The following standards, changes to standards and interpretations are required to be applied on or after 1 January 2007:

The first-time application of IFRS 7 (Financial Instruments: Disclosures) improves the information provided about financial instruments from both a qualitative and a quantitative point of view. Disclosures about the extent of risks arising from financial instruments, including specific minimum disclosures relating to credit, liquidity and market risk, as well as sensitivity analyses, provide a more complete picture of existing market risks. The new standard replaces IAS 30 (Disclosures in the Financial Statements of Banks and Similar Financial Institutions), as well as the disclosure requirements of IAS 32 (Financial Instruments: Disclosure and Presentation). Amendments to IAS 1 for the first time set out additional disclosure requirements relating to the amount of the entity’s capital and the objectives, policies and processes for managing it.

IFRIC 7 (Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies) clarifies questions arising in connection with the application of IAS 29 in cases where the economy of the country whose currency is the functional currency of the reporting entity becomes hyperinflationary. The first-time application of IFRIC 7 has had no effect on the consolidated financial statements.

IFRIC 8 (Scope of IFRS 2) clarifies how IFRS 2 (Share-based Payment) should be applied to arrangements where the reporting entity makes share-based payments for nil or inadequate consideration. The first-time application of IFRIC 8 has had no effect on the consolidated financial statements.

IFRIC 9 (Reassessment of Embedded Derivatives) deals with the question of whether an assessment should be made of whether a contract contains an embedded derivative in accordance with IAS 39 (Financial Instruments: Recognition and Measurement) only when an entity first becomes party to the contract or throughout its life. The first-time application of IFRIC 9 has had no effects on the consolidated financial statements.

IFRIC 10 (Interim Financial Reporting and Impairment) addresses the interaction between the requirements of IAS 34 relating to interim financial reporting and the provisions of IAS 36 and IAS 39 concerning the reversal of impairment losses for certain assets. The Interpretation concludes that impairment losses recognised in respect of certain assets in interim financial statements may not be reversed in the financial statements for a subsequent period. The first-time application of IFRIC 10 has had no effect on the consolidated financial statements.

New accounting requirements adopted by the European Union

IFRS 8 (Operating Segments), which supersedes the existing IAS 14 (Segment Reporting), contains new provisions relating to the presentation of segment reporting. IFRS 8 requires segment reporting to be based on the management approach. Under this approach, the definition of the segments and the disclosures for each segment are based on the information used internally by management for the purposes of allocating resources to the components of the entity and assessing their performance. Application of IFRS 8 is mandatory for periods beginning on or after 1 January 2009. The first-time application of IFRS 8 is not expected to have any significant effects on the consolidated financial statements.

IFRIC 11 (IFRS 2 Group and Treasury Share Transactions) clarifies the issue of how IFRS 2 should be applied to share-based payment arrangements involving the grant of the entity’s own equity instruments or equity instruments of another entity within the same group. The Interpretation is effective for financial years beginning on or after 1 March 2007. The first-time application of IFRIC 11 is not expected to have any significant effect on the consolidated financial statements.

New accounting requirements not yet adopted by the European Union (endorsement procedure)

The IASB and the IFRIC have issued further Standards and Interpretations whose application is not yet mandatory for financial year 2007. The application of these IFRSs is dependent on their adoption by the European Union.

The revised version of IAS 23 (Borrowing Costs) issued in 2007 requires borrowing costs that are directly attributable to the acquisition, construction, or production of qualifying assets to be capitalised. The existing option to recognise borrowing costs immediately as an expense will no longer be available. Application of IAS 23 (as revised in 2007) is mandatory for financial years beginning on or after 1 January 2009. The effects on the consolidated financial statements of applying the new provisions are currently being assessed.

IFRIC 12 (Service Concession Arrangements) sets out the accounting treatment for arrangements whereby public-sector bodies grant contracts for the supply of public services to private operators. In order to supply these services, the private operator makes use of infrastructure that remains within the control of the public-sector grantor. The private operator is responsible for the construction, operation and maintenance of the infrastructure. Application of the Interpretation is mandatory for financial years beginning on or after 1 January 2008. The effects of the first-time application of IFRIC 12 on the consolidated financial statements of Deutsche Post AG are currently being assessed.

IFRIC 13 (Customer Loyalty Programmes) sets out the accounting treatment of revenues arising in connection with customer loyalty programmes operated by the manufacturers or service providers themselves or by third parties. The Interpretation is effective for financial years beginning on or after 1 July 2008. The effect of the first-time application of IFRIC 13 on the consolidated financial statements is currently being assessed.

IFRIC 14 (IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction) was published on 5 July 2007 and supplements the existing provisions of IAS 19 relating to the limit on the measurement of a defined benefit asset (IAS 19.58 ff.). In addition, the Interpretation sets out how the requirement to limit a defined benefit asset should be applied in the event of statutory or contractual minimum funding requirements. The Interpretation is effective for financial years beginning on or after 1 January 2008. Deutsche Post World Net has already applied IFRIC 14 as at 31 December 2007 with no effects on its pension provisions or pension expenses.

The revised version of IAS 1 (Presentation of Financial Statements) is intended to improve users’ ability to analyse and compare the information given in financial statements. Application of the revised standard is mandatory for financial years beginning on or after 1 January 2009; earlier adoption is permitted. First-time application of the revised standard will have no significant effects on the presentation of the consolidated financial statements.

Restatement of the consolidated balance sheet

The carrying amounts in the consolidated financial statements as at 31 December 2006 have been restated, firstly because of the reclassification of the Deutsche Postbank Group’s subordinated debt from other liabilities to financial liabilities in order to report all interest-bearing liabilities under the same item. Secondly, a change was made to the method of reporting income tax assets and liabilities. The other types of taxes previously included – together with income taxes – under the tax items were reclassified as receivables and other assets, other liabilities and other provisions.