HEINEKEN N.V. ANNUAL REPORT 2008
IAS 23 Revised Borrowing costs (effective from 1 January 2009). This amendment requires an entity
to capitalise borrowing costs directly attributable to the acquisition, construction or production of a
qualifying asset (one that takes a substantial period of time to get ready for use or sale) as part of the cost
of that asset. The option of immediately expensing those borrowing costs will be removed. IAS 23 revised
will constitute a change in accounting policy for Heineken. In accordance with the transitional provisions
Heineken will apply IAS 23 revised to qualifying assets for which capitalisation of borrowing costs
commences on or after the effective date. Therefore there will be no impact on prior periods in
Heineken's 2009 consolidated financial statements.
IFRS 8 Operating segments (effective from 1 January 2009). IFRS 8 replaces IAS 14 and aligns segment
reporting with the requirements of the US standard SFAS131, 'Disclosures about segments of an
enterprise and related information'. The new standard requires a 'management approach', under which
segment information is presented on the same basis as that used for internal reporting purposes. Based
on the current internal reporting, this standard will not have an impact on the classification of segments.
IAS 1 Revised Presentation of Financial Statements (effective from 1 January 2009). The amendment
introduces the term total comprehensive income, which represents changes in equity during a period
other than those changes resulting from transactions with owners. Total comprehensive income may
be presented in either a single statement of comprehensive income, or in an income statement and
a separate statement of comprehensive income. The revised IAS 1 will constitute a change on the
presentation of the consolidated financial statements. The Company will provide total comprehensive
income in an income statement and a separate statement of comprehensive income.
IFRIC13 Customer loyalty programmes (effective for annual periods beginning on or after 1 July 2008).
IFRIC 13 clarifies that where goods or services are sold together with a customer loyalty incentive (for
example, loyalty points or free products), the arrangement is a multiple-element arrangement and the
consideration receivable from the customer is allocated between the components of the arrangement in
using fair values. The Company will apply this standard as from 1 January 2009. Flowever, it is expected
that the impact on Fleineken's financial statements will be minimal.
IFRIC 14 IAS 19 - The limit on a defined benefit asset, minimum funding requirements and their
interaction (effective from 1 January 2009). IFRIC 14 provides guidance on assessing the limit in IAS 19
on the amount of the surplus that can be recognised as an asset. It also explains how the pension asset
or liability may be affected by a statutory or contractual minimum funding requirement. No retrospective
application is required. Flowever, it is expected that the impact on Fleineken's financial statements will
be minimal.
IFRIC 16 Fledges of a net investment in a foreign operation (effective from 1 October 2008). This IFRIC
is still subject to endorsement by the EU. IFRIC 16 clarifies the accounting treatment in respect of net
investment hedging. This includes the fact that net investment hedging relates to differences in functional
currency not presentation currency, and hedging instruments may be held anywhere in the Group. The
requirements of IAS 21 'The effects of changes in foreign exchange rates' do apply to the hedged item.
The Company will apply this standard as from 1 January 2009. Flowever, it is expected that the impact on
Fleineken's financial statements will be minimal.
IASB annual improvements project 2006 - 2007 published May 2008 (effective from 1 January 2009).
This project is still subject to endorsement by the EU and is dealing with minor amendments to several
standards that will be processed on an annual basis. The Company will apply this standard as from
1 January 2009. These improvements provide the possibility to reverse previous impairments on equity
movements. Flowever, it is expected that the impact on Fleineken's financial statements will be minimal.
