settlement (of employee benefit obligations)

settlement (of employee benefit obligations)

A transaction that eliminates all further legal or constructive obligation for part or all of the benefits provided under a defined benefit plan, other than a payment of benefits to, or on behalf of, employees that is set out in the terms of the plan and included in the actuarial assumptions. > IAS 19.8

Abgeltung (von Leistungsverpflichtungen gegenüber den Arbeitnehmern) 

Veröffentlicht unter IFRS, Support

Rückstellungen – Provisions

Rückstellungen nach IAS
IAS 37 Provisions, Contingent Liabilities and Contingent Assets

Definition nach IAS:
A provision is a liability of uncertain timing or amount.
(Eine Rückstellung ist eine Schuld, die bezüglich ihrer Fälligkeit oder ihrer Höhe
ungewiss ist.)

A liability is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.
(Eine Schuld ist eine gegenwärtige Verpflichtung des Unternehmens, die aus
Ereignissen der Vergangenheit entsteht und deren Erfüllung für das
Unternehmen erwartungsgemäß mit einem Abfluss von Ressourcen mit
wirtschaftlichem Nutzen verbunden ist.)

IAS 37.11 Gegenüberstellung „Provisions“ <> „Trade Payables“ und „Accruals“
Provisions can be distinguished from other liabilities such as trade payables and accruals because there is uncertainty about the timing or amount of the future expenditure required in settlement. By contrast:

a) trade payables are liabilities to pay for goods or services that have been received or supplied and have been invoiced or formally agreed with the supplier; and

b) accruals are liabilities to pay for goods or services that have been received or supplied but have not been paid, invoiced or formally agreed with the supplier, including amounts due to employees (for example, amounts relating to accrued vacation pay). Although it is sometimes necessary to estimate the amount or timing of accruals, the uncertainty is generally much less than for provisions.

Accruals are often reported as part of trade and other payables, whereas provisions are reported separately.

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Englische Terminologie IAS 1 Januar 2009

Im Rahmen der Änderungen zu IAS 1 Presentation of Financial Statements (zum 1. Januar 2009) wurden Anpassungen der englischen Terminologie vorgenommen:

• ‘on the face of’ is amended to ‘in’.
• ‘income statement’ is amended to ‘statement of comprehensive
income’.
• ‘balance sheet’ is amended to ‘statement of financial position’.
• ‘cash flow statement’ is amended to ‘statement of cash flows’.
• ‘balance sheet date’ is amended to ‘end of the reporting period’.
• ‘subsequent balance sheet date’ is amended to ‘end of the
subsequent reporting period’.
• ‘each balance sheet date’ is amended to ‘the end of each
reporting period’.
• ‘after the balance sheet date’ is amended to ‘after the
reporting period’.
• ‘reporting date’ is amended to ‘end of the reporting period’.
• ‘each reporting date’ is amended to ‘the end of each reporting
period’.
• ‘at annual reporting dates’ is amended to ‘at the end of
annual reporting periods’.
• ‘at interim reporting dates’ is amended to ‘at the end of
interim reporting periods’.
• ‘equity holders’ is amended to ‘owners’ (except in IAS 33 Earnings
per Share).
• ‘removed from equity and recognised in profit or loss’ and
‘removed from equity and included in profit or loss’ are amended
to ‘reclassified from equity to profit or loss as a reclassification
adjustment’.

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Stückaktie

Bei der Stückaktie handelt es sich um eine (unechte) nennwertlose Aktie, die einen Anteil am Grundkapital verkörpert. Stückaktien besitzen keinen aufgedruckten Nennwert, jedoch einen „fiktiven“ (bzw. rechnerischen) Nennbetrag. Dieser fiktive Nennbetrag lässt sich wie folgt berechnen: Grundkapital dividiert durch die Anzahl der augegebenen Aktien. Nach §8 Abs. 3 Satz 3 AktG darf dieser fiktive Nennbetrag nicht 1,00 EUR unterschreiten.

„Stückaktie“ wird häufig mit „no-par-value share“ übersetzt. Der „fiktive Nennbetrag“, d.h. der Anteil der Stückaktie am Grundkapital (GK/Anzahl der ausgegeben Aktien), wird häufig als „notional value“ übersetzt (z.B. „notional value of EUR 1.00 each“).

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Conceptual Framework IASB/FASB

The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today announced the completion of the first phase of their joint project to develop an improved conceptual framework for International Financial Reporting Standards (IFRSs) and US generally accepted accounting practices (GAAP).

The objective of the conceptual framework project is to create a sound foundation for future accounting standards that are principles-based, internally consistent and internationally converged.

