TAILIEUCHUNG - Accounting principles: The consolidated financial ...

The consolidated financial statements include the accounts of Koninklijke Philips Electronics . (‘Royal Philips Electronics' or ‘the Company') and companies that are majority-owned or otherwise controlled. Minority interests are disclosed as share of other group equity in group income in the consolidated statement of income and as other group equity in the consolidated balance sheet. Intercompany transactions and balances have been eliminated. Investments in companies in which Royal Philips Electronics exerts significant influence, but does not control the financial and operating decisions, are accounted for by the equity method. Generally, significant influence is presumed to exist if at least 20% of the voting stock is owned. The Company's share. | 72 Accounting principles The consolidated financial statements are prepared on a basis consistent with generally accepted accounting principles in the Netherlands Dutch GAAP . Historical cost is used as the measurement basis unless otherwise indicated. Consolidation principles The consolidated financial statements include the accounts of Koninklijke Philips Electronics . Royal Philips Electronics or the Company and companies that are majority-owned or otherwise controlled. Minority interests are disclosed as share of other group equity in group income in the consolidated statement of income and as other group equity in the consolidated balance sheet. Intercompany transactions and balances have been eliminated. Investments in companies in which Royal Philips Electronics exerts significant influence but does not control the financial and operating decisions are accounted for by the equity method. Generally significant influence is presumed to exist if at least 20 of the voting stock is owned. The Company s share of the net income of these companies is included in results relating to unconsolidated companies in the consolidated statement of income. Investments in companies in which Royal Philips Electronics does not exert significant influence are carried at cost or if a long-term impairment exists at lower net realizable value. Foreign currencies The financial statements of foreign operations are translated into the Dutch guilder the Company s reporting currency. Assets and liabilities are translated using the exchange rates on the respective balance sheet dates. Income and expense items are translated based on the average rates of exchange for the periods involved. The resulting translation adjustments are charged or credited to stockholders equity. Cumulative translation adjustments are recognized as income or expense upon disposal of foreign operations. The functional currency of foreign operations is generally the local currency unless the primary economic .

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