Výročná správa 2009 - Komunálna Poisťovňa

(All amount are in thousands of Euros, unless stated otherwise)The address:KOMUNÁLNA poisťovňa, a.s. Vienna Insurance GroupŠtefánikova 8,811 05 Bratislava, Slovak republicCorporate ID number: 31 595 545Tax ID number: 202 10970892 Summary of Significant Accounting Policies2.1 Basis for preparationThese financial statements have been prepared in accordance with Article 17a), paragraph1, of Act 431/2002, as amended, and in accordance with International Financial Reporting Standardsas adopted by EU (“IFRS”).The Company is part of VIENNA INSURANCE GROUP Wiener Städtische Versicherung AG(“the Group”).The financial statements were prepared on the basis of the historical prices principle, withthe exception of financial assets available for sale and financial assets and liabilities, which arepresented at fair value through profit and loss.The preparation of financial statements in accordance with IFRS requires using certain accountingestimations. It also requires the management to make certain decisions about the applicationof the Company’s accounting methods. Areas which require a higher degree of judgementor show higher complexity, or areas where there are assumptions and estimations material for thefinancial statements are stated in Note 3.All amounts in the notes are shown in thousands of Euros, unless stated otherwise.The Board of Directors may propose to the Company’s shareholders to amend the financialstatements even after their approval by the General Meeting. However, according to Article 16,paragraphs 9 to 11 of the Accounting Act, an entity’s accounting records cannot be reopened afterthe financial statements have been prepared and approved. If, after the financial statements havebeen approved, management identifies that the comparative information would not be consistentwith the current period’s information, the Accounting Act allows entities to restate comparativeinformation in the accounting period in which the relevant facts are identified.Euro conversionBy signing the accession treaty to the European Union (on 16 April 2003 in Athens), theSlovak Republic was obliged to accede to the Economic and Monetary Union and to adopt thecommon currency – the Euro. Due to the National Plan for Euro Adoption in the Slovak Republic,Slovakia adopted the common European currency on 1 January 2009. Part of Euro conversionincluded changes in accounting and reporting.As of 1 January 2009, Slovakia adopted the Euro as the single legal tender in the country. Theconversion from Slovak crowns to the Euro, including the valuation of assets, liabilities, and equity,was effected using the agreed conversion rate of EUR 1 = SKK 30.1260.Adoption of New or Revised Standards and InterpretationsIFRS 8, Operating Segments (effective for annual periods beginning on or after 1 January2009). The standard applies to entities whose debt or equity instruments are traded in a publicmarket or that file, or are in the process of filing, their financial statements with a regulatory organizationfor the purpose of issuing any class of instruments in a public market. IFRS 8 requires anentity to report financial and descriptive information about its operating segments, with segmentinformation presented on a similar basis to that used for internal reporting purposes. The Companydoes not expect IFRS 8 to affect the financial statements. This standard has been adoptedby the EU.Ročná účtovná závierka a komentár I Company Accounts99