2. Accounting Policies
2.1. Basis of Preparation
The consolidated financial statements are prepared on a historical cost basis with the exception of derivative financial instruments and available-for-sale investments, which are measured at fair value. The consolidated financial statements are presented in euros, which is the Company’s functional currency. All financial information presented in euros has been rounded to the nearest thousand (T€) except where indicated otherwise.
The preparation of the consolidated financial statements in conformity with International Financial Reporting Standards (IFRS) requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.
Statement of Compliance
The consolidated financial statements of Symrise AG have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and the supplementary provisions of Section 315 a Paragraph 1 of the HGB [Handelsgesetzbuch or German Commercial Code].