The consolidated financial statements of the SKF Group are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU). Furthermore, the Group is in compliance with the Swedish Financial Reporting Board’s RFR 1, Supplementary Accounting Rules for Groups, as well as their interpretations (UFR).
The Annual Report of the Parent company, AB SKF, has been signed by the Board of Directors on 7 March 2016. The income statement and balance sheet, and the consolidated income statement and consolidated balance sheet are subject to adoption at the Annual General Meeting on 31 March 2016.
The consolidated financial statements are prepared on the historical cost basis except as disclosed in the accounting policies in SKF Annual Report 2015, page 101.