Basis of preparation
Statement of compliance
The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (‘IFRS’) adopted by the European Union.
Measurement
The consolidated financial statements have been prepared on the basis of historical cost except for investment property and derivatives, which are recognised at fair value. Unless otherwise stated, the figures are presented in millions of euros rounded to one decimal place.
Estimates and assumptions
The preparation of financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that affect the application of the accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and related assumptions are based on historical experience and various other factors considered appropriate. Actual results may differ from these estimates. The estimates and underlying assumptions are constantly reviewed. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
Significant accounting policies
The consolidated financial statements for 2008 relate to the Company and its subsidiaries (together referred to as the ‘Group’) and to the Group’s investments in associates and interests in joint ventures.
Source: Annual Report 2008, Chapter Financial Statements, page 154 (PDF, 179 kB)
Add to My report