IMC ANNUALREPORT 2020 - Flipbook - Page 40
FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. GENERAL
The consolidated financial statements of IMC B.V. (“the Company”)
and its subsidiaries (together, “the Group”) for the year ended
31 December 2021 were authorized for issue in accordance with a
resolution of the Company’s Management Board and the Supervisory
Board on 16 March 2022. IMC B.V. is incorporated and domiciled in
the Netherlands. The principal office of the Company is at the
Amstelveenseweg 500, Amsterdam, and is registered with the Trade
Register of the Chamber of Commerce under number 33212299. The
activities of the Group mainly comprise of trading in derivatives and
securities on financial markets around the world.
2. SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES
This note provides a list of the significant accounting policies adopted in
these consolidated financial statements to the extent they have not
already been disclosed in the other notes. These policies have been
consistently applied to all the years presented, unless otherwise stated.
Changes to significant accounting policies and presentation are
described in Note 2.2.
2.1. BASIS OF PREPARATION
Consolidated
financial statements
Notes to the consolidated
financial statements
Company
financial statements
Other information
Independent Auditor’s report
The consolidated financial statements of IMC B.V. are prepared in
accordance with International Financial Reporting Standards (IFRS) as
endorsed by the European Union (EU), interpretations issued by the
IFRS Interpretations Committee (IFRS IC) applicable to companies
reporting under IFRS and Part 9, Book 2 of the Dutch Civil Code. The
financial statements have been prepared on a historical cost basis,
except for financial assets and liabilities, which are measured at fair
value. The assets and liabilities are presented in order of assumed
liquidity, as this is deemed the more relevant presentation given the
nature of the business.
The notes to the financial statements are prepared using the concepts
of materiality, transparency, and relevance. Therefore, information not
considered material in terms of quantitative and qualitative measures is
not separately presented or disclosed in the notes.
IMC ANNUAL REPORT 2021
The company financial statements have been prepared in accordance
with Part 9, Book 2 of the Dutch Civil Code.
In accordance with article 402, Book 2 of the Dutch Civil Code, the profit
and loss account in the company financial statements is presented in
line with respective rules and regulations in abbreviated form.
2.2. CHANGES TO SIGNIFICANT ACCOUNTING POLICIES AND
PRESENTATION DURING THE YEAR
New standards and amendments applicable 1 January 2021
A number of new standards are effective from 1 January 2021, however
they do not have an impact on the Group’s financial statements.
New standards and amendments not yet effective
A number of new standards and amendments to standards are
effective for annual periods beginning on or after 1 January 2021, and
earlier adoption is permitted; however, the Group has not adopted them
early in preparing these consolidated financial statements.
The following new standards that are not yet effective, are not expected
to have a significant impact on the Group’s consolidated financial
statements.
Property, plant and equipment: proceeds before intended use –
amendments to IAS 16, effective 1 January 2022
Reference to the conceptual framework – amendments to IFRS 3,
effective 1 January 2022
Onerous Contracts – cost of fulfilling a contract amendments
to IAS 37, effective 1 January 2022
Annual improvements to IFRS Standards 2018–2020, effective
1 January 2022
Classification of liabilities as current or non-current – amendments
to IAS 1, effective 1 January 2023
IFRS 17 insurance contracts and amendments to IFRS 17 insurance
contracts, effective 1 January 2023
Disclosure of accounting policies – amendments to IAS 1 and IFRS
practice statement 2, effective 1 January 2023
Definition of accounting estimates – amendments to IAS 8, effective
1 January 2023
Deferred tax related to assets and liabilities arising from a single
transaction – amendments to IAS 12, effective 1 January 2023
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