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ACCOUNTING PRINCIPLES

The accounting principles applied in each financial period have been presented in the notes to the consolidated financial statements of the corresponding year and can be found from the annual report of the year in question.

The accounting principles 2017 can be found in the Annual Review 2017.

KONE has applied The International Financial Reporting Standards (IFRS) as of 1 January 2004. The main changes at that time compared with the previous standards (Finnish Accounting Standards, FAS) were:

  • Revenue Recognition, percentage of completion method to be implemented in long-term major projects
  • Leases, financial leases to be included in the balance sheet
  • Financial Derivatives and Instruments, to be valued at fair market price in the balance sheet
  • Goodwill, impairment testing to replace amortization
  • Employee benefits, valuation of defined benefit pension plans

IFRS 15

KONE Corporate Controller Roberto Molteni on IFRS 15