81 / 144
EBITDA as a subtotal includes EBIT before
deduction of depreciation and impairment of
tangible assets as well as amortization and
impairment of intangible assets.
1.22 Changes in accounting policies
Adopted changes in accounting policies
The adoption of new and revised standards had
no effect on the consolidated financial state-
ments 2016.
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
expects no material impact on the consolidated
financial statements.
IFRS 15 “Revenue from Contracts with
Customers” establishes a comprehensive frame-
work 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. The Group
expects that the application of IFRS 16 will result
in an increase in assets and liabilities.
77
Autoneum
Financial Report 2016
Consolidated Financial Statements