Annual report - HSE

4.5 Notes to the financial statements
4.5.1 Reporting company
HSE d.o.o. (hereinafter: the “company”) is a company with its registered office in Slovenia.
Its registered office is located at Koprska ulica 92, Ljubljana.
The financial year of the company is equal to the calendar year. The separate financial
statements of the company for the year ended 31 December 2011 are presented below.
The company HSE is the controlling company of the HSE Group, registered in Slovenia.
4.5.2 Basis for preparation
In the preparation of financial statements as at 31 December 2012, the company considered:
• IFRS, which include International Accounting Standards (IAS), Interpretations issued by
the Standing Interpretations Committee (SIC), International Financial Reporting Standards
(IFRS) and Interpretations issued by International Financial Reporting Interpretations
Committee (IFRIC) as adopted by the European Union (hereinafter: the “EU”);
• Companies Act;
• Energy Act;
• Corporate Income Tax Act;
• Rules on the implementation of the Corporation Tax Act and its implementing regulations;
• Accounting Rules of the company; and
• other applicable legislation.
A) Standards and interpretations effective in the current period
In the current period the following amendments to existing standards issued by the
International Accounting Standards Board (IASB) and adopted by the EU apply:
• Amendments to IFRS 7 Financial Instruments: Disclosures - Transfers of Financial
Assets, adopted by the EU on 22 November 2011 (effective for annual periods beginning
on or after 1 July 2011).
The adoption of these amendments to the existing standards has not led to any changes in
the company’s accounting policies.
B) Standards and interpretations issued by IFRIC and adopted by the EU but
not yet effective
At the date of authorization of these financial statements the following standards, revisions
and interpretations adopted by the EU were in issue but not yet effective:
Annual Report HSE 2012
4 Financial Report of the company HSE
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• IFRS 10 Consolidated financial statements, adopted by the EU on 11 December 2012
(applicable to the annual periods starting with 1 January 2014 or later).
• IFRS 11 Joint arrangements, adopted by the EU on 11 December 2012 (applicable to the
annual periods starting on or after 1 January 2014).
• IFRS 12 Disclosure of interests in other entities, adopted by the EU on 11 December 2012
(applicable to the annual periods starting on or after 1 January 2014).
• IFRS 13 Fair value measurement, adopted by the EU on 11 December 2012 (effective for
the annual periods starting on or after 1 January 2013).
• IAS 27 (revised in 2011) Separate financial statements, adopted by the EU on 11
December 2012 (effective for annual periods beginning on or after 1 January 2014).
• IAS 28 (revised in 2011) Investments in associates and joint ventures, adopted by the
EU on 11 December 2012 (effective for annual periods beginning on or after 1 January
2014).