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New standards and interpretations issued but not yet mandatory

In 2012 the LANXESS Group did not yet apply certain further accounting standards and interpretations that had already been issued by the International Accounting Standards Board (IASB) and the IFRS Interpretations Committee but were not mandatory for that year. The application of these standards and interpretations is in some cases contingent upon their adoption by the E.U. It is therefore possible that the dates for mandatory application may ultimately be later than indicated below.

In November 2009 the IASB published IFRS 9. The new requirements this standard introduced for classifying and measuring financial assets were supplemented in October 2010 by requirements for the measurement of financial liabilities and the derecognition of financial instruments. The new standard represents the first of three phases in the complete replacement of IAS 39. If adopted by the E.U., IFRS 9 is to be applied for annual periods beginning on or after January 1, 2015. The LANXESS Group is currently evaluating the impact the application of IFRS 9 will have on its financial position and results of operations.

In May 2011 the IASB published three new standards – IFRS 10, IFRS 11 and IFRS 12 – and two revised standards – IAS 27 and IAS 28 – on accounting for participating interests in other entities. With regard to the three new standards, in June 2012 the IASB published changes to the transition arrangements. All five standards are to be applied in the E.U. for the first time for annual periods beginning on or after January 1, 2014. Earlier application is permissible provided that this is stated in the notes to the financial statements and all of the standards are early applied at the same time. An entity may, however, early provide some of the disclosures on interests in other entities required by IFRS 12 without being compelled to apply the other new or revised standards. The LANXESS Group is currently evaluating the impact the application of these standards will have on its financial position and results of operations.

In June 2011 the IASB issued an amendment to IAS 1. This specifies that items included in other comprehensive income must be divided into those that will subsequently be reclassified to profit or loss and those that will not. The revised version of IAS 1 is to be applied by the LANXESS Group from the start of fiscal 2013.

In June 2011 the IASB also issued a revised version of IAS 19. This addresses the recognition and measurement of expense for defined-benefit plans and termination benefits. It also results in altered disclosures on employee benefits. The revised version of IFRS 19 is to be applied for annual periods beginning on or after January 1, 2013.

Since the option currently used by the LANXESS Group for the recognition of actuarial gains and losses corresponds to the future mandatory method, application of the revised version of IAS 19 will not have a significant impact on the financial position and results of operations. If the LANXESS Group had already applied the new version of IAS 19 for fiscal 2012, the operating result would have been reduced by an amount in the low-single-digit million euro range and the financial result by an amount in the mid-single-digit euro range, with the opposite effect on other comprehensive income. The LANXESS Group assumes that in future fiscal years the charge on the operating result and the financial result will probably be in the low-single-digit million euro range, with the opposite effect on other comprehensive income.

The following accounting standards and interpretations currently have no impact, or no material impact, on the LANXESS Group.

         
Standard/Interpretation Date of publication Mandatory for LANXESS as of fiscal year Adoption by the E.U.
         
IAS 12 Deferred Tax: Recovery of Underlying Assets – Amendments to IAS 12 Dec. 20, 2010 2013 yes
IFRS 1 Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters – Amendments to IFRS 1 Dec. 20, 2010 yes
IFRS 13 Fair Value Measurement May 12, 2011 2013 yes
IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine Oct. 19, 2011 2013 yes
IFRS 7 and IAS 32 Offsetting Financial Assets and Financial Liabilities – Amendments to IFRS 7 and IAS 32 Dec. 16, 2011 2013/2014 yes
IFRS 1 Government Loans – Amendments to IFRS 1 March 13, 2012 yes
Various IAS and IFRS 1 Annual Improvements to IFRSs 2009 – 2011 Cycle May 17, 2012 2013 no
IFRS 10, IFRS 12 and IAS 27 Investment Entities – Amendments to IFRS 10, IFRS 12 and IAS 27 Oct. 31, 2012 2014 no
 

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