Volvo 2015 Annual Report Download - page 115
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GROUP PERFORMANCE 2015 NOTES
The Volvo Group’s most significant accounting policies are described
together with the applicable note. Read more in Note 1, Accounting Poli-
cies for a specification. The preparation of AB Volvo’s Consolidated
Financial Statements requires the use of estimates and assumptions that
may affect the recognized amounts of assets and liabilities at the date of
the financial statements. In addition, the recognized amounts of net sales
and expenses during the periods presented are affected. In preparing these
financial statements, management has made its best judgments of cer-
tain amounts included in the financial statements, materiality taken into
account. Actual results may differ from previously made estimates. In
accordance with IAS 1, the company is required to disclose the assump-
tions and other major sources of estimation uncertainties that, if actual
results differ, may have a material impact on the financial statements.
!The sources of uncertainty which has been identified by the Volvo
Group and which are considered to fulfill these criteria are pre-
sented in connection to the items considered to be affected. The table
discloses where to find these descriptions.
Source of estimation uncertainty Note
Buy-back agreements and residual value
guarantees 7, Revenue
Deferred taxes 10, Income taxes
Impairment of goodwill and other intangible
assets 12, Intangible assets
Impairment of tangible assets 13, Tangible assets
Credit loss reserves 15,
16,
Customer-financing
receivables
Receivables
Inventory obsolescence 17, Inventories
Assumptions when calculating pensions and
other post-employment benefits
20, Provisions for post-
employment benefits
Product warranty costs 21, Other provisions
Legal proceedings 21, Other provisions
Residual value risks 21, Other provisions
NOTE 2 KEY SOURCES OF ESTIMATION UNCERTAINTY
113