MAIN PAGE & EXAMPLE PAGE- REPORT - NEW - 3 STEP IT - Flipbook - Page 36
Employee pension schemes are funded through
compulsory insurance policies in accordance
with local regulations. Payments to pension insurance companies are accrued in correspondence with the salaries of the same period.
Intangible and tangible non-current assets are
stated at historical cost less accumulated depreciation or amortisation. Depreciation and amortisation are calculated on a straight-line basis
over the estimated useful lives of the assets as
Other long-term investments
Machinery and equipment
Foreign currency translation
The receivables and payables in foreign currency
are translated into euros using the exchange
rates prevailing at the balance sheet date.
Deferred tax liabilities and deferred tax assets
Deferred tax liabilities or assets are provided for
temporary differences arising between the taxation and the balance sheet using the relevant enacted tax rate. A deferred tax liability is recognised
fully in the balance sheet and a deferred tax asset
only to the extent that it is probable that future
taxable profits will be available against which the
temporary differences can be utilised. The tax
asset has not been recognised on tax losses of
subsidiaries according to the prudence principle.
Inventories are stated at cost. The inventory
consists of leasing agreement inventory, residual values of rented equipment, trading goods
returned after the leasing period, and buy-back
goods purchased from external counterparties.
The leasing agreement inventory consists of
the IT equipment agreements that will be sold
to the financiers. The purchase commitments
of the ending leasing contracts are presented in
the notes to the financial statements. Previously,
the accounting principle in Sweden has differed
from the Group’s accounting principle, but this
has now been changed following the acquisition.
All agreements valid at the date of acquisition
will continue to be handled according to the old
principle. After the leasing period the equipment
maintains a certain resale value, therefore no
provision has been reserved for the possible
ACCOUNTING PRINCIPLES OF THE
CONSOLIDATED FINANCIAL STATEMENTS
The consolidated financial statements of the
Group and the financial statements of the parent
company have been prepared in accordance with
the requirements of the Finnish Accounting Act
as well as other acts and accounting principles
generally accepted in Finland.
The consolidated financial statements include
the financial statements of the parent company,
3 Step IT Group Oy, and all its subsidiaries and
associated companies. The subsidiaries acquired
during the financial year are included in the consolidated financial statements from the date of
The Group’s turnover comprises the sales of
leasing contracts to the financiers, the sales of
returned devices, and the sales of different services according to the accrual basis of accounting.