The Group’s financial reports were prepared in accordance with the Annual Accounts Act, the recommendations from the Swedish Financial Reporting Board’s RFR 1 Supplementary Accounting Rules for Groups and International Financial Reporting Standards (IFRS) as they have been adopted by the EU.
The consolidated financial statements were prepared in accordance with the cost method aside from those that concern any financial instruments which are consistently valuated at fair value. Other assets and liabilities are reported at historical cost in accordance with the cost method. The financial reports comprise the companies that the Group is made up of. The financial reports were prepared with consistent application of the accounting policies.
None of the EU approved new and amended standards and interpretations from the IFRS Interpretation Committee are currently assessed to materially impact Novedo’s earnings or financial position. This is also true of Swedish regulations.
For more detailed information on the company’s accounting policies, refer to Note 2 of the 2021 Annual Report.