HEINEKEN N.V. ANNUAL REPORT 2008 In particular, information about significant areas of estimation uncertainty and critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the consolidated financial statements are described in the following notes: Note 6 Acquisitions and disposals of subsidiaries and minority interests, t Note 15 Intangible assets. Note 16 Investments in associates and joint ventures. Note 17 Other investments. Note 18 Deferred tax assets and liabilities. Note 26 Employee benefits. Note 27 Share-based payments - Long-Term Incentive Plan. Note 28 Provisions and note 32 Contingencies. Note 30 Financial risk management and financial instruments. 3 Significant accounting policies (e) General The accounting policies set out below have been applied consistently to all periods presented in these c insolidated financial statements and have been applied consistently by Heineken entities. (iChange in accounting policies joint ventures J( int ventures ('JVs') are those entities over which Fleineken has joint control, established by contractual a jreement and requiring unanimous consent for strategic financial and operating decisions. F :ineken decided to change the accounting treatment for JVs from the proportional consolidation method t the equity method as from 1 January 2008. This decision was based on Exposure Draft 9 ('ED 9') as issued ii September 2007 by the international Accounting Standards Board ('IASB'), which proposes to only allow t e equity accounting method for JVs. The accounting policy is also in line with most of Heineken's peers. J ken into account the above, the equity method provides reliable and more relevant information. T is change in accounting policy was recognised retrospectively in accordance with IAS 8 'Accounting F iicies, Changes in Accounting Estimates and Errors', and comparatives have been restated. The change accounting policy had a negative impact for the year ended 31 December 2007 of €1,319 million on r i/enue and €139 million on results from operating activities. The share of profit of associates and JVs oositively impacted by €29 million. Total assets as at 31 December 2007 decreased by €1,014 million c e to this policy change. The restatement had no impact on equity and profit attributable to equity t iders of the Company. I applicable, the 2007 amounts as included in the notes to these consolidated financial statements c at and for the year ended 31 December 2007 have been restated as a result of this policy change. Basis of consolidation Subsidiaries S bsidiaries are entities controlled by Heineken. Control exists when Heineken has the power, directly or Jirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. I assessing control, potential voting rights that currently are exercisable or convertible are taken into c count. The financial statements of subsidiaries are included in the consolidated financial statements from t e date that control commences until the date that control ceases. Accounting policies have been changed v tere necessary to ensure consistency with the policies adopted by Heineken.

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2008 | | pagina 75