The consolidated financial statements of the Merck Group have been prepared in accordance with consistent accounting policies and in euros, the reporting currency. Pursuant to section 315a of the German Commercial Code (HGB), the International Financial Reporting Standards (IFRS) in force on the reporting date and adopted by the European Union as issued by the International Accounting Standards Board (IASB) and the IFRS Interpretations Committee (IFRIC) have been applied.
The following rule takes effect as of fiscal 2012:
- Amendment to IFRS 7 “Financial Instruments: Disclosures”
The new rule did not have any material effects on the consolidated financial statements.
The following rule was applied in advance as of fiscal 2012:
- Amendment to IAS 19 “Employee Benefits”
The amended standard was published by the IASB in June 2011, adopted by the European Union in June 2012, and is effective for financial reporting periods beginning on or after January 1, 2013. The changes that the early application of the amended standard involve are described in Note [5] “Accounting policies”.
The following rules take effect as of fiscal 2013:
- IFRS 13 “Fair Value Measurement“
- Amendment to IAS 1 ”Presentation of Financial Statements”
- Amendment to IAS 12 “Income Taxes“
- Amendment to IFRS 1 “First-time Adoption of International Financial Reporting Standards“
- Amendment to IFRS 7 “Financial Instruments: Disclosures“
- IFRIC 20 “Stripping Costs in the Production Phase of a Surface Mine“
From today’s perspective we do not expect the new rules to have a material impact on the consolidated financial statements.
The following rules take effect as of fiscal 2014:
- IFRS 10 “Consolidated Financial Statements“
- IFRS 11 “Joint Arrangements“
- IFRS 12 “Disclosure of Interests in Other Entities“
- Amendment to IAS 27 “Separate Financial Statements“
- Amendment to IAS 28 “Investments in Associates and Joint Ventures“
- Amendment to IAS 32 “Financial Instruments: Presentation”
From today’s perspective we do not expect the new rules to have a material impact on the consolidated financial statements.
The following rules were published by the International Accounting Standards Board and the IFRS Interpretations Committee, but not yet adopted by the EU as of the balance sheet date:
- IFRS 9 “Financial Instruments“
- Amendment to IAS 27 “Separate Financial Statements“
- Amendment to IFRS 1 “First-time Adoption of International Financial Reporting Standards“
- Amendment to IFRS 7 “Financial Instruments: Disclosures“
- Amendment to IFRS 9 “Financial Instruments“
- Amendments to IFRS 10 “Consolidated Financial Statements“
- Amendment to IFRS 11 “Joint Arrangements“
- Amendments to IFRS 12 “Disclosure of Interests in Other Entities“
- “Improvements to International Financial Reporting Standards” (IASB version issued in May 2012)
The impact that IFRS 9, which is expected to become effective as of 2015, will have on the consolidated financial statements is currently being examined. At the present time, the other new rules are not expected to have any material effects on the consolidated financial statements.
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