Merck 2014 Annual Report Download - page 179

174 CONSOLIDATED FINANCIAL STATEMENTS → Notes to the Group accounts
NOTES TO THE GROUP ACCOUNTS
GENERAL
(1) COMPANY INFORMATION
The accompanying consolidated financial statements as at
December 31, 2014 have been prepared with Merck KGaA,
Frankfurter Strasse250, 64293 Darmstadt, Germany which man-
ages the operations of the Group, as parent company. In accordance
with the provisions of the German financial reporting disclosure
law (Publizitätsgesetz), consolidated financial statements are also
prepared for E. Merck KG, Darmstadt, Germany, the ultimate
parent company and general partner of MerckKGaA, Darmstadt,
Germany with an equity interest of 70.27 % as of December 31,
2014. These consolidated financial statements include MerckKGaA,
Darmstadt, Germany, and its subsidiaries. The authoritative
German versions of these financial statements are filed with the
German Federal Gazette (Bundesanzeiger) and can be accessed at
www.bundesanzeiger.de.
(2) REPORTING PRINCIPLES
The consolidated financial statements of the Group have been
prepared in accordance with consistent accounting policies and in
euros, the reporting currency. Pursuant to section 315a of the
German Commercial Code (
HGB ), the International Financial
Reporting Standards in force on the reporting date and adopted
by the European Union as issued by the International Accounting
Standards Board and the IFRS Interpretations Committee (IFRS
and IAS, as well as IFRIC and SIC) have been applied. The figures
reported in the consolidated financial statements have been
rounded, which may lead to individual values not adding up to the
totals presented.
The following rules take effect as of fiscal 2014:
→ IFRS10 “Consolidated Financial Statements”
→ IFRS11 “Joint Arrangements”
→ IFRS12 “Disclosure of Interests in Other Entities”
→ Amendments to IAS27 “Separate Financial Statements”
→ Amendment to IAS28 “Investments in Associates and Joint
Ventures”
→ Amendment to IAS32 “Financial Instruments: Presentation”
→ Amendment to IAS 36 “Impairment of Assets”
→ Amendment to IAS 39 “Financial Instruments: Recognition
and Measurement”
→ Amendments to IFRS10 “Consolidated Financial Statements”
→ Amendment to IFRS11 “Joint Arrangements”
→ Amendments to IFRS12 “Disclosure of Interests in Other Entities”
The Group applied the amendment to IAS  36 “Impairment of
Assets” in advance in 2013.
None of the other new standards had a material effect on the
consolidated financial statements. In particular, the rules contained
in IFRS10 to IFRS12 did not lead to any changes based on the
current equity holding structures. In regard to the strategic alliance
with Pfizer Inc.,
USA , to develop and commercialize active ingre-
dients in immuno-oncology as well as other alliances, more infor-
mation can be found in Note [5].
The following standards take effect as of fiscal 2015:
→ Annual Improvements to IFRSs 2011 – 2013 Cycle
→ IFRIC 21 “Levies”
The company
currently does not expect the new rules to have any
material
effects on the consolidated financial statements.
As of the balance sheet date, the following standards were
published by the International Accounting Standards Board and
the IFRSInterpretations Committee, but not yet adopted by the
European Union:
→ IFRS9 “Financial Instruments”
→ IFRS14 “Regulatory Deferral Accounts”
→ IFRS15 “Revenue from Contracts with Customers”
→ Amendment to IAS1 “Presentation of Financial Statements”
→ Amendments to IAS16 “Property, Plant and Equipment”
→ Amendment to IAS19 “Employee Benefits”
→ Amendment to IAS27 “Separate Financial Statements”
→ Amendments to IAS28 “Investments in Associates and Joint
Ventures”
→ Amendment to IAS38 “Intangible Assets”
→ Amendment to IAS41 “Agriculture”
→ Amendments to IFRS10 “Consolidated Financial Statements”
→ Amendment to IFRS11 “Joint Arrangements “
→ Amendment to IFRS12 “Disclosure of Interests in Other Entities”
→ Annual Improvements to IFRSs 2010 – 2012 Cycle
→ Annual Improvements to IFRSs 2012 – 2014 Cycle
The impact of IFRS15, which will become effective as of 2017 at
the earliest, and of IFRS9, which will become effective as of 2018
at the earliest, on the consolidated financial statements is currently
being examined. From today’s perspective, the other new rules
will not have any material effects on the consolidated financial
statements.