Basic HTML Version
financial statements 2011
15
Notes to the Consolidated
Financial Statements
1. Accounting Policies Ap-
plied to the Consolidated
Financial Statements
Basic Information
The Edita Group produces printing and marketing
communications production services, publishes books
and maintains online services. The Group’s parent
company, Edita Plc, is a Finnish public limited company
domiciled in Helsinki. The registered address of the
parent company is Hakuninmaantie 2, FI-00430 Hel-
sinki, Finland. The consolidated financial statements are
available on the Group’s website at the address
at the parent company’s head office.
These financial statements were approved for
publication by the Board of Directors of Edita Plc at its
meeting held on February 10, 2012. According to the
Finnish Limited Liability Companies Act, shareholders
have the opportunity to accept or reject the financial
statements at the Annual General Meeting held after
their publication. The Annual General Meeting may
also decide to amend the financial statements.
Accounting Basis
The consolidated financial statements have been
prepared in accordance with the International Financial
Reporting Standards (ifrs). In preparing them, the
International Accounting Standards (ias) and ifrs, to-
gether with their Standing Interpretations Committee
(sic) and International Financial Reporting Interpre-
tations Committee (ifric) interpretations, valid on
December 31, 2011 have been applied. The ifrs refer
to the standards and associated interpretations given
in the Finnish Accounting Act and in regulations issued
under it that are approved by the eu for application in
accordance with the procedure laid down in Regula-
tion (ec) No 1606/2002. The Notes to the Consoli-
dated Financial Statements also meet the provisions of
Finnish accounting and company law that supplement
the ifrs.
The consolidated financial statements’ figures are
presented in thousands of euros and are based on
original acquisition costs unless otherwise notified in
the accounting policies.
The Group has applied the following new and
revised standards and interpretations as of January 1,
2011:
– Amendment to ias 32
Financial Instruments: Presen-
tation – Classification of Rights Issues
(effective for
financial periods beginning on or after February 1,
2010). The amendment applies to the accounting
treatment (classification) of rights issues (rights,
options or warrants) denominated in currencies
other than the functional currency of the issuer.
The amendment has had no effect for consolidated
financial statements.
– ifric 19
Amortization of financial liabilities using putta-
ble financial instruments classified as equity
(effective
for financial periods beginning on or after July 1,
2010). The interpretation clarifies account-handling
cases where the company renegotiates the condi-
tions of its financial liabilities and, as a result, put-
table financial assets classified as equity are issued
in order to amortize the financial liabilities either in
part or as a whole. The interpretation has had no
effect for consolidated financial statements.
– Amendment to the interpretation ifric 14
Prepay-
ments of a Minimum Funding Requirement
(effective
for financial periods beginning on or after January 1,
2011). The amendment is to correct the undesired
effect resulting from interpretation ifric 14 ias 19
– The Limit on a Defined Benefit Asset, Minimum
Funding Requirements and their Interaction. After
the amendments, companies may classify certain
voluntary prepayments of a minimum funding
requirement as assets in the balance sheet. The
amendment has had no effect for consolidated
financial statements.
– The revised ias 24
Related Party Disclosures
(ef-
fective for financial periods beginning on or after
January 1, 2011). The definition of Related Party has
been further specified and certain requirements
for notes to financial statements related to organi-
zations with public authority have been amended.
The revised Standard has had no significant effect
on the consolidated financial statements.
– Amendment to ifrs 1
First-time Adoption of Inter-
national Financial Reporting Standards – Limited