KONE’s accounting principles are based on the International Financial Reporting Standards (IFRS) as adopted by the European Union, observing the standards and interpretations effective on the date of the financial statements. The accounting principles applied in each financial period are presented in the notes to the consolidated financial statements of the corresponding year and can be found in the Annual Review of the year in question.
KONE adopted the new IFRS 16 effective January 1, 2019. KONE applied IFRS 16 using the modified retrospective approach by recognizing the cumulative effect of initially applying the standard in the opening balance sheet as of January 1, 2019, thus comparative information has not been restated.
IFRS 15 and IFRS 9 restated financials
In 2018, KONE adopted new accounting standards issued by the International Accounting Standards Board, IFRS 15, Revenue from Contracts with Customers, and IFRS 9, Financial Instruments, effective on January 1, 2018. The restated main tables can be found below.
The accounting principles 2018 and more information can be found in the Annual Review 2018.
On Thursday, November 16, 2017 an IFRS 15 webcast was organized, presented by our Corporate Controller Roberto Molteni. The aim of the call was to discuss the impacts of IFRS 15 on KONE’s financials. At the end of the call, participants had the chance to ask questions. You can see the presentation here and the recording of the webcast here.