ANNUAL REPORT 2008/09 - Sonova

The Group is currently assessing the potential
impact of the adoption of these new or amended
standards and interpretations that will aff ect the
Group after March 31, 2009. While most of the new
or revised standards are not expected to have a
signifi cant impact on the Group’s result and fi nancial
position (IAS 1 revised and the new IFRS 8 are
presentation and disclosure related only), the following
revised standards may aff ect the Group after
31 March 2009:
IFRS 3 (revised) “Business combinations”
Amongst other matters, the revised standard re -
quires that directly attributable transaction costs
are expensed in the current period, whereas pre -
viously these costs have been included in the cost
of acquisition. In addition, the revised standard
requires that the contingent consideration of an acquisition
shall be included in the acquisition ac -
counting at fair value and any subsequent changes
to the contingent consideration will be accounted
in the income statement. The Group will apply the
revised stan dard prospectively from April 1, 2010
onwards.
IAS 27 (revised) “Consolidated and Separate
Financial Statements”
Changes in the ownership interest of a subsidiary
that do not result in a loss of control will be accounted
for as an equity transaction. Neither goodwill
nor any gains or losses will result. The Group
will apply the revised standard prospectively from
April 1, 2010 onwards.
3. Basis of the consolidated fi nancial
statements
The consolidated fi nancial statements of the Group
are based on the fi nancial statements of the in -
dividual Group Companies at March 31 prepared in
accordance with uniform accounting policies. The
consolidated fi nancial statements have been prepared
under the historical cost convention except for the
revaluation of certain fi nancial assets at market val -
ue, in accordance with International Financial
Reporting Standards (IFRS), including International
Accounting Standards and Interpretations issued
by the International Accounting Standards Board
(IASB). The consolidated fi nancial statements
were approved by the Board of Directors of Sonova
Holding AG on May 4, 2009.
The consolidated fi nancial statements include
Sonova Holding AG as well as the domestic and
foreign subsidiaries over which Sonova Holding
AG exercises control. A list of the signifi cant companies
which are consolidated is given in Note 36.
The preparation of fi nancial statements requires
management to make estimates and assumptions
that aff ect the amounts reported for assets and
liabilities and contingent assets and liabilities at
the date of the fi nancial statements as well as
revenue and expenses reported for the fi nancial
year (refer also to Note 3.6, “Signifi cant accounting
judgements and estimates”). Actual
results could diff er from these estimates.
CONSOLIDATED FINANCIAL STATEMENTS
65