Integrated Annual Report of LOTOS Capital Group 2016

3. Basis of preparation

These consolidated financial statements (“consolidated financial statements”, “financial statements”) have been prepared in accordance with the International Financial Reporting Standards (“IFRS”) endorsed by the European Union and in effect as at December 31st 2016. Given the ongoing process of implementation of the IFRSs in the European Union and the scope of the Group’s business, as far as the accounting policies applied by the Group are concerned, there is no difference between the IFRSs which have come into force and the IFRSs endorsed by the European Union for 2016, save for the principles which have been modified or introduced as a result of applying new IFRS regulations for annual periods beginning on or after January 1st 2016 (see Note 4). In particular, these financial statements have been prepared taking into account amendments to IAS 1 Presentation of Financial Statements with respect to disclosures. The Group has made changes in the scope and form of disclosures in terms of:

  • materiality – immaterial disclosures are not presented, even if required under a given standard,
  • aggregation or disaggregation of certain items in order to enhance clarity and usefulness of the information presented,
  • accounting policies – only those policies are presented that have a material impact on the presentation of the Group’s results and situation.

These consolidated financial statements have been prepared on the assumption that the Group companies will continue as going concerns in the foreseeable future. As at the date of authorisation of these financial statements for issue, no circumstances were identified which would indicate any threat to the Group companies’ continuing as going concerns.

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