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Fiat Italian Gaap vs IFRS

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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
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