LensCrafters 2012 Annual Report Download - page 188

ANNUAL REPORT 2012> 102 |
The consolidated financial statements as of December 31, 2012 have been prepared
in accordance with the Legislative Decree no. 58 of February 24, 1998 and subsequent
modifications and in accordance with the Consob Issuers Regulation in compliance
with the International Financial Reporting Standards (“IFRS”) issued by the International
Accounting Standards Board (“IASB”) and endorsed by the European Union, 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”), previously named
“Standing Interpretation Committee” (SIC).
The Group also applied the Consob Resolution n. 15519 of July 19, 2006 and the Consob
Communication no. 6064293 of July 28, 2006.
The principles and standards utilized in preparing these consolidated financial statements
have been consistently applied through all periods presented.
In order to provide the reader of this consolidated financial statements with a meaningful
comparison of the information included in the consolidated financial statements as of
December 31, 2012, certain prior year comparative information in the financial statements
has been revised to conform to the current year presentation. The revisions related to
the offsetting of Euro224.0 million of deferred tax assets against deferred tax liabilities
within the same tax jurisdiction and the offsetting of Euro45.8 million from premium
and discounts to customers, previously classified within “Other Liabilities”, against
accounts receivables. The Company has determined that the revisions are immaterial to
the previously reported financial statements. In addition provisions for risks and other
charges and employee benefits that were presented in other liabilities in 2011 are now
separately disclosed.
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.
BASIS OF
PREPARATION