DHL 2000 Annual Report Download - page 92

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(1) Accounting principles
The consolidated financial statements of Deutsche Post
World Net for fiscal year 2000 were prepared in accor-
dance with the International Accounting Standards
(IAS) and interpretations thereof,approved and
published by the International Accounting Standards
Committee (IASC) and by the Standing Interpretations
Committee (SIC),respectively.Application of the In-
ternational Accounting Standards was mandatory on
the date of the preparation of the financial statements.
In addition,standards and interpretations that have
not become finally effective but whose early adoption
is recommended by the IASC have been generally ob-
served.
All requirements of the standards that were applied
have been completely satisfied such that the con-
solidated financial statements accurately reflect the
Deutsche Post Group’s actual assets and liabilities,fi-
nancial position and results of operations.The ac-
counting and valuation methods used in the consoli-
dated financial statements (in accordance with IAS)
for fiscal year 2000,as well as the explanations and
notes thereto,are consistent with those used for fiscal
year 1999.The first-time application of new or revised
standards has not led to any significant accounting
and valuation changes.For more details,see note 6.
Deutsche Post AG has made use of the option avail-
able under § 292a of the German Commercial Code
(“HGB”) to prepare its consolidated financial state-
ments in accordance with IAS. Deutsche Post AG is
therefore exempt from the obligation to prepare its
consolidated financial statements pursuant to the re-
quirements of the German Commercial Code.The
assessment as to whether the consolidated financial
statements are in accordance with the EC Accounting
Directive was based on the interpretation provided in
the German Accounting Standard No.1 (DRS1), pro-
mulgated by the German Standards Committee Coun-
cil (DRSC).
As a rule, the fiscal year of Deutsche Post AG and its
subsidiaries included in the consolidation corre-
sponds to the calendar year.Deutsche Post AG which
has its registered office at Heinrich-von-Stephan-
Strasse 1, Bonn, has been entered in the Commercial
Register held at the Municipal Court of Bonn.
The consolidated financial statements are prepared in
Euro currency.All amounts are stated in million Euro.
(2) Significant deviations betw een the account-
ing methods according to IAS and the account-
ing methods according to the German Commer-
cial Code
For purposes of promoting international comparison
and satisfying the information requirements of the
capital markets,the consolidated financial statements
as of December 31,1999 were prepared,for the first
time,in compliance with IAS. Compared to the Group
accounting methods used under the German Commer-
cial Code that had been applied until 1998,application
of the IAS resulted in several significant accounting and
valuation differences,which are summarized below.
• Intangible assets:Self-developed intangible assets are
capitalized as far as they comply with assets criteria.
• Goodwill:Goodwill resulting from the acquisition of
subsidiaries subject to consolidation is capitalized
and amortized according to schedule. The goodwill
that had been offset against reserves prior to transi-
tion to IAS in accordance with commercial law pro-
visions was also capitalized.
84
Notes to the Consolidated Financial Statements
of Deutsche Post World Net as at December 31, 2000