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9
Basis of accounting
The consolidated financial statements of Deutsche Post
World Net for fiscal year 2002 were prepared in accordance
with the International Accounting Standards (IASs, in future:
“International Financial Reporting Standards” – IFRSs)
adopted and published by the International Accounting
Standards Board (IASB), and with the interpretations issued
by the Standing Interpretations Committee (SIC, now
renamed “International Financial Reporting Interpretations
Committee” – IFRIC), required to be applied as of the
reporting date.
The requirements of the standards applied have been
satisfied in full, and the consolidated financial statements
of Deutsche Post World Net therefore provide a true and
fair view of its net assets, financial position and results of
operations.
The accounting policies, as well as the explanations
and disclosures in the notes to the IAS consolidated financial
statements for fiscal year 2002, are generally based on the
same accounting policies used in the 2001 consolidated
financial statements. The accounting policies are explained
in note 5.
By publishing IAS/IFRS consolidated financial state-
ments, Deutsche Post AG has made use of the option
contained in section 292a of the HGB (German Commercial
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 Manage-
ment Report comply with the EC 7th Directive 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 consolidated
subsidiaries is the calendar year. Deutsche Post AG, whose
registered office is in Bonn, is registered in the commercial
register of the Bonn Local Court.
The consolidated financial statements are prepared
in euros (€). All amounts are given in millions of euros
(€ million, €m).
1Significant differences between
International Accounting Standards
and German accounting principles
The accompanying consolidated financial statements
incorporate the following significant accounting policies
that differ from German law:
Internally generated intangible assets are recognized where
these meet the criteria for recognition as assets.
Goodwill resulting from the acquisition of subsidiaries to
be consolidated is capitalized and amortized. The amounts of
goodwill deducted directly from reserves in accordance with
HGB accounting principles prior to adoption of the IASs
have also been capitalized.
Pension provisions are measured using the projected unit
credit method reflecting future compensation and retirement
benefit 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.
Other provisions are only carried in the case of obligations
to third parties that are more likely than not to arise (50%
plus rule). Accruals (see note 43) are carried under liabilities.
Foreign currency receivables and liabilities are translated
at the closing rate, and the resulting changes in carrying
amounts are recognized in the income statement.
Deferred tax assets and liabilities are accounted for using
the balance sheet approach on the basis of the enacted or
expected tax rates applicable to future distributions.
In accordance with IAS 39, all financial instruments,
including derivatives, are recognized and measured at
amortized cost or fair value, depending on the category to
which they are assigned.
In the case of finance leases, assets are capitalized and
the residual liability is recognized as an expense using the
allocation criteria set out in IAS 17.
2
Financial Statements
Statement of Changes in Equity / Notes
Notes to the Consolidated Financial Statements of Deutsche Post AG
for the period ended December 31, 2002