting on or after July 1, 2009, and had an effect on transactions in 2010. The amendment to IAS 39, Financial Instruments: Recognition and Measurement – Eligible Hedged Items, introduces additional application guidance in the context of hedge accounting regarding the designation of inflation in a financial hedged item and the designa- tion of a one-sided risk in a hedged item. The amend- ment is to be applied for annual periods beginning on or after July 1, 2009. The amendment had no signifi- cant effect on the consolidated financial statements of Continental AG.
With the first Annual Improvement Project (Improve- ments to IFRSs, May 2008) of the IASB, the following amendments became effective:
q The amendments to IFRS 5, Non-current Assets Held for Sale and Discontinued Operations, (and amendments to IFRS 1, First-time Adoption of the International Financial Reporting Standards), clarify that in cases in which an entity is committed to a sale plan involving loss of control of a subsidiary, all assets and liabilities of that subsidiary are to be clas- sified as ‘held for sale’ in accordance with IFRS 5, provided that the requirements of IFRS 5 are fulfilled. The classification must be conducted regardless of whether a non-controlling interest after the sale will be retained. Correspondingly, IFRS 1 and the disclo- sure requirements regarding discontinued operations
167 are amended. The amendments are required to be
applied for annual periods beginning on or after Ju- ly 1, 2009. The amendments had no significant ef- fect on the consolidated financial statements of Con- tinental AG.
With the second Annual Improvement Project (Im- provements to IFRSs, April 2009) of the IASB, the following amendments became effective:
q The amendment to IFRS 2, Share-based Payment, clarifies that, besides business combinations as de- fined under IFRS 3, also the formation of a joint ven- ture or a combination between entities or businesses under common control are excluded from the scope of IFRS 2, Share-based Payment. The amendment shall be applied, at the latest, as from the com- mencement date of the first financial year starting after December 31, 2009. The amendment had no significant effect on the consolidated financial state- ments of Continental AG.
q The amendment to IFRS 5, Non-current Assets Held for Sale and Discountinued Operations, specifies the disclosure requirements for such assets. The disclo- sure requirements of other IFRS do not apply to non- current assets (or disposal groups) classified as held for sale or discontinued operations, unless the other IFRS require explicit disclosures for those assets or the disclosures relate to measurement of assets or liabilities of a disposal group outside IFRS 5 mea- surement requirements and such information is not presented in other parts of the financial statements. The amendment shall be applied, at the latest, as from the commencement date of the first financial year starting after December 31, 2009. The amend- ment had no significant effect on the consolidated financial statements of Continental AG.
q The amendment to IFRS 8, Operating Segments, clarifies that the requirement to disclose the measure of segment assets is only necessary if that informa- tion is reported regularly to the chief operating deci- sion maker. The amendment shall be applied, at the latest, as from the commencement date of the first financial year starting after December 31, 2009. The amendment had no significant effect on the consoli- dated financial statements of Continental AG.
q The amendment to IAS 1, Presentation of Financial Statements (revised 2007), clarifies that the potential settlement of a liability by the issue of equity is not relevant for the current or non-current classification. The amendment shall be applied, at the latest, as from the commencement date of the first financial year starting after December 31, 2009. The amend- ment had no significant effect on the consolidated financial statements of Continental AG.
q The amendment to IAS 7, Statement of Cash Flows, specifies that only expenditures which result in as- sets recognized in the balance sheet should be clas- sified in the investing activities category. The amendment shall be applied, at the latest, as from the commencement date of the first financial year starting after December 31, 2009. The amendment had no significant effect on the consolidated financial statements of Continental AG.
q The amendment to IAS 17, Leases, eliminates the special rules for the classification of land leases. Lease of land is to be classified as operating or finance lease in accordance with the general prin- ciples in IAS 17. The amendment shall be applied, at the latest, as from the commencement date of the first financial year starting after December 31, 2009. The amendment had no significant effect on the consolidated financial statements of Continental AG. q The amendment to the Appendix to IAS 18, Reve- nue, gives specific guidance on the appendix of IAS 18 which deals with principal and agent deter- mination. The amendment is not applicable on a specific date as the appendix is not part of the stan- dard. The amendment had no significant effect on the consolidated financial statements of Continen- tal AG.
q The amendment to IAS 36, Impairment of Assets, clarifies that a cash-generating unit or group of units to which goodwill is allocated represents the lowest level within the entity at which the goodwill is moni- tored for internal management purposes and may be no larger than an operating segment as defined in IFRS 8, Operating Segments. The amendment shall be applied, at the latest, as from the commencement date of the first financial year starting after Decem- ber 31, 2009. The amendment had no effect on the consolidated financial statements of Continental AG.
q The amendment to IAS 38, Intangible Assets, clari- fies the accounting requirement of the revised IFRS 3 for intangible assets acquired in a business combi- nation. Furthermore, IAS 38 has been amended to specify the fair value measurement (valuation tech- niques) for intangible assets acquired in a business combination and not traded in active markets. The amendments shall be applied, at the latest, as from the commencement date of the first financial year starting after December 31, 2009. The amendments had no significant effect on the consolidated financial statements of Continental AG.
q IAS 39, Financial Instruments: Recognition and Mea- surement, was amended to clarify the accounting treatment of prepayment options. Prepayment op- tions are to be considered as being closely related to the host contract. Furthermore, the scope of exemp- tion from IAS 39 has been amended. It was clarified that IAS 39 shall not be applied to forward contracts between an acquirer and a selling shareholder to buy or sell an acquiree that will result in a business com- bination at a future acquisition date. The term of the forward contract should not exceed a reasonable period normally necessary to obtain any required approvals and to complete the transaction. IAS 39 was also amended to clarify cash flow hedges in that if a hedge of a forecast transaction subsequently re- sults in the recognition of a financial asset or liability,