Volvo 2013 Annual Report Download - page 121

Notes to Financial Statements
Comparative fi gures for 2012, except for cash-fl ow information, are restated for changes in Accounting Principles and do not correspond to the
fi gures presented in the Volvo Group Annual Report 2012. See note 31 in this Annual Report for further information about the restatement.
Amounts in SEK M unless otherwise specifi ed. The amounts within parentheses refer to the preceding year, 2012.
The consolidated fi nancial statements for AB Volvo and its subsidiaries
have been prepared in accordance with International Financial Reporting
Standards (IFRS) issued by the International Accounting Standards Board
(IASB), as adopted by the EU. The portions of IFRS not adopted by the EU
have no material impact on this report. This Annual Report is prepared in
accordance with IAS 1 Presentation of Financial Statements and with the
Swedish Annual Accounts Act. In addition, RFR 1 Supplementary Rules
for Groups, has been applied, which is issued by the Swedish Financial
Reporting Board.
How should the Volvo Group’s accounting policies be read?
Volvo describes the accounting policies in conjunction with each
note in the aim of providing enhanced understanding of each accounting
area. The Volvo Group focuses on describing the accounting choices
made within the framework of the prevailing IFRS policy and avoids
repeating the actual text of the standard, unless the Volvo Group consid-
ers it particularly important to the understanding of the note’s content.
The following symbols I/S and B/S shows which amounts in the notes
that can be found in the income statement or balance sheet. Refer to the
table below to see the note in which each accounting policy is listed and
for the relevant and material IFRS standard.
Accounting principle Note IFRS-standard
Non-currentassets held for sale and discontinued
operations
3, Acquisitions and divestments of sharesin subsidiaries IFRS 5, IFRS 13
Business combinations 3, Acquisitions and divestments of sharesin subsidiaries IFRS 3
Joint ventures
5, Investments in joint ventures, associated companies and
other shares and participations IFRS 11, IAS 28, IFRS 12
31, Changes in Volvo Group Financial Reporting 2013 IFRS 11, IAS 28
Investments in associates 5, Investments in joint ventures, associated companies
and other shares and participations
IAS 28
Operating segments 6, Segment reporting IFRS 8
Revenue 7, Income IAS 17, IAS 18
Shares and participations 5, Investments in joint ventures, associated companies
and other shares and participations
IAS 28, IAS 32, IAS 36, IAS 39, IFRS 7,
IFRS 13
Financial income and expenses 9, Other fi nancial income and expenses IAS 39
Income taxes 10, Income taxes IAS 12
Minority interests 11, Minority interests IFRS 10, IFRS 12
Research and development expenditure 12, Intangible assets IAS 36, IAS 38
Intangible assets 12, Intangible assets IAS 36, IAS 38
Tangible assets 13, Tangible assets IAS 16,IAS 36, IAS 40, IFRS 13
Leasing 14, Leasing IAS 17
Customer-fi nancing receivables 15, Customer-fi nancing receivables IAS 17, IAS 18, IAS 32, IAS 39, IFRS 7,
IFRS 13
Inventories 17, Inventories IAS 2
Earnings per share 19, Equity and number of shares IAS 33
Pensions and similar obligations 20, Provisions for post-employment benefi ts IAS 19 Revised
31, Changes in Volvo Group Financial Reporting 2013 IAS 19 Revised, IAS 8
Provisions for residual value risks 21, Other provisions IAS 17, IAS 18, IAS 37
Warranty expenses 21, Other provisions IAS 37
Restructuring costs 21, Other provisions IAS 37, IAS 19 Revised
Liabilities 22, Liabilities IAS 32, IAS 37, IAS 39, IFRS 7,
IFRS13
Contingent liabilities 24, Contingent liabilities IAS 37
Transactions with related parties 25, Transactions with related parties IAS 24
Government grants 26, Government grants IAS 20
Share-based payments 27, Personnel IFRS 2
Cash-fl ow statement 29, Cash fl ow IAS 7
Financial instruments 4, Goals and policies in fi nancial risk management IAS 32, IAS 39, IFRS 7, IFRS 13, IAS 8
16, Receivables
18, Marketable securities and liquid funds 
 30, Financial instruments 
31, Changes in Volvo Group Financial Reporting 2013
NOTE 1 ACCOUNTING PRINCIPLES
117