KONE - INVESTORS HOME INVESTORS REPORTS AND PRESENTATIONS ACCOUNTING PRINCIPLES ACCOUNTING PRINCIPLES The accounting principles applied in each financial period are presented in the notes to the consolidated financial statements of the corresponding year and can be found in the Annual Review of the year in question. KONE’s accounting principles are based on the International Financial Reporting Standards (IFRS) as adopted by the European Union, observing the standards and interpretations effective on the date of the financial statements. The accounting principles 2018 and more information can be found in the Annual Review 2018. In 2018, KONE has adopted new accounting standards issued by the International Accounting Standards Board, IFRS 15, Revenue from Contracts with Customers, and IFRS 9, Financial Instru­ments, effective on January 1, 2018. The most significant impact from the implementation of the IFRS 15 is the application of the percentage of completion rev­enue recognition method also in the volume new equipment and modernization businesses. In these businesses, revenue has previously been recognized upon the handover of the project to the customer, while long-term major projects have already been recognized under the percentage of completion method. With the new IFRS 15 principles, revenue is gradually recognized for all construction contracts at KONE based on the progress from the point when materials arrive at the customer site until the handover of the project. The implementation of IFRS 9 did not have a material impact in KONE’s consolidated financial statements. IFRS 15 and IFRS 9 restated financials KONE has adopted the new IFRS 15 and IFRS 9 effective January 1, 2018. The restated main tables can be found below. KONE 2017 restated main tables (pdf) KONE 2017 restated main tables (xls) On Thursday, November 16, 2017 an IFRS 15 webcast was organized, presented by our Corporate Controller Roberto Molteni. The aim of the call was to discuss the impacts of IFRS 15 on KONE’s financials. At the end of the call, participants had the chance to ask questions. You can see the presentation here and the recording of the webcast here. We use cookies to optimize site functionality and to give you the best possible experience while browsing our site. If you are fine with this and accept all cookies, just click the 'Accept' button. You can also review our privacy statement. Manage cookie preferences Accept only mandatory Accept all COMPANY Vision and strategy Culture Organization and management History Innovations PRODUCTS & SERVICES Elevators, escalators and automatic doors Maintenance and modernization Advanced people flow solutions People Flow Planning and Consulting For special buildings and large projects Solutions for greener buildings Cybersecurity in our digital solutions CAREERS Open positions Professionals and technical experts Students and graduates We offer Recruitment process FAQ INVESTORS KONE as an investment Financials and outlook Reports and presentations KONE Share Shareholders Capital Markets Days Annual general meetings Governance Investor service SUSTAINABILITY Environment Diversity and inclusion Ethics and compliance Safety and quality Our Sustainability Report Sustainability recognition REFERENCES NEWS & INSIGHTS Releases Stories Podcasts Publications QUICK LINKS Contact us Working at KONE For Suppliers For Distributors For Developers Follow us on social media Legal notice Data File Description Privacy Statement Enviromental Notice Manage cookie preference KONE Corporation Finland, KONE Oyj, Keilasatama 3, P.O. Box 7, Espoo, 02150, Finland (苏ICP备17069255号-2 | 沪公网安备 31010502002858号)