LensCrafters 2011 Annual Report Download - page 183

| 107 >CONSOLIDATED FINANCIAL STATEMENTS - NOTES
The consolidated financial statements as of December 31, 2011 have been prepared in
accordance with the International Financial Reporting Standards adopted by the European
Union (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) as of
the date of approval of these consolidated financial statements by the Board of Directors
of the Company.
IFRS are all the international accounting standards (“IAS”) and all the interpretations of the
International Financial Reporting Interpretations Committee (“IFRIC”).
The principles and standards utilized in preparing these consolidated financial statements
have been consistently applied through all periods presented.
The presentation of certain prior year information has been reclassified to conform to
the current presentation. For further details on the reclassification made to the 2010
information, please refer to note 10 “Property, plant and equipment – net” and note 11
“Goodwill and intangible assets – net” where the Group reclassified Euro 132.9 million of
software. Please note that the above mentioned reclassifications had no impact on either
net equity or total current and non-current assets and liabilities as presented in the 2010
consolidated financial statements.
These consolidated financial statements are composed of a consolidated statement
of income, a consolidated statement of comprehensive income, a consolidated
statement of financial position, a consolidated statement of cash flows, a consolidated
statement of stockholders’ equity and related notes to the consolidated financial
statements.
The Company’s reporting currency for the presentation of the consolidated financial
statements is the Euro. Unless otherwise specified, the figures in the statements and
within these notes to the consolidated financial statements are expressed in thousands
of Euro.
The Company presents its consolidated statement of income using the function of
expense method. The Company presents current and non-current assets and current
and non-current liabilities as separate classifications in its consolidated statements of
financial position. This presentation of the consolidated statement of income and of the
consolidated statement of financial position is believed to provide the most relevant
information. The consolidated statement of cash flows was prepared and presented
utilizing the indirect method.
The financial statements were prepared using the historical cost convention, with the
exception of certain financial assets and liabilities for which measurement at fair value is
required.
The consolidated financial statements have been prepared on a going concern basis.
Management believes that there are no material uncertainties that may cast significant
doubt upon the Group’s ability to continue as a going concern.
BASIS OF
PREPARATION