The consolidated financial statements of the Novozymes Group have been prepared in accordance with the International Financial Reporting Standards (IFRS), as adopted in the EU, and additional Danish requirements on the presentation of accounts. Novozymes has prepared its consolidated financial statements in accordance with all the IFRS standards in force. The accounting policies are unchanged from the previous year. The consolidated financial statements have been prepared under the historical cost convention, with the exception of the following items, which are recognized at fair value:
Some of the information required pursuant to IFRS is contained in the Board of Directors' report and Risk factors. The rest will be found in the following sections.
Reporting of selected environmental, social and knowledge data is based on an assessment of which data is of particular significance for Novozymes’ long-term earnings capacity. We also believe this data to be of greatest relevance to our key stakeholders. Information on Novozymes’ use of the GRI-indicators will be found in the online report under Supplementary reporting.
Environmental, social and knowledge data is an integrated part of the Annual Report and is covered by the statutory audit performed by the auditor elected by the Annual General Meeting.