Philips 2007 Annual Report Download - page 236
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Philips Annual Report 2007242
Introduction
Statutory nancial statements
The chapters IFRS nancial statements and Company nancial
statements contain the statutory nancial statements of Koninklijke
Philips Electronics N.V. (the ‘Company’).
Accounting policies applied
The nancial statements of the Company included in this chapter
are prepared in accordance with Part 9 of Book 2 of the Dutch Civil
Code. Section 362 (8), Book 2, Dutch Civil Code, allows companies
that apply IFRS as adopted by the European Union in their
consolidated nancial statements to use the same measurement
principles in their company nancial statements. The Company has
prepared these Company nancial statements using this provision.
The accounting policies are described in the section Signicant IFRS
accounting policies that begins on page 205 of this Annual Report.
Subsidiaries are accounted for using the net equity value in these
Company nancial statements.
Presentation of Company nancial statements
The balance sheet presentation deviates from Dutch regulations and
is more in line with common practice in the US in order to achieve
optimal transparency for Dutch and US shareholders.
Under this format, the order of presentation of assets and liabilities
is based on the decreasing degree of liquidity, which is common
practice in the US.
The income statement has been prepared in accordance with
Section 2:402 of the Dutch Civil Code, which allows a simplied
income statement in the Company nancial statements in the
event a comprehensive income statement is included in the
consolidated statements.
Additional information
For ‘Additional information’ within the meaning of Section 2:392 of
the Dutch Civil Code, please refer to the Auditor’s report on page
239 of this Annual Report, the Auditor’s report on page 245 of this
Annual Report, the section Proposed dividend to shareholders on
page 60 of this Annual Report, and note 70 for Subsequent events.
128 Group nancial statements 188 IFRS information 240 Company nancial statements
- Introduction
- Notes to the company
nancial statements