Audited by PwC

Impact of new accounting standards

In 2008, the following standard and interpretations with relevance for Novozymes were brought into effect and implemented:

  • IFRS 8 "Operating Segments"
  • IFRIC 11 and 14

The implementation has lead to further disclosures, but not resulted in any changes in recognition and measurement.

Standards and interpretations adopted, but not brought into effect and implemented as at December 31, 2008, include:

  • "Improvements to IFRSs 2008"
  • Admendment to IFRS 2 "Vesting conditions and cancellations"
  • Revised IFRS 3 "Business combinations"
  • Revised IAS 1 "Presentation of financial statements"
  • Revised IAS 23 "Borrowing costs"
  • Revised IAS 27 "Consolidated and separate financial statements"
  • IFRIC 12 and 15–17

Implementation of these will lead to further specifications in the Notes, but no material changes in recognition and measurement. The most significant changes pursuant to IFRS 3 are that acquisition costs must be expensed and that it is possible to use the full goodwill method. In addition, borrowing costs relating to qualifying assets must be capitalized pursuant to IAS 23. The requirement for proceeds of government loans at below-market rates of interest to be recognized at market value may also become relevant to Novozymes.