Changes in accounting and measurement methods due to new standards and interpretations

The following standards which affected the Group were applied for the first time in fiscal year 2015/16.

Standards and interpretations applied for the first time

T 033
 
  Standards/interpretations Compulsory
application
in the EU
Adoption by
EU Commission
Impact
         
IAS 19 Amendments: Defined Benefit Plans:
Employee Contributions
2/1/2015 12/17/2014 no impacts
Various Improvements to IFRS (2010–12) 2/1/2015 12/17/2014 no impacts
Various Improvements to IFRS (2011–13) 1/1/2015 12/18/2014 no impacts

The following standards are to be applied to all fiscal years beginning after October 1, 2015. They were not adopted early in the consolidated financial statements.

Standards and interpretations not adopted early

T 034
         
  Standards/interpretations Compulsory
application
in the EU
Adoption by
EU Commission
Impact
         
IFRS 9 Financial Instruments –
Classification and Measurement
1/1/2018 11/25/2016 Includes rules for classifying and measuring financial instruments depending on the business model as well as the cash flows of the financial instrument. Establishes the accounting requirements relating to impairments of financial assets, in that not only incurred losses (the previous so-called incurred loss model) but also expected losses (the so-called expected loss model) are to be recorded. Defines hedge accounting requirements. The effects of IFRS 9 are currently being subjected to an impact analysis by the management. We do not expect any significant effects based on the status of the current investigations.
IFRS 15 Revenue from Contracts with Customers 1/1/2018 9/22/2016 Description of when and in what amount revenues should be recorded as well as an explanation of required disclosures in the notes to the financial statements. Determination of revenues based on a five-stage model that must be applied to all contracts with customers. The impacts of IFRS 15 are currently being subjected to an impact analysis by the management. As Aurubis mainly generates revenues from the sale of metals and copper products, we don’t expect any significant effects on the basis of our current understanding.
Various Improvements to IFRS
(2012 – 2014)
1/1/2016 12/15/2015 no impacts
IAS 16
IAS 38
Amendments: Clarification of Acceptable Methods of Depreciation and Amortization 1/1/2016 12/2/2015 no impacts
IFRS 10
IAS 28
Amendments: Sales or contributions of assets between an investor and its associate/joint venture open open being investigated by Management
IAS 1 Amendments: Disclosure Initiative 1/1/2016 12/18/2015 Clarifications on the materiality of the presentation and disclosure of information in IFRS financial statements. Standards on the presentation of subtotals, the structure of the notes to the financial statements and disclosures relating to accounting methods.
IFRS 16 Leases 1/1/2019 open This standard regulates the accounting treatment of leases. IFRS 16 replaces the previously applicable IAS 17 as well as three leasing-related interpretations. The application of IFRS 16 is compulsory for all companies using IFRS and is generally valid for all leases. As Aurubis is only required to apply IFRS 16 in fiscal year 2019/20, it is not currently possible to provide information about possible future impacts.