Wärtsilä Interim Report January-June 2014
This interim financial report is prepared in accordance with IAS 34 (Interim Financial Reporting) using the same accounting policies and methods of computation as in the annual financial statements for 2013, except for the IFRS amendments stated below. All figures in the accounts have been rounded and consequently the sum of individual figures can deviate from the presented sum figure.
Use of estimates
The preparation of the financial statements in accordance with IFRS requires management to make estimates and assumptions that affect the valuation of the reported assets and liabilities and other information, such as contingent liabilities and the recognition of income and expenses in the statement of income. Although the estimates are based on the management’s best knowledge of current events and actions, actual results may differ from the estimates.
Of the amended International Financial Reporting Standards (IFRS) and interpretations mandatory as of 1 January 2014 the following are applicable on the Group reporting:
IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities, as well as the related amendments to IAS 27 and IAS 28. The standards have no significant impact on the Group's consolidated financial statements. IFRS 12 will expand the information disclosed in the financial statements regarding interests in other entities.
Amendments to IAS 32 Financial Instruments: Presentation: The amendments provide clarifications on the application of requirements for offsetting financial assets and financial liabilities on the statement of financial position. The amended standard is to be applied retrospectively. The amendments have no significant impact on the Group’s consolidated financial statements.
The standards have been approved for application in the EU.
This interim report is unaudited.