Grupa LOTOS S.A. - Integrated Annual Report 2012
3. Basis of preparation
These consolidated financial statements were prepared in accordance with the International Financial Reporting Standards (“IFRS”) endorsed by the European Union which were published and effective as at December 31st 2012.
Taking into account the ongoing process of implementation of the IFRS in the EU and the business conducted by the Group, as far as the accounting policies applied by the Group are concerned, there is no difference between the IFRS that have become effective and the IFRS endorsed by the EU for the year ended December 31st 2012.
The following amendments to the existing standards adopted by the European Union were effective in 2012:
- Amendments to IFRS 7 Financial Instruments: Disclosures: Transfers of Financial Assets (effective for annual periods beginning on or after July 1st 2011).
The Group has reviewed the amendments and believes, they have no material impact on the accounting policies applied by the Group.
The functional of the Parent and the reporting currency of these financial statements is the Polish złoty (PLN). These consolidated financial statements have been prepared in the złoty (PLN), and all the figures are presented in thousands of złoty, unless stated otherwise.