The consolidated financial statements are presented in accordance with the International Financial Reporting Standards (IFRS) established by the International Accounting Standards Board (IASB) and the interpretations issued by the IFRS Interpretations Committee (IFRIC) which have been endorsed by the European Commission for application in the EU.
The applied standards and interpretations are those that were in force and had been endorsed by the EU at 1 January 2012. Furthermore, the Swedish Financial Reporting Board’s recommendation RFR 1, Supplementary Accounting Rules for Groups, has been applied.
The consolidated interim report is presented in accordance with IAS 34, Interim Financial Reporting, and in compliance with the relevant provisions in the Swedish Annual Accounts Act and the Swedish Securities Market Act. The same accounting and valuation methods apply as in the most recent annual report of LEAF.
The interim report for the Parent Company is prepared in accordance with the Swedish Annual Accounts Act and the Swedish Securities Market Act, which are consistent with the provisions in recommendation RFR 2, Accounting for Legal Entities. The same accounting and valuation methods apply as in the most recent annual report of the Parent Company.
For detailed information about the accounting policies, see Cloetta AB’s annual report for 2014.
Accounting policies – business combinations
The Group applies the acquisition method of accounting for business combinations. The acquirer for accounting purposes is identified as the entity that obtains control of the acquiree. The consideration transferred for the acquisition of the acquiree consists of the fair value of the assets transferred, the liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group. Identifiable assets, liabilities and contingent liabilities assumed in a business combination are initially measured at their fair values on the acquisition date.
At acquisition, goodwill is measured as the excess of the aggregate of the consideration transferred over the fair value of net identifiable assets acquired and liabilities assumed.