Notes to the Consolidated Financial Statements (continued)
(b) Upcoming changes in accounting policies for 2020
5 General accounting policies
General
(a) Basis of consolidation
(b) Foreign currency
O O Qs
Introduction Report of the Executive Board Report of the Supervisory Board
The restated amounts in the balance sheet as at 31 December 2018 are as follows:
As at 31 December 2018
Change in
2018
accounting policy
2018
In millions of
Reported
IAS 37
Restated
Deferred tax assets
622
4
626
Other non-current assets
1,084
136
1,220
Trade and other receivables
3,740
55
3,795
Total assets
41,956
195
42,151
Shareholders' equity
14,358
167
14,525
Non-controlling interests
1,182
1
1,183
Provisions (non-current)
846
(13)
833
Deferred tax liabilities
1,370
61
1,431
Current tax liabilities
266
(21)
245
Total equity and liabilities
41,956
195
42,151
Other new standards and amendments
Other changes effective in 2019 had no significant impact on the disclosures or amounts recognised in
HEINEKEN's consolidated financial statements.
None of the standards and amendments to standards effective in 2020 will have a significant impact on
HEINEKEN's consolidated financial statements.
Financial Statements
Sustainability Review
Heineken N.V. Annual Report 2019 ^70^
Other Information
The accounting policies described in these consolidated financial statements have been applied consistently
to all periods presented in these consolidated financial statements, except for the changes in accounting
policies described in note 4.
The consolidated financial statements are prepared as a consolidation of the financial statements of the
Company and its subsidiaries. Subsidiaries are entities controlled by HEINEKEN. HEINEKEN controls an entity
when it has power over the investee, is exposed or has the right to variable returns from its involvement with
that entity and has the ability to affect those returns through its power over the entity. Control is generally
obtained by ownership of more than 50% of the voting rights.
The financial statements of subsidiaries are included in the consolidated financial statements from the date
that control commences until the date that control ceases. Accounting policies of subsidiaries have been
changed where necessary to ensure consistency with the policies adopted by HEINEKEN.
On consolidation, intra-HEINEKEN balances and transactions, and any unrealised gains and losses or income
and expenses arising from intra-HEINEKEN transactions, are eliminated. Unrealised gains arising from
transactions with associates and JVs (refer to note 10.3) are eliminated against the investment to the extent
of HEINEKEN's interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains,
but only to the extent that there is no evidence of impairment.
Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of HEINEKEN entities
using the exchange rates at transaction date. Receivables, payables and other monetary assets and liabilities
denominated in foreign currencies are re-translated to the functional currency using the exchange rates
at the balance sheet date. Resulting foreign currency differences are recognised in the income statement,
except for foreign currency differences arising on re-translation of Fair Value through Other Comprehensive
Income (FVOCI) investments and financial liabilities designated as a hedge of a net investment, which are
recognised in other comprehensive income.
Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are
re-translated to the functional currency at the exchange rate at the date that the fair value was determined.
Non-monetary items in a foreign currency that are measured at cost are translated into the functional
currency at the exchange rate at transaction date.
