Please activate JavaScript!
Please install Adobe Flash Player, click here for download

Nabaltec_E_GB2016

ACCOUNTING POLICIES 61 Standards Board, as well as the interpretations by the International Financial Reporting Interpre- tations Committee (IFRIC) and the Standing Interpretations Committee (SIC). These are the consolidated financial statements of Nabaltec AG. All valid standards conforming to EU rules were applied for Financial Year 2016. The consolidated financial statements convey a true and fair view of the financial, earnings and liquidity position of Nabaltec AG. Nabaltec AG’s financial year runs from 1 January to 31 December of each year. The consolidated financial statements are presented in Euros (EUR). Unless otherwise indicated, all values are rounded up or down to the nearest thousand Euros (EUR thousand) using com- mercial rounding. It should be noted that differences may arise when using rounded numbers and percentages. Disclosures distinguish between current and non-current assets and liabilities, which in some cases are detailed in the Notes according to their time to maturity. The consolidated statement of comprehensive income is prepared in accordance with the total cost method. 2.2 ACCOUNTING STANDARDS APPLIED All accounting standards whose application is mandatory for financial years beginning on 1 January 2016 were applied for Financial Year 2016. This particularly includes the following standards and interpretations, which were to be applied for the first time: ■ ■ Amendments to IAS 1, “Disclosure Initiative”: The IASB published amendments to IAS, “Presentation of financial statements,” in December 2014. The amendments are designed to improve financial reporting with regard to disclosures in the Notes and include (a) a stronger focus on the principle of materiality, (b) further disaggregation of line items in the balance sheet and the disclosure of subtotals, (c) greater flexibility in preparation of the Notes with regard to the sequence of disclosures and (d) lifting of the specifications in IAS 1 with regard to the identification of major accounting policies as a component of the disclosures in the Notes. The new version is applicable to financial years beginning on or after 1 January 2016. The amendments were endorsed by the EU on 18 December 2015. The application of the new and revised standards had no material impact on the consolidated financial statements. Amendments to IAS 16 and IAS 38, “Clarification of acceptable methods of depreciation and amortization”: The amendment to IAS 16 clarifies that revenue-based methods of depreciating property, plant and equipment are not appropriate. The amendment to IAS 38 introduces the refutable presumption that revenues are not an appropriate basis for the amortization of intangible assets. This presumption can only be refuted in the following two cases: a) If the intangible asset can be expressed as a measure of revenues. This would be the case, for example, if the term of a mining concession is not defined in advance, but is instead tied to the total revenues which are generated by the activity. b) If revenues and the consumption of economic benefits are highly correlated. Annual Report 2016 | Nabaltec AG |||| S T N E M E T A T S L A I C N A N I F D E T A D I L O S N O C

Seitenübersicht