New Accounting Pronouncements not yet Endorsed by the EU The following new Standards and Interpretations have not yet been endorsed by the European Union. ALTANA has not early adopted these Standards and Interpretations. Foreign Currency The consolidated financial statements of ALTANA are expressed in Euro. Financial statements of subsidiaries where the functional currency is a currency other than the Euro are translated using the functional currency principle. For these entities, assets and liabilities are translated using the middle rate at year end, while revenues and expenses are translated using the average exchange rates prevailing during the year. Equity is translated at historical exchange rates. Adjustments for cumulative foreign currency translation fluc- tuations are excluded from profit or loss and are reported in other comprehensive income. Transactions realized in foreign currencies are translated to the local currency using the exchange rate prevailing at the transaction dates. Transaction gains and losses that arise from exchange-rate fluctuations on transactions denominated in a currency other than the functional currency are generally included in other operating income or other operating expenses and to the extent that they relate to the translation of financial assets or liabili- ties, in financial income or expenses. Standard / Interpretation Issued by the IASB Effective date Effect on consolidated financial statements IAS 7 Amendments to IAS 7 “Statement of Cash Flows” Jan. 2016 Jan. 1, 2017 impact currently evaluated IAS 12 Amendments to IAS 12 “Income Taxes” Jan. 2016 Jan. 1, 2017 impact currently evaluated IAS 28 IFRS 10 Amendments to IAS 28 “Investments in Associates and Joint Ventures” and IFRS 10 “Consolidated Financial Statements” Sep. 2014 pending no effect IFRS 9 IFRS 9 “Financial Instruments” July 2014 Jan. 1, 2018 impact currently evaluated IFRS 10 IFRS 12 IAS 28 “Investment Entities” Amendments to IFRS 10, IFRS 12 and IAS 28 Dec. 2014 Jan. 1, 2016 no effect IFRS 15 IFRS 15 “Revenue from Contracts with Customers” May 2014 Jan. 1, 2018 impact currently evaluated IFRS 16 IFRS 16 “Leases” Jan. 2016 Jan. 1, 2019 evaluation will start in 1st quarter 2016 88 Notes to Consolidated Financial Statements
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