Financial Statements - Solvay

62
Solvay Global Annual Report 2008
IFRS accounting policies
The main accounting policies used in preparing these
consolidated fi nancial statements are set out below:
1. General information and applicable IFRS
Solvay (the “Company”) is a public limited liability company
(société anonyme) governed by Belgian law and quoted
on NYSE Euronext Brussels. The principal activities
of the Company, its subsidiaries and its joint ventures
(jointly the “Group”) are described in note 1 on segment
information.
The fi nancial statements have been prepared in
accordance with the International Financial Reporting
Standards (IFRS) as adopted by the European Union.
Standards and Interpretations applicable
for the fi rst time in 2008
In the current year, the Group has adopted the following
standards and interpretations:
• IFRIC 11 IFRS 2
Group and Treasury Share Transactions (applicable for
accounting years beginning on or after 1 March 2007);
• IFRIC 1++2
Service Concession Arrangements (applicable
for accounting years beginning on or after
1 January 2008);
• IFRIC 14 IAS 19
The Limit on a Defi ned Benefi t Asset, Minimum Funding
Requirements and their Interaction
(applicable for accounting years beginning on or after
1 January 2008);
• Amendments to IAS 39
Financial Instruments: Recognition and Measurement
and IFRS 7
Financial Instruments: Disclosures (amendments to be
applied as from 1 July 2008 onwards).
The adoption of these amendments and interpretations
has not led to any changes in the 2008 fi nancial statements.
Early adoption of Standards and Interpretations
The Group has elected not to adopt any standards
or interpretations in advance of their effective application
dates.
Standards and Interpretations issued
but not yet effective
At the date of authorization of these fi nancial statements,
the following standards and interpretations were issued but
not yet effective:
• IAS 1
Presentation of Financial Statements (annual periods
beginning on or after 1 January 2009). This Standard
replaces IAS 1 Presentation of Financial Statements
(revised in 2003) as amended in 2005;
• Amendment to IAS 27
Consolidated and Separate Financial Statements
(applicable for annual periods beginning on or
after 1 July 2009). This Standard amends IAS 27
Consolidated and Separate Financial Statements
(revised 2003);
• Amendment to IFRS 2
Share-based payment - Vesting Conditions and
Cancellations (applicable for annual periods beginning
on or after 1 January 2009);
• Amendment to IAS 32
Financial Instruments: Presentation
and IAS 1
Presentation of Financial Statements – Puttable
Financial Instruments and Obligations arising on
Liquidation (annual reporting periods beginning on or
after 1 January 2009);
• Amendment to IAS 39
Financial Instruments: Recognition and Measurement –
Eligible Hedged Items (annual periods beginning on or
after 1 July 2009);
• IFRS 3
Business Combinations (applicable to business combinations
for which the acquisition date is on or after the
beginning of the fi rst annual reporting period beginning
on or after 1 July 2009). This Standard replaces IFRS
Business Combinations as issued in 2004;
• IFRS 8
Operating Segments (applicable for accounting years
beginning on or after 1 January 2009);
• Amendment to IAS 23
Borrowing Costs (applicable for accounting years
beginning on or after 1 January 2009);
• Improvements to IFRS (2008) (applicable for accounting
years beginning on or after 1 January 2009);
• Amendment to IFRS 1
First Time Adoption of International Financial Reporting
Standards
and IAS 27
Consolidated and Separate Financial Statements
(prospective application for annual periods beginning
on or after 1 January 2009);
• IFRIC 13
Customer Loyalty Programs (applicable
for accounting years beginning on or after
1 July 2008);