Financial reporting standards and interpretations issued but not yet mandatory
In 2013 the LANXESS Group did not yet apply certain further financial reporting standards and interpretations that had already been issued by the IASB and the IFRS Interpretations Committee but were not mandatory for that year. The application of these standards and interpretations is in some cases contingent upon their endorsement by the E.U. It is therefore possible that the dates for mandatory application may ultimately be later than indicated below.
In November 2009 the IASB published IFRS 9. The new requirements this standard introduced for classifying and measuring financial assets were supplemented in October 2010 by requirements for the measurement of financial liabilities and the derecognition of financial instruments. In November 2013, the IASB published amendments to IFRS 9 containing new rules on hedge accounting. These amendments allow early adoption of the requirement that fair value changes attributable to changes in the credit risk of a liability designated as at fair value through profit or loss be presented in other comprehensive income under certain conditions even if the other rules of IFRS 9 are not simultaneously applied.
On February 20, 2014, the IASB tentatively decided to select January 1, 2018, as the effective date for mandatory application of IFRS 9. However, application of this standard by LANXESS is dependent on its endorsement by the E.U. The LANXESS Group is currently evaluating the impact the application of IFRS 9 will have on its financial position and results of operations.
In May 2011 the IASB published three new standards – IFRS 10, IFRS 11 and IFRS 12 – and two revised standards – IAS 27 and IAS 28 – on accounting for participating interests in other entities. In June 2012 the IASB issued amendments to the transition guidance for the three new standards. The application of all of these standards is mandatory in the E.U. for annual periods beginning on or after January 1, 2014. The LANXESS Group does not expect their application to have a material impact on its financial position or results of operations.
In May 2013, the IASB published amendments to IAS 36. The new rules make it clear that the recoverable amount of an asset or cash-generating unit now only has to be disclosed for periods in which a write-down has been recognized or reversed. Additional disclosures are required when a write-down is recognized or reversed and the recoverable amount is based on fair value less costs of disposal. Application of the revised standard is mandatory in the E.U. for annual periods beginning on or after January 1, 2014. Since the changes solely relate to disclosure requirements, the first-time application of the revised version of IAS 36 will have no impact on the financial position or results of operations of the LANXESS Group.
The following financial reporting standards and interpretations currently have no impact, or no material impact, on the LANXESS Group.
|Standard/Interpretation||Date of publication||Mandatory
as fiscal year
by the E.U.
|IAS 32||Offsetting Financial Assets and Financial Liabilities – Amendments to IAS 32||Dec. 16, 2011||2014||yes|
|IFRS 10, IFRS 12 and IAS 27||Investment Entities – Amendments to IFRS 10, IFRS 12 and IAS 27||Oct. 31, 2012||2014||yes|
|IFRIC 21||Levies||May 20, 2013||2014||no|
|IAS 39||Novation of Derivatives and Continuation of Hedge Accounting – Amendments to IAS 39||June 27, 2013||2014||yes|
|IAS 19||Defined Benefit Plans: Employee Contributions – Amendments to IAS 19||Nov. 21, 2013||2015||no|
|Various IAS and IFRS||Annual Improvements to the International Financial Reporting Standards, 2010–2012 Cycle||Dec. 12, 2013||2015||no|
|Various IAS and IFRS||Annual Improvements to the International Financial Reporting Standards, 2011–2013 Cycle||Dec. 12, 2013||2015||no|
|IFRS 14||Regulatory Deferral Accounts||Jan. 30, 2014||–||no|