DHL 2001 Annual Report Download - page 106

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106
1. Basis of accounting
The consolidated financial statements of Deutsche
Post World Net for fiscal year 2001 were prepared in
accordance with the International Accounting Stan-
dards (IASs) adopted and published by the Inter-
national Accounting Standards Committee (IASC)
(now the International Accounting Standards Board),
and with the interpretations issued by the Standing
Interpretations Committee (SIC), required to be
applied as of the reporting date.
The requirements of the standards applied have
been satisfied, and the consolidated financial state-
ments of Deutsche Post World Net therefore provide
a true and fair view of its net assets, financial posi-
tion and results of operations.
The accounting and measurement policies, as
well as the explanations and disclosures on the IAS
consolidated financial statements for fiscal year 2001
are generally based on the same accounting and
measurement policies used in the 2000 consolidated
financial statements. Changes in accounting and
measurement policies resulted from the first-time
application of IAS 39. Details of such changes are
presented in note 6.
By publishing IAS financial statements,
Deutsche Post AG has made use of the option con-
tained in section 292a of the HGB (German Com-
mercial Code) to prepare its consolidated financial
statements in accordance with internationally
accepted accounting principles and to dispense with
preparation of consolidated financial statements in
accordance with the requirements of the German
Commercial Code. The assessment as to whether
the consolidated financial statements and the Group
management report comply with the EC 7th Direc-
tive was based on the interpretation by the German
Accounting Standards Board of the German
Accounting Standards Committee (GASC) published
as German Accounting Standard No. 1 (GAS 1).
The fiscal year of Deutsche Post AG and its con-
solidated subsidiaries is generally the calendar year.
Deutsche Post AG, whose registered office is in
Bonn, Heinrich-von-Stephan-Strasse 1, is registered
in the commercial register of the Bonn Local Court.
The consolidated financial statements are pre-
pared in euros (€).All amounts are given in millions
of euros (€m).
2. Significant differences between International
Accounting Standards and German accounting
principles
The accompanying consolidated financial statements
incorporate the following significant accounting and
measurement methods that differ from German law:
•Internally generated intangible assets are recog-
nized where these meet the criteria for recognition
as assets.
•Goodwill resulting from the acquisition of sub-
sidiaries to be consolidated is capitalized and
amortized. The amounts of goodwill eliminated
directly against reserves in accordance with HGB
accounting principles prior to adoption of the
IASs have also been capitalized.
•Pension provisions are measured using the pro-
jected unit credit method reflecting future compen-
sation trends and the corridor rule in accordance
with IAS 19. Both indirect and direct pension
obligations (defined benefit plans) were included
in the computation of pension obligations.
Notes to the Consolidated Financial Statements
of Deutsche Post World Net for the period ended December 31, 2001