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

Standards, Amendments and Interpretations that are not yet Effective in 2009and have not been Early Adopted by the GroupIFRS1 Additional Exemptions for first time adopters – Amendment January 1, 2010IFRS2 Group Cash-settled Share-based PaymentJanuary 1, 2010Transactions – AmendmentIFRS 3 Business Combinations – Revised July 1, 2009IFRS9 Financial Instruments January, 2013IAS 24 Related Party Disclosures January 1, 2011IAS 27 Consolidated and Separate FinancialJuly 1, 2009Statements – AmendmentIAS 32 Classification of Rights Issues February 1, 2010IAS 39 Embedded Derivatives – AmendmentJuly 1, 2009Eligible hedged items – AmendmentIFRIC 9 Embedded Derivatives – Amendment July 1, 2009IFRIC 14 Prepayments of a Minimum Funding Requirement – Amendment January 1, 2011IFRIC 17 Distributions of Non-cash Assets to Owners July 1, 2009IFRIC 18 Transfer of Assets from Customers transfer of assets receivedafter July 1, 2009IFRIC 19 Extinguishing Liabilities with Equity Instruments July 1, 2010Improvements to IFRS January 1, 2009The Group has not undergone a detailed analysis on the relevance for the Group of the above mentionedstandards, amendments and interpretation. Therefore a final assessment can presently not be made.Improvements to IFRSIn April 2009 the board issued its second omnibus of amendments to its standards primarily with the goalto remove inconsistencies and clarifying wording. None of these improvements will have an impact on theGroup.3.2 Basis of ConsolidationThe consolidated financial statements comprise the financial statements of Uster Technologies Ltd and allits subsidiaries for the period ended December 31, 2009 and 2008, respectively. The financial statements ofthe subsidiaries are prepared for the same reporting period as the parent company, using consistent accountingpolicies.Subsidiaries are entities over which the Group has control, i. e. has the power to govern the financial andoperating policies so as to obtain benefits from their activities. The financial statements of subsidiaries areincluded in the consolidated financial statements from the date that control commences until the date thatcontrol ceases.All intragroup balances, transactions as well as any income and expenses arising from intragroup transactionsare eliminated upon consolidation. Profits and losses arising from intragroup transactions areeliminated in full.60 Uster Group – Notes to the Consolidated Financial Statements 2009