1 Accounting policies
Basis of preparation
Swisscom operates in business areas where the provision of services is not subject to any major seasonal or cyclical fluctuations during the financial year. Income taxes are calculated on the basis of an estimate of the expected income tax rate for the full year. For the consolidated interim financial statements, a CHF/EUR exchange rate of 1.087 was used as the end-of-period rate (31 December 2015: CHF/EUR 1.084) and 1.096 as the average rate for the period (prior year: CHF/EUR 1.069).
Changes in accounting principles
As of 1 January 2016, Swisscom adopted various amendments to existing International Financial Reporting Standards (IFRS) and Interpretations, none of which have a material impact on the consolidated financial statements of Swisscom.