Výročná správa 2009 - Komunálna Poisťovňa

(All amount are in thousands of Euros, unless stated otherwise)Unless otherwise described above, the new standards and interpretations are not expected tosignificantly affect the Company’s financial statements.Changes in presentationWhere necessary, corresponding figures have been adjusted to conform to the presentationof the current year amounts.Opening statement of financial position at the beginning of the earliest comparativeperiod presented and related information in the notes. The revised IAS 1, which became effectivefrom 1 January 2009, requires an entity to present a statement of financial position as atthe beginning of the earliest comparative period (‘opening statement of financial position’), whenthe entity applies an accounting policy retrospectively or makes a retrospective restatement, orwhen it reclassifies items in its financial statements. Therefore, an entity that makes such a priorperiod adjustment or reclassification normally presents, as a minimum, three statements of financialposition, two of each of the other statements, and related notes.In 2009, the Company made restatements required by the amended IAS 1 that do not have animpact on the statement of financial position. For example, the Company now presents gains andlosses from revaluation of Financial assets available for sale in the statement of comprehensiveincome rather than in the statement of changes in equity. IAS 1 suggests that the opening statementof financial position should be presented even if the restatements have an impact only on theother primary statements. In these circumstances, management considered whether omitting theopening statement of financial position at 1 January 2008 would represent a material omission ofinformation. In management’s opinion, the omission of the opening statement of financial position,where the restatement or reclassification does not affect any statement of financial position (andthat fact is disclosed), is not material and is therefore permitted. Management considered thatmateriality of an omission is measured against its ability to influence the economic decisions ofthe users of the financial statements.Presentation of each item of ‘other comprehensive income’ in the statement of changesin equity. The revised IAS 1 which became effective from 1 January 2009 requires an entity topresent for each component of equity, a reconciliation between the carrying amount at the beginningand the end of the period, separately disclosing each change. This could include presentingprofit or loss and each item of ‘other comprehensive income’ in the statement of changes in equity.Management considered materiality and concluded that it is sufficient for an entity to present suchinformation only in the statement of comprehensive income and that repeating the same informationin the statement of changes in equity, is not a material omission of information. In reachingthis conclusion, Management considered the examples provided in the guidance on implementing,which accompanies the revised IAS 1, but is not a mandatory part of that standard.2.2 Foreign currency translation(i) Functional and presentation currencyItems included in the financial statements of the Company are measured using the currencyof the primary economic environment in which the entity operates (the ‘functional currency’). Thefinancial statements are presented in Euro which is the Company’s functional and presentationcurrency.The Slovak Republic adopted the Euro as the sole legal tender with effect from 1 January 2009and the Slovak crown functional currency by 31 December 2008) ceased to exist. For the purposeof the financial statements the Company converted the comparative data from Slovak crowns toEuros using the exchange rate referred to below, and rounded them to the whole thousands ofEuros.At 31 December 2008, the balance-sheet items were converted to Euros using the approvedconversion rate of EUR 1 = SKK 30.1260 (for opening balances at 1 January 2008, the exchangerate of EUR 1 = SKK 33.603 was used).The income statement items and the changes in ‘other comprehensive income’ were convertedto Euros using the average rate for 2008 published by the NBS – EUR 1 = SKK 31.291.Ročná účtovná závierka a komentár I Company Accounts111