Changes in accounting policies

The following standards and interpretations or amendments to these were applicable for the first time in financial year 2010:

» IFRS 1 (rev. 2008) – First Time Adoption of IFRS (since 1 January 2010)
» Amendment to IFRS 1 Additional Exemptions for First-time Adopters (since 1 January 2010)
» Amendments to IFRS 2 Group Cash-settled Share-based Payment Transactions (since 1 January 2010)
» IFRS 3 (rev. 2008) – Business Combinations (since 1 July 2009)
» IAS 27 (rev. 2008) – Amendments to IAS 27 Consolidated and Separate Financial Statements (since 1 July 2009)
» Amendment to IAS 39 Financial Instruments: Recognition and Measurement: Eligible Hedged Items (since 1 July 2009)
» Improvements to IFRSs (issued by the IASB in April 2009) (since 1 January 2010)
» IFRIC 12 – Service Concession Arrangements (since 30 March 2009)
» IFRIC 15 – Agreements for the Construction of Real Estate (since 1 January 2010)
» IFRIC 16 – Hedges of a Net Investment in a Foreign Operation (since 1 July 2009)
» IFRIC 17 – Distributions of Non-Cash Assets to Owners (since 1 November 2009)
» IFRIC 18 – Transfer of Assets from Customers

Revised IFRS 3 “Business Combinations” and Amendments to IAS 27 “Consolidated and Separate Financial Statements”:
The amendments to IFRS 3 and IAS 27 were published on 10 January 2008, incorporated into EU law on 3 June 2009 and became applicable for financial years starting on or after 30 June 2009. Changes include broadening the scope of application to business combinations of mutual entities and those not involving financial considerations. Costs of issuing debt or equity securities associated with an acquisition are now accounted for using IAS 39 and IAS 32, all other acquisition-related expenses are recognised in income. The right to opt for the “full goodwill method” has also been introduced. In step acquisition, goodwill and reassessment of the net asset values are recognised only once control has been obtained. The provisions of IFRS 3 and IAS 27 are applicable to the Deutsche Euroshop Group. The other changes or new announcements had no or no material effects on the presentation of the net assets, financial position and results of operations of the Group.

In 2010, the IASB issued standards and interpretations of and amendments to existing standards which it was not yet compulsory to apply in the consolidated financial statements for this period.

» Amendment to IFRS 1 Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters (since 1 July 2010)
» Revised IAS 24 Related Party Disclosures (from 1 January 2011)
» Amendment to IAS 32 Classification of Rights Issues (since 1 February 2010)
» Improvements to IFRS (issued May 2010) (since 1 July 2010)
» Amendment to IFRIC 14 Prepayments of a Minimum Funding (from 1 January 2011)
» IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments (since 1 July 2010)

The official announcements that did not yet have to be applied in 2010 will be implemented in the year in which their application becomes compulsory for the first time. The effects of these individual amendments are being examined by the Group.

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