DHL 1997 Annual Report Download - page 71

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I. General Information
Deutsche Post AG was formed on January 1, 1995; under
section 2 of the Post Transformation Act it is the legal successor to
Deutsche Bundespost POSTDIENST, which was part of a Federal asset.
The financial statements of Deutsche Post AG have been prepared
in accordance with the accounting rules of the Commercial Code
(sections 238ff and 264ff). Where captions have been combined in the
balance sheet or statement of income, details are given in the notes.
The comparative figures given in ( ) are those of the financial
statements for the year ended December 31, 1996.
II. Formats and Accounting Policies
(1) Formats
The formats used for the balance sheet and statement of income are
based on those set out in sections 266 and 275 of the Commercial
Code. Additional captions result from updating of the opening
deutschmark balance sheet. In the noncurrent assets section of the
balance sheet a separate caption has been provided for Housing
promotion loans.
The statement of income has been prepared in the “type of expense”
format.
(2) Accounting policies
Purchased intangible assets are valued at cost, including incidental
costs of acquisition, less amortization provided by the straight-line
method.
Property, plant and equipment are stated at purchase or construction
cost, including incidental costs, less systematic depreciation provided
by the straight-line method. Subsidies received are recorded as de-
ferred income and recognized as income over the term of the subsidies.
In 1996 they were treated as reductions of purchase or construction
cost. Systematic depreciation is provided over useful lives consistent
with those specified in the tax rules. Special depreciation is provided
where it is necessary for an asset to be stated at a lower value.
68
Notes to
the Financial
Statements
68