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Share your interactive ePaper on all platforms and on your website with our embed function. Panalpina Annual Report A full consolidated balance sheet is presented on page 71 of the Consolidated Financial Statements. Obersteg Ltd. The principal accounting policies applied in the preparation of these consolidated financial statements are listed below. These policies have been consistently applied to all the years, unless stated otherwise. The consolidated financial statements have been prepared under the historical cost convention.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. This amendment did not have an effect on the financial statements.
Amendment for hedges of forecast intra-group transactions issued April Amendment for the fair value option issued June IFRS 7 introduces new disclosures to improve the information about financial instruments. It is applicable to all entities reporting under IFRS. Group has not undergone a careful analysis and therefore no final assessment of the impact can presently be made. The purchase method of accounting is used for the acquisition of subsidiaries by the Group.
Associates are accounted using the equity method of accounting and are initially recognized at cost. The Group is primarily organized by regions. Non-segment assets and liabilities mainly include deferred income tax balances and financial assets. Net forwarding revenue is recognized at the time the services are performed. Other revenues, e. Current income tax relating to items recognized directly in equity is recognized in equity and not in the income statement.