Merck 2014 Annual Report Download - page 187

182 CONSOLIDATED FINANCIAL STATEMENTS → Notes to the Group accounts
The main assets and liabilities disclosed in the consolidated balance
sheet are measured as follows:
Balance sheet items Measurement principle
ASSETS
Cash and cash equivalents Nominal value
Financial assets (current / non-current)
Held to maturity investments Amortized cost
Available-for-sale financial assets Fair value
Loans and receivables Amortized cost
Assets from derivatives (financial transactions) Fair value
Trade accounts receivable Amortized cost
Inventories Lower of cost and net realizable value
Other assets (current / non-current)
Assets from derivatives (operating business) Fair value
Receivables from non-income-related taxes Amortized cost
Other receivables Amortized cost
Income tax receivables
Expected tax refunds based on tax rates that have been enacted or
substantively enacted by the end of the reporting period
Assets held for sale Lower of carrying amount and fair value less costs to sell
Intangible assets
With finite useful lives Amortized cost
With indefinite useful lives Amortized cost (subsequent measurement impairment-only approach)
Property, plant and equipment Amortized cost
Deferred tax assets
Undiscounted measurement based on tax rates that are expected to apply
to the period when the asset is realized or the liability is settled
EQUITY AND LIABILITIES
Financial liabilities (current / non-current)
Bonds Amortized cost
Liabilities to related parties Amortized cost
Bank loans and overdrafts Amortized cost
Liabilities from derivatives (financial transactions) Fair value
Finance lease liabilities Amortized cost
Trade accounts payable Amortized cost
Other liabilities (current / non-current)
Liabilities from derivatives (operating business) Fair value
Liabilities from non-income-related taxes Settlement amount
Other liabilities Settlement amount
Income tax liabilities
Expected tax payments based on tax rates that have been enacted or
substantively enacted by the end of the reporting period
Liabilities in connection with assets held for sale Fair value less costs to sell
Provisions (current / non-current)
Present value of the expenditures expected to be required to settle the
obligation
Provisions for pensions and other post-employment benefits Projected unit credit method
Deferred tax liabilities
Undiscounted measurement based on tax rates that are expected to apply
tothe period when the asset is realized or the liability is settled