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1.2 Changes in accounting policies and
in presentation
Adopted changes in accounting policies
The adoption of new and revised standards had
no effect on the consolidated financial state-
ments 2015.
Future changes in accounting policies
The following new and revised standards and
interpretations have been issued, but are not yet
effective. They have not been applied early
in these consolidated financial statements. How-
ever, a preliminary assessment has been con-
ducted by Group Management, and the expected
impact of each standard and interpretation is
presented in the table below.
IFRS 9 “Financial Instruments” includes
revised guidance on the classification and meas-
urement of financial assets and financial liabili-
ties, including a new expected credit loss model
for calculating impairment, and supplements
the new general hedge accounting requirements
published in 2013. It also carries forward the
guidance on recognition and derecognition of
financial instruments from IAS 39. The Group
is yet to assess IFRS 9’s full impact.
IFRS 15 establishes a comprehensive framework
for determining whether, how much and
when revenue is recognized based on a five-step
approach. Under IFRS 15, an entity recognizes
revenue when control of the promised goods and
services is transferred to the customer at an
amount that reflects the consideration to which
the entity expects to be entitled. It replaces
existing revenue recognition guidance, including
IAS 18, IAS 11 and IFRIC 13.
IFRS 16 “Leases” brings most leases on the
balance sheet for lessees under a single model,
eliminating the distinction between operating and
finance leases. For lessors, however, the account-
ing remains largely unchanged. Under IFRS 16, a
lessee recognizes a right-of-use asset and a lease
liability. The right-of-use asset is treated similarly
to other non-financial assets and depreciated
accordingly. The lease liability is initially measured
at the present value of the lease payments
payable over the lease term, discounted at the
rate implicit in the lease if this rate can be
readily determined. If the rate cannot be readily
determined, the lessee’s incremental borrowing
rate should be used. IFRS 16 supersedes IAS 17
“Leases” and related interpretations.
Effective date
Planned
application by
Autoneum
New standards or interpretations
IFRS 15 Revenue from contracts with customers
1
January 1, 2018 January 1, 2018
IFRS 9 Financial instruments
1
January 1, 2018 January 1, 2018
IFRS 16 Lease
1
January 1, 2019 January 1, 2019
Revisions and amendments of standards and interpretations
Accounting for acquisitions of interests in joint operations (amendments to IFRS 11)
3
January 1, 2016 January 1, 2016
Clarification of acceptable methods of depreciation and amortization (amendments to
IAS 16 and IAS 38)
3
January 1, 2016 January 1, 2016
Sale or contribution of assets between an investor and its associate or joint venture
(amendments to IFRS 10 and IAS 28)
3
postponed
unknown
Disclosure initiative (amendments to IAS 1)
2
January 1, 2016 January 1, 2016
Annual improvements to IFRS 2012–2014 cycle
2
January 1, 2016 January 1, 2016
1
The impact on the consolidated financial statements cannot yet be determined with sufficient reliability.
2
The impact on the consolidated financial statements is expected to result in additional disclosures or changes in presentation.
3
No impact or no significant impact is expected on the consolidated financial statements.
72
Autoneum
Financial Report 2015
Consolidated financial statements