ANNUAL REPORT 2012 - TiGenix

The consolidated financial statements were
drawn up by the Board of Directors on
March 11, 2013.
11.5.2. Summary of significant
accounting policies
11.5.2.1. Basis of preparation
The principal accounting policies applied in
the preparation of the above consolidated
financial statements are set out below. These
policies have been consistently applied to all
the years presented, unless otherwise stated.
All amounts are presented in thousands of
Euros, unless otherwise indicated, rounded to
the nearest EUR 1.000.
The financial statements have been
prepared on the basis of the historical
cost price method. Any exceptions to the
historical cost price method are disclosed in
the valuation rules described hereafter.
Changes in accounting policy and disclosures
a) New and amended standards adopted by
the Group
During the current year, the Group has
adopted all the new and amended
Standards and Interpretations issued by
the International Accounting Standards
Board (IASB) and the International Financial
Reporting Interpretations Committee (IFRIC) of
the IASB effective for the accounting period
commencing on January 1, 2012. The Group
has not applied any new IFRS requirements
that are not yet effective in 2012.
The following new standards, interpretations
and amendments are effective for the
current period :
- Amendments to IFRS 7 Financial Instruments :
Disclosures – Transfers of Financial Assets
(applicable for annual periods beginning
on or after 1 July 2011)
The financial statements have been
established assuming the Company is
in a state of going concern. The Group
has generated losses since its inception,
which is inherent to the current stage of
the Group’s business life cycle as a biotech
company. Funds raised since inception, funds
obtained through the combination with
TiGenix SAU (former Cellerix) and expected
different sources of funds should provide
the Company with sufficient cash for the
foreseeable future.
The application of this amendment has
not led to any major changes in TiGenix’s
accounting policies.
b) Standards and interpretations issued but
not yet effective in the current period
The Company elected not to early adopt
the following new Standards, Interpretations
and Amendments, which have been issued
by the IASB but are not yet mandatory as per
December 31, 2012 :
The Group’s consolidated financial
statements have been prepared in
accordance with International Financial
Reporting Standards (IFRS), as adopted by
the European Union at January 1, 2012.
- IFRS 9 Financial Instruments and subsequent
amendments (normally applicable for annual
periods beginning on or after 1 January 2015)
- IFRS 10 Consolidated Financial Statements
(applicable for annual periods beginning
on or after 1 January 2014)
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