Accounting Policies
Intoi’s consolidated financial statements are presented in accordance with the International Financial Reporting Standards (IFRS) established by the International Accounting Standards Board (IASB) and the interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) which have been endorsed by the European Commission for application in the EU. The Annual Report 2005 was the first complete financial report in conformity with IFRS. In connection with the transition from the previous accounting policies to IFRS, the Group has applied IFRS 1, First-Time Adoption of IFRS. Furthermore, the Swedish Financial Accounting Standards Council’s recommendation RR 30, Supplementary Rules for Consolidated Financial Statements, has been applied.
The preparation of financial reports in compliance with IFRS requires the use of critical accounting estimates and assumptions. When preparing the financial statements, the management is also required to make certain estimates and assumptions in application of the company’s accounting policies. The estimates and assumptions are based on historical experience and a number of other factors which are deemed reasonable under the prevailing circumstances. The results of these estimates and assumptions are then used as a basis for decisions concerning the reported values of assets and liabilities unless such can be determined through information from other sources. Actual outcomes may differ from these estimates and assumptions.
Read more about Significant Accounting Policies in Nocom Annual Report 2005, note 2, pages 34 - 37
