Fiat Italian Gaap vs IFRS
Fiat GROUP
IAS/IFRS First Time Adoption
March 30, 2005
Disclaimer
This document was prepared to provide a general overview of the impacts of IAS/IFRS on the accounts of Fiat Group during the transition from Italian GAAP to IAS/IFRS
As provided for in IFRS 1 – First-time adoption of International Financial
Reporting Standards – the information is prepared in accordance with
IAS/IFRS published as of December 31, 2004 and applicable as of
January 1, 2005
Information presented in this document is based on preliminary and unaudited data; as such, this information is subject to change
IFRS = International Financial Reporting Standards
IAS = International Accounting Standards
SIC = IAS Interpretation
IAS/IFRS First time adoption Mar 30, 2005 - slide 2
Agenda
General framework
IAS/IFRS applied to Fiat
Going forward
IAS/IFRS First time adoption Mar 30, 2005 - slide 3
General framework – EU Regulation and Objectives of IAS/IFRS
European Parliament Regulation 1606 of July 19, 2002 requires adoption of IFRS for all EU listed companies starting January 1,
2005
¾ First IAS/IFRS annual report for fiscal year 2005 with 2004 comparatives Main objective of IAS/IFRS is to develop a single set of high quality, understandable and enforceable global accounting standards to allow transparent and comparable information in financial reporting
IAS/IFRS First time adoption Mar 30, 2005 - slide 4
General framework – IAS/IFRS key principles
Economic substance over legal form
Limited use of alternative valuation criteria to historical cost, such as fair value (financial instruments) or present value (reserves) is required Retrospective application of the new standards to opening equity as of January 1, 2004 to properly establish IFRS based data
IAS/IFRS First time adoption Mar 30, 2005 - slide 5
General framework – Implementation status at Fiat
Fiat will adopt IAS/IFRS for Consolidated Financial Statements
IAS/IFRS First Time Adoption
March 30, 2005
Disclaimer
This document was prepared to provide a general overview of the impacts of IAS/IFRS on the accounts of Fiat Group during the transition from Italian GAAP to IAS/IFRS
As provided for in IFRS 1 – First-time adoption of International Financial
Reporting Standards – the information is prepared in accordance with
IAS/IFRS published as of December 31, 2004 and applicable as of
January 1, 2005
Information presented in this document is based on preliminary and unaudited data; as such, this information is subject to change
IFRS = International Financial Reporting Standards
IAS = International Accounting Standards
SIC = IAS Interpretation
IAS/IFRS First time adoption Mar 30, 2005 - slide 2
Agenda
General framework
IAS/IFRS applied to Fiat
Going forward
IAS/IFRS First time adoption Mar 30, 2005 - slide 3
General framework – EU Regulation and Objectives of IAS/IFRS
European Parliament Regulation 1606 of July 19, 2002 requires adoption of IFRS for all EU listed companies starting January 1,
2005
¾ First IAS/IFRS annual report for fiscal year 2005 with 2004 comparatives Main objective of IAS/IFRS is to develop a single set of high quality, understandable and enforceable global accounting standards to allow transparent and comparable information in financial reporting
IAS/IFRS First time adoption Mar 30, 2005 - slide 4
General framework – IAS/IFRS key principles
Economic substance over legal form
Limited use of alternative valuation criteria to historical cost, such as fair value (financial instruments) or present value (reserves) is required Retrospective application of the new standards to opening equity as of January 1, 2004 to properly establish IFRS based data
IAS/IFRS First time adoption Mar 30, 2005 - slide 5
General framework – Implementation status at Fiat
Fiat will adopt IAS/IFRS for Consolidated Financial Statements