iLOQ-vuosikertomus 2018

Note 2

Basis for preparing the financial statements

The consolidated financial statements for the 2018 and 2017 financial periods have been prepared in compliance with the International Financial Reporting Standards (IFRS), adhering to the IAS and IFRS standards and SIC and IFRIC interpretations valid on 31 December 2017 for application in the EU. In addition, the company has applied the IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments standards in its consolidated financial statements for the 2018 and 2017 financial periods, exercising the option, as permitted by the standards, to apply them before they become mandatory.  “International financial reporting standards” refers to the standards approved for application in the Finnish Accounting Act and the provisions laid down pursuant to the Act in accordance with the procedures laid down in Regulation (EC) No 1606/2002 of the European Parliament and of the Council on the application of international accounting standards, as well as the interpretations of these standards. The notes to the consolidated financial statements also conform to the Finnish accounting and company legislation supplementing the IFRS standards.

The consolidated financial statements for the 2018 and 2017 financial periods combine the figures for the parent company with the figures for the subsidiaries (jointly referred to as the “Group”). The Group consists of the parent company and seven subsidiaries.