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Revised presentation

Since the beginning of the financial year, derivative financial assets are no longer presented under financial assets but rather under other current assets. Figures for the previous year have been adjusted accordingly.

The IASB and the IFRS IC have issued new and amended rules whose application is not mandatory for the Haniel Group until financial year 2016 or later. For these standards to be applicable, the required endorsement by the Commission of the European Union is still pending in some cases. The relevant Standards and Interpretations are:

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IFRS 9 (2014): “Financial Instruments”
IFRS 14 (2014): “Regulatory Deferral Accounts”
IFRS 15 (2014): “Revenue from Contracts with Customers”
IFRS 16 (2015): “Leases”
Amendments to IFRS 10, IFRS 12 and IAS 28 (2014): “Investment Entities: Applying the Consolidation Exception”
Amendments to IFRS 10 and IAS 28 (2014): "Sale or Contribution of Assets between an Investor and its Associate or Joint Venture“
Amendments to IFRS 11 (2014): “Accounting for Acquisitions of Interests in Joint Operations”
Amendments to IAS 1 (2014): “Disclosure Initiative”
Amendments to IAS 7 (2016): “Disclosure Initiative”
Amendments to IAS 12 (2016): “Recognition of Deferred Tax Assets for Unrealised Losses”
Amendments to IAS 16 and IAS 38 (2014): “Clarification of Acceptable Methods of Depreciation and Amortisation”
Amendments to IAS 16 and IAS 41 (2014): “Agriculture: Bearer Plants”
Amendments to IAS 19 (2013): “Defined Benefit Plans – Employee Contributions”
Amendments to IAS 27 (2014): “Equity Method in Separate Financial Statements”
Annual Improvements to IFRSs 2010-2012 Cycle (2013)
Annual Improvements to IFRSs 2012-2014 Cycle (2014)

The option of early application of standards already issued was not exercised. Currently there are also no plans to apply any of the standards issued by the IASB early. Based on our current estimates, early application of the standards already adopted by the Commission of the European Union would have had no material effects on the presentation of the net assets, financial position, and results of operations in the 2015 financial year. The effects from IFRS 9 on the accounting treatment of financial instruments, from IFRS 15 on revenue recognition, and from IFRS 16 on lease accounting as of the date of their first-time mandatory application are being analysed in Group-wide projects. The overlap between the provisions of the various standards is also being examined in greater detail.