Note 17 - Basis for preparation:
The accompanying consolidated financial statements at December 31, 2015, 2016 and 2017 have been prepared in accordance with the IFRS and their Interpretations (IFRIC) as issued by the International Accounting Standard Board (IASB).
17.1) Basis of measurement
The consolidated financial statements have been prepared on the historical cost basis. The consolidated financial statements have been prepared under the going concern basis.
17.2) Use of estimates and judgments
The preparation of consolidated financial statements requires Management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenues and expenses. The areas involving a higher degree of judgment or complexity, or the areas where assumptions and estimates are significant to the consolidated financial statements, are described in Note 20.
Critical estimates and assumptions are reviewed regularly. Adjustments to the accounting estimates are recognized in the period in which the estimate is reviewed and in any future period affected.
