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Integrated Annual Report 2012
The Culture of Values


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Grupa LOTOS S.A. - Integrated Annual Report 2012

6. Change of information presented in previous reporting periods, change of accounting policies and correction of errors


The accounting policies and calculation methods adopted by the Group in the preparation of these consolidated financial statements are the same as those used in the preparation of the consolidated financial statements for 2011.

The Group made presentation changes with regard to items in the statement of comprehensive income, the statement of financial position, the statement of cash flows and the statement of changes in equity and, as a result, introduced changes in selected notes. The changes involved disaggregation or aggregation of certain items, as well as addition of more details or extension of the scope of disclosures regarding certain issues presented in the financial statements for 2012. Also, the Company adjusted the terminology to comply with the currently applicable IFRS. The changes were intended to render the financial statements more useful for their readers while ensuring compliance with the applicable IFRS. They did not affect valuation methods and had no material effect on the scope of data included in the financial statements for 2012 relative to data included in the financial statements for 2011. In line with IAS1 Presentation of Financial Statements, the Company restated comparative data as at December 31st and January 1st 2011, and presented them in the financial statements for 2012.

Also, as at December 31st 2012, having reviewed the provisions of IAS 12 Income Taxes (par. 40), the Group reversed the deferred tax liability relating to exchange differences on translating foreign operations of PLN 13,863 thousand.


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