Visit the project page

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IASB Update 24 September 2010

The International Accounting Standards Board met in London on 24 September 2010. The topics discussed were as follows:

Fair value option for financial liabilities

The Board continued its redeliberations of the exposure draft Fair Value Option for Financial Liabilities (ED) – primarily, how the effects of changes in a liability’s credit risk should be presented in the statement of comprehensive income and whether amounts presented in other comprehensive income (OCI) should be recycled to profit or loss (P&L).

The comment period for the ED ended in July 2010. At the September meeting the Board tentatively decided that for all liabilities designated under the fair value option (FVO), the effects of changes in a liability’s credit risk will be required to be presented in OCI unless such treatment would create a mismatch in P&L. If such a mismatch would be created, the entire fair value change would be required to be presented in P&L.

At this meeting, the Board made the following tentative decisions:

* The effects of changes in a liability’s credit risk will be presented in the statement of comprehensive income via a ‚one-step approach‘. Under that approach, the portion of the change in fair value attributable to changes in the liability’s credit risk will be presented directly in OCI. All other changes in fair value will be presented in P&L.
* Any finalised requirements on the treatment of own credit risk will not apply to loan commitments and financial guarantee contracts designated under the FVO. All fair value changes for those items will continue to be presented in P&L.

The Board discussed whether amounts should be recycled from OCI to P&L when a liability is derecognised and the effects of changes in a liability’s credit risk are realised. The Board will continue that discussion at the next Board meeting.

Disclosures – Transfers of financial assets: Effective date and transition requirements

The Board agreed to change the effective date for Disclosures – Transfer of financial assets (Amendments to IFRS 7) from 1 January 2011 to 1 July 2011, to allow preparers adequate time to prepare and apply the amendments. The Board reaffirmed, however, its decisions on the transition requirements: that is, in the first year of application, an entity need not provide comparative disclosure information required by the amendments. Earlier application is permitted.

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Bilanzgewinn

Bilanzgewinn/-verlust
Im Englischen häufig wie folgt übersetzt: Net retained profit(s), unappropriated retained earnings, unappropriated surplus, distributable profit, distributable surplus (s. auch XBRL)

Das HGB erlaubt unterschiedliche Möglichkeiten des Ausweises des Unternehmensergebnisses in der Bilanz, da diese entweder unter Berücksichtigung der vollständigen oder der teilweisen Verwendung des Jahresergebnisses, aber auch ohne Berücksichtigung der Ergebnisverwendung aufgestellt werden kann (§ 268 Abs. 1 HGB).

Wichtig: Der Bilanzgewinn entspricht nicht dem Jahresüberschuss. Somit ist die Verwendung der Begriffe „net income“/“net profit“/“profit“ nicht sinnvoll.

Eine Ergebnisverwendungsrechnung i.S. des § 158 AktG existiert unter IFRS nicht.

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Kapitalflussrechnung

Kapitalflussrechnung
EN (IAS) Statement of Cash Flows

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Eigenkapital-veränderungsrechnung

Eigenkapitalveränderungsrechnung
EN (IAS) Statement of Changes in Equity

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Gesamtergebnisrechnung

Gesamtergebnisrechnung
EN (IAS) Statement of Comprehensive Income

Nach IAS 1.10 gilt:
A complete set of financial statements comprises:
(b) a statement of comprehensive income for the period;

Beispiele nach IAS:

