III. 2. Summary of significant accounting policies
>> Amendment to IAS 12 Income Taxes – Deferred Tax: Recovery of Underlying Assets (applicable for annual periods beginning on or after 1 January 2012) >> Amendment to IAS 24 Related Party Disclosures (applicable for annual periods beginning on or after 1 January 2011). This Standard supersedes IAS 24 Related Party Disclosures as issued in 2003. >> Amendments to IAS 32 Financial Instruments: Presentation – Classification of Rights Issues (applicable for annual periods beginning on or after 1 February 2010) >> IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments (applicable for annual periods beginning on or after 1 July 2010) >> Amendment to IFRIC 14 IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction – Prepayments of a Minimum Funding Requirement (applicable for annual periods beginning on or after 1 January 2011) The mandatory application of all amendments to or improvements of standards and interpretations listed above did not give rise to any major effects on the Group’s financial position and financial performance.
III.2.1. Statement of compliance The consolidated financial statements are drawn up in conformity with the International Financial Reporting Standards (IFRSs), as accepted within the European Union.
III.2.2. Basis of preparation The consolidated annual financial statements of Sioen Industries NV (the ‘Company’) include the annual financial statements of the Company and its subsidiaries (together referred to below as the ‘Group’). The consolidated annual financial statements give a general overview of the Group’s activities and the results obtained. They give an accurate picture of the entity’s financial position, financial performance and cash flow, and are drawn up on a going concern basis. The annual financial statements are stated in thousands of euros, as the euro is the currency of the primary economic environment in which the Group is active. The annual financial statements of foreign participations are converted in accordance with the principles described in the section ‘Foreign currencies’. The consolidated financial statements are presented on the basis of the historical cost method, unless otherwise stipulated in the accounting principles set out below.
III.2.3. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the company (its subsidiaries). Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
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