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4 Significant accounting judgments, estimates and assumptions in applying accounting policies
The preparation of consolidated financial statements is dependent upon estimates and assumptions being made in applying the accounting policies for which management can exercise a certain degree of judgment. In applying the relevant accounting policies to the consolidated financial statements, certain assumptions and estimates have to be made about the future that may have a material influence on the amount and presentation of assets and liabilities, revenues and expenses as well as the disclosures in the notes. The estimates used in preparing the consolidated financial statements and valuations are based on empirical values and other factors which are deemed appropriate in the given circumstances. The following estimates used and assumptions made in applying the accounting policies have a critical influence on the consolidated financial statements.
| Description | Arbitrary decisions and estimation insecurity | Further information | ||
|---|---|---|---|---|
| Recoverability of Goodwill | Key assumptions such as projected cash flows, the discount rate (WACC) and long-term growth rate for determination of recoverable amount | Note 24 | ||
| Defined benefit obligations | Key assumptions such as discount rate, future salary and pension increases, interest on pension plan savings as well as life expectancy for valuing the retirement-benefit obligations | Note 10 | ||
| Provisions for dismantlement and restoration costs | Future costs for dismantlement and restoration as well as the date of the dismantlement | Note 28 | ||
| Provision for regulatory and competition law procedures | Probability of occurring event and value of the expected cash outflow | Note 28 | ||
| Allowances for doubtful receivables | Measurement of allowances taking into account historical experience with receivable losses | Note 18 | ||
| Recognition of deferred tax assets | Possibility of achieving future taxable profits which can be offset against the available tax loss-carry forwards | Note 15 | ||
| Useful lives of property, plant and equipment | Estimate of useful lives taking into account the expected use, expected physical wear, technology developments as well as past experience with comparable assets | Notes 3.7 and 23 |