XYZ Group – Statement of comprehensive income for the year ended 31 December 20X7
(illustrating the presentation of comprehensive income in one statement and the classification of expenses within profit by function)
(in thousands of currency units)
20X7 20X6
Revenue 390,000 355,000
Cost of sales (245,000) (230,000)
Gross profit 145,000 125,000
Other income 20,667 11,300
Distribution costs (9,000) (8,700)
Administrative expenses (20,000) (21,000)
Other expenses (2,100) (1,200)
Finance costs (8,000) (7,500)
Share of profit of associates 35,100 30,100
Profit before tax 161,667 128,000
Income tax expense (40,417) (32,000)
Profit for the year from continuing operations 121,250 96,000
Loss for the year from discontinued operations (30,500)
PROFIT FOR THE YEAR 121,250 65,500
Other comprehensive income:
Exchange differences on translating foreign operations 5,334 10,667
Available-for-sale financial assets (24,000) 26,667
Cash flow hedges (667) (4,000)
Gains on property revaluation 933 3,367
Actuarial gains (losses) on defined benefit pension plans (667) 1,333
Share of other comprehensive income of associates 400 (700)
Income tax relating to components of other comprehensive income 4,667 (9,334)
Other comprehensive income for the year, net of tax (14,000) 28,000
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 107,250 93,500
Profit attributable to:
Owners of the parent 97,000 52,400
Non-controlling interests 24,250 13,100
121,250 65,500
Total comprehensive income attributable to:
Owners of the parent 85,800 74,800
Non-controlling interests 21,450 18,700
107,250 93,500
Earnings per share (in currency units):
Basic and diluted 0.46 0.30
Alternatively, components of other comprehensive income could be presented in the statement of comprehensive income net of tax:
Other comprehensive income for the year, after tax: 20X7 20X7
Exchange differences on translating foreign operations 4,000 8,000
Available-for-sale financial assets (18,000) 20,000
Cash flow hedges (500) (3000)
Gains on property revaluation 600 2,700
Actuarial gains (losses) on defined benefit pension plans (500) 1,000
Share of other comprehensive income of associates 400 (700)
Other comprehensive income for the year, net of tax(d) (14,000) 28,000
(a) This means the share of associates’ other comprehensive income attributable to owners of the associates, ie it is after tax and non-controlling interests in the associates.
(b) This illustrates the aggregated presentation, with disclosure of the current year gain or loss and reclassification adjustment presented in the notes. Alternatively, a gross presentation can be used.
(c) This means the share of associates’ other comprehensive income attributable to owners of the associates, ie it is after tax and non-controlling interests in the associates.
(d) The income tax relating to each component of other comprehensive income is disclosed in the notes.
XYZ Group – Income statement for the year ended 31 December 20X7
(illustrating the presentation of comprehensive income in two statements and classification of expenses within profit by nature)
(in thousands of currency units)
20X7 20X6
Revenue 390,000 355,000
Other income 20,667 11,300
Changes in inventories of finished goods and work in progress (115,100) (107,900)
Work performed by the entity and capitalised 16,000 15,000
Raw material and consumables used (96,000) (92,000)
Employee benefits expense (45,000) (43,000)
Depreciation and amortisation expense (19,000) (17,000)
Impairment of property, plant and equipment (4,000)
Other expenses (6,000) (5,500)
Finance costs (15,000) (18,000)
Share of profit of associates 35,100 30,100
Profit before tax 161,667 128,000
Income tax expense (40,417) (32,000)
Profit for the year from continuing operations 121,250 96,000
Loss for the year from discontinued operations (30,500)
PROFIT FOR THE YEAR 121,250 65,500
Profit attributable to:
Owners of the parent 97,000 52,400
Non-controlling interests 24,250 13,100
121,250 65,500
Earnings per share (in currency units):
Basic and diluted 0.46 0.30
XYZ Group – Statement of comprehensive income for the year ended 31 December 20X7
(illustrating the presentation of comprehensive income in two statements)
(in thousands of currency units)
20X7 20X6
Profit for the year 121,250 65,500
Other comprehensive income:
Exchange differences on translating foreign operations 5,334 10,667
Investments in equity instruments (24,000) 26,667
Cash flow hedges (667) (4,000)
Gains on property revaluation 933 3,367
Actuarial gains (losses) on defined benefit pension plans (667) 1,333
Share of other comprehensive income of associates 400 (700)
Income tax relating to components of other comprehensive income 4,667 (9,334)
Other comprehensive income for the year, net of tax (14,000) 28,000
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 107,250 93,500
Total comprehensive income attributable to:
Owners of the parent 85,800 74,800
Non-controlling interests 21,450 18,700
107,250 93,500
Alternatively, components of other comprehensive income could be presented, net of tax. Refer to the statement of comprehensive income illustrating the presentation of income and expenses in one statement.
XYZ Group
Disclosure of components of other comprehensive income
Notes
Year ended 31 December 20X7
(in thousands of currency units)
20X7 20X6
Other comprehensive income:
Exchange differences on translating foreign operations 5,334 10,667
Investments in equity instruments (24,000) 26,667
Cash flow hedges:
Gains (losses) arising during the year (4,667) (4,000)
Less: Reclassification adjustments for gains (losses) included in profit or loss 3,333
Less: Adjustments for amounts transferred to initial carrying amount of hedged items 667 (667) (4,000)
Gains on property revaluation 933 3,367
Actuarial gains (losses) on defined benefit pension plans (667) 1,333
Share of other comprehensive income of associates 400 (700)
Other comprehensive income (18,667) 37,334
Income tax relating to components of other comprehensive income 4,667 (9,334)
Other comprehensive income for the year (14,000) 28,000
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