Consolidating financial statements different year ends

22-Apr-2020 07:12

The principal accounting policies applied in the preparation of these Consolidated Financial Statements are set out below.

The most significant change relates to the accounting for changes in defined benefit obligations and plan assets.It also provides both requirements for determining fair value and the required disclosures under the same standard.The requirements do not extend the use of fair value accounting but provide guidance on how it should be applied where its use is already required or permitted by other standards.In the annual improvement process the non-urgent but necessary amendments to IFRS are collected and issued annually. The nature of the improvements depends on the standards, but they do not have material impact on the Consolidated Financial Statements.IASB has published the following new or revised standards and interpretations which the Group has not yet adopted.

The most significant change relates to the accounting for changes in defined benefit obligations and plan assets.It also provides both requirements for determining fair value and the required disclosures under the same standard.The requirements do not extend the use of fair value accounting but provide guidance on how it should be applied where its use is already required or permitted by other standards.In the annual improvement process the non-urgent but necessary amendments to IFRS are collected and issued annually. The nature of the improvements depends on the standards, but they do not have material impact on the Consolidated Financial Statements.IASB has published the following new or revised standards and interpretations which the Group has not yet adopted.The preparation of consolidated financial statements in conformity with IFRS requires the use of certain critical accounting estimates.