Annual Report 2009/2010 Geschäftsbericht 2009/2010 ... - biolitec AG

100 Annual Financial Statement Konzern-Jahresabschluss
Accounting of leasing
A leasing relation is classified as an operating lease, if basically all risks and chances which are connected
to ownership remain with the lease provider. Leasing payments within an operating lease are recognized
as expenditure in the profit and loss calculation linear to the maturity of the leasing relation.
The leasing objects whose contractual basis is to be classified as a finance leasing are initially balanced
as fixed assets with the fair value or the lower actual cash value of the leasing payments and are diminished
by scheduled depreciations within the scope of the subsequent evaluation.
A leasing relation is classified as a finance lease if basically all chances and risks linked with the property
are transferred to the lessee. Hence, the classification of leasing relations is dependent on the content
of the arrangement and not from a certain formal contract form.
Inventories
Inventories are measured at acquisition cost pursuant to the lower of cost principle. Goods are measured
at production costs. Production costs include, pursuant to IAS 2, the material, the direct labour as
well as the labour costs of material and general production costs that are regarded as items to be capitalized.
Interest on debt is not capitalized. As far as risks of storing are at hand, e.g. due to reduced usability
after longer storage, adequate value reductions were calculated. Apart from standard property
rights the inventories are free from minority interests.
Accruals
Accruals are recognized in case of existing obligations in favor of a third party when the drawing of such
an obligation is probable and the required accrual amount is estimable. As to the actual amount and
due date of these obligations there is uncertainty. The effects of price increases are taken into account
in the calculation of other accrued expenses. Accrued expenses are recorded at their present cash value,
as far as the underlying liabilities contain an interest portion.
Taxes
Income taxes are displayed as taxes on taxable earnings in the different countries as well as changes in
the deferral and accrual of taxes. Based on the adopted legal regulations valid at the date of reporting
the actual taxes on profits will be captured in the amount which is expected to be paid.
Income taxes are calculated according to IAS 12 on the basis of the so-called liability method. Deferred
taxes are assessed for expected future tax effects due to differences in the valuation of assets and liabilities
for tax purposes and the value assessment in the consolidated accounts, as well as for tax-related
losses carried forward which can, with sufficient probability, be realized in the subsequent years.
Deferred taxes are identified on the basis of tax rates in effect, or expected to be in effect at the time of
realization according to the current legal situation. The valuation and evaluation of active deferred taxes
is re-examined on every balance sheet date and treated according to IAS 12.37 and IAS 12.56 with consideration
of current estimates.
Deferred taxes will not be accumulated if the temporary difference from a value of the goodwill or a
negative difference amount or from the first-time inclusion (from other commercial incidents than a
merger) of other assets and debts originates in a transaction which affects neither taxable nor the commercial
result.