Accounting policies

The annual financial statements of the subsidiaries, special funds and special purpose entities included in the Group are governed by uniform accounting policies, the application of which is based on the principle of consistency. The accounting policies as well as changes in the accounting principles and changes in the presentation of the consolidated financial statement are explained below. Newly applicable accounting standards in the 2010 financial year are described in the section “General accounting principles and application of IFRS”, while the consolidation principles are discussed in the section “Consolidation”.