Management Board Report on the activity of the JSW S.A. for 2012
1.7. Principles of preparation of the annual financial statements the Management Board’s activity report
The financial statements for the financial year ended 31 December 2012 are prepared in accordance with International Financial Reporting Standards (“IFRS”) as approved by the European Union. The financial statements are prepared according to the principle of historical cost, with the exception of financial derivatives carried at fair value. The adopted accounting principles were employed using the principle of continuity in all of the presented financial years. The accounting (policy) principles applied to prepare the financial statements were presented in Note 2 to the Financial Statements of Jastrzębska Spółka Węglowa S.A. for the financial year ended 31 December 2012.
The financial statements are consistent with the requirements of the provisions of law and regulations of capital market institutions pertaining to the scope of activity reports, in particular:
Regulation issued by the Finance Minister on 19 February 2009 on the Current and Periodic Information Transmitted by Securities Issuers and the Conditions for Recognizing the Information Required by the Regulations of a Non-Member State as Equivalent, as amended.
Accounting Act of 29 September 1994.
Act of 15 September 2000 entitled the Commercial Companies Code.
Regulations of Giełda Papierów Wartościowych w Warszawie S.A. (Warsaw Stock Exchange) and the relevant resolutions adopted by the Management Board.
The Management Board’s report on the activity of Jastrzębska Spółka Węglowa S.A. for the financial year ended 31 December 2012 has been prepared in accordance with the principle of internal consistency of the document and compliance with the Financial Statements of Jastrzębska Spółka Węglowa S.A. for the financial year ended 31 December 2012, and covers the reporting period from 1 January to 31 December 2012 and the comparative period from 1 January to 31 December 2011.
