Ubisoft 2009 Annual Report Download - page 88

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2.1.6.4 Declaration of conformity
The consolidated financial statements for the year ended March 31, 2010 have been prepared in accordance with
the International Financial Reporting Standards (IFRS) applicable at March 31, 2010, as adopted by the European
Union.
Only the standards approved by the European Commission and published in its official journal before March 31,
2010, and whose application was mandatory as of April 1, 2009, have been applied by the Group to the
consolidated financial statements for the year ended March 31, 2010. No standard or interpretation whose
application has become mandatory since March 31, 2010 has been applied early to the consolidated financial
statements for the year ended March 31, 2010.
The IFRS standards as adopted by the European Union differ in some ways from the IFRS standards published
by the IASB. However, the Group has made sure that the financial information presented would not have been
substantively different if it had applied IFRS standards as published by the IASB.
The Group applied the following for the first time as of April 1, 2009:
- IFRS 8 "Operating Segments”. The application of this standard has very little impact on the segment reports
provided, insofar as these reports were already aligned with the segments monitored operationally by
management (cf. § 2.1.6.9.2).
- IAS 1 (revised) “Presentation of Financial Statements”. The Group has chosen to present two separate
statements: one statement giving a breakdown of components in the net profit (loss) “Consolidated income
statement” and one statement giving a breakdown of losses and gains recognized directly in equity “Statement of
net income and of gains and losses recognized directly in equity” (cf. § 2.1.3).
The other IFRS standards, amendments and interpretations below had no impact on the accounts:
- IFRS 2 (amended) – Share-based Payment;
- IAS 23 (revised) – Borrowing Costs;
- IAS 32 (amended) – Puttable Financial Instruments and Obligations Arising on Liquidation;
- The improvements made to international financial reporting standards in 2008;
- IFRIC 12 – Service Concession Arrangements;
- IFRIC 13 – Customer Loyalty Programmes;
- IFRIC 14 – The Limit on a Defined Benefit Asset;
- IFRIC 16 – Hedges of a Net Investment in a Foreign Operation;
- IFRS 7 (amended) – Financial Instruments: Disclosures;
- IAS 39 – Embedded Derivatives.
Options used when preparing financial information during the transition to IFRS
In accordance with the provisions of IFRS 1, the Group opted for the following exemptions from the general
principle of retrospectively applying IFRS when drawing up its opening balance sheet for 2004 and preparing its
first IFRS accounts.