These financial statements have been prepared in accordance with international accounting standards (IAS/IFRS) published by the International Accounting Standards Board (“IASB”) and ratified by the European Union, together with all the measures issued in implementation of Art. 9 of D. Lgs. no. 38/2005, including all the interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”), previously known as the Standing Interpretations Committee (“SIC”).
The balance sheet is based on the principle of historical cost, modified as required for the measurement of certain financial instruments, in compliance with the time principle and matching principles and the assumption that the business is an ongoing concern. In spite of the difficult economic and financial context, the Company has established that there are no significant uncertainties, as defined in paragraph 24 of IAS 1, regarding the fact that the business is an ongoing concern.
The classification criteria adopted are as follows:
- The statement of financial position is organized in opposing items on the basis of current and non-current assets and liabilities;
- The income statement is shown by type of expenditure;
- The comprehensive income statement shows the income items suspended in shareholders’ equity;
- The cash flow statement was prepared using the indirect method;
- The chart showing changes in shareholders’ equity gives a breakdown of the changes that took place in the year and in the previous year.
These financial statements are expressed in units of euro as far as the actual statements are concerned but the Notes to the Financial Statements are expressed in thousands of euro. The euro is the functional and presentation currency of CIR S.p.A. according to the terms of IAS 21, except where stated otherwise.
Events taking place after the balance sheet date
After the close of the year no important events took place which could have had a significant effect on the financial, equity and economic situation of the Company. See point 6 of the Report on Operations for a description of events which have taken place after the close of the year.
In accordance with the terms of paragraph 17 of IAS 10, it should be noted that publication of the financial statements was authorized by the Board of Directors of the Company on March 10 2011.
Below is a description of the accounting principles adopted in the
preparation of these Financial Statements as of December 31