Uster Technologies Ltd | Annual Report 2009 Uster Technologies ...

Uster Group – Notes to the Consolidated FinancialStatements1 Corporate InformationUster Technologies Ltd (“the Company”) and its subsidiaries (together “the Group”) are the world’s marketleader in textile quality controlling and provide systems and services that enable the industry to manufactureoptimum quality and competitive products “from fiber to fabric”. The Group has a long history as the leaderin textile electronics. For more than 60 years the testing and monitoring solutions have enabled the productionof the finest fibers, yarns and fabrics.Uster Technologies Ltd is domiciled in Switzerland. The address of its registered office is Sonnenbergstrasse10, CH-8610 Uster, Switzerland.2 Basis of Preparation of the Consolidated Financial Statements2.1 Statement of ComplianceThe consolidated financial statements of the Uster Group have been prepared in accordance with the InternationalFinancial Reporting Standards (IFRS).The consolidated financial statements of the Uster Group for the year ended December 31, 2009, were authorizedfor issue in accordance with a resolution of the Board of Directors on February 16, 2010. The generalmeeting of shareholders will be held on March 30, 2010. According to the Swiss Code of Obligation, thegeneral meeting of shareholders has the authority to approve the financial statements.2.2 Basis of MeasurementThe consolidated financial statements have been prepared on a historical cost basis except for the derivativefinancial instruments mentioned in note 4.3 Market Risk that has been measured at fair value.2.3 Functional and Presentation CurrencyThe consolidated financial statements are stated in Swiss Francs, which is the Company’s functional currency.All values are rounded to the nearest thousand (CHF 1,000) except when otherwise indicated.2.4 Significant Accounting Judgments and EstimatesIn the process of preparing the consolidated financial statements the Executive Committee of the Uster Grouphas to make judgments, assumptions and estimations that affect the reported amounts of assets, liabilities,income and expenses. These estimates are reviewed on a regular basis and are based on past experience aswell as assumptions about the future that currently seem to be reasonable. The actual results, however, coulddiffer from these estimates.The key estimates and assumptions that have a significant risk of causing material adjustments to the carryingamounts of assets and liabilities are mentioned below.Uster Group – Notes to the Consolidated Financial Statements 2009 57