UNBOUNCE - EXAMPLE PAGE-REPORT-ENTERPRISE DOCUMENT-KINGSPAN - Flipbook - Page 133
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2021
1
Statement of Accounting Policies
General information
Kingspan Group plc is a public limited
company registered and domiciled in
Ireland. Its registered number is 70576 and
the address of its registered office is Dublin
Road, Kingscourt, Co Cavan.
The Group’s principal activities comprise
the manufacture of insulated panels,
rigid insulation boards, technical
insulation, architectural facades, data
and flooring technology, daylighting and
ventilation systems and water and energy
solutions. The Group’s Principal Subsidiary
Undertakings are set out on page 182
to 187.
Statement of compliance
The consolidated and Company financial
statements have been prepared in
accordance with International Financial
Reporting Standards (IFRSs) and their
interpretations issued by the International
Accounting Standards Board (IASB) as
adopted by the EU and those parts of
the Companies Acts 2014, applicable
to companies reporting under IFRS and
Article 4 of the IAS Regulation.
The Company has availed of the exemption
in Section 304 of the Companies Act 2014
and has not presented the Company
Income Statement, which forms part of
the Company’s financial statements, to its
members and the Registrar of Companies.
Basis of preparation
The financial statements have been
prepared on a going concern basis,
under the historical cost convention, as
modified by:
g measurement at fair value of share based
payments at initial date of award;
g certain derivative financial instruments
and deferred contingent consideration
recognised and measured at fair value;
and
g recognition of the defined benefit liability
as plan assets less the present value of the
defined benefit obligation.
The accounting policies set out below
have been applied consistently to all years
presented in these financial statements,
unless otherwise stated.
These consolidated financial statements
have been prepared in Euro. The Euro is the
presentation currency of the Group and
the functional and presentation currency
of the Company.
The Group uses a number of Alternative
Performance Measures (APMs) throughout
these financial statements to give
assistance to investors in evaluating the
performance of the underlying business
and to give a better understanding of how
management review and monitor the
business on an ongoing basis. These APMs
have been defined and explained in more
detail on page 175 to 178.
Changes in Accounting Policies and Disclosures
New and amended standards and interpretations effective during 2021
The following amendments to standards and interpretations are effective for the Group from 1 January 2021 and do not have a material
effect on the results or financial position of the Group:
Effective Date – periods
beginning on or after
Amendments to IFRS 9 Financial Instruments, IAS 39 Financial Instruments: Recognition and measurement,
IFRS 7 Financial Instruments: Disclosures, IFRS 4 Insurance Contracts and IFRS 16 Leases – Interest Rate
Benchmark Reform – Phase 2
1 January 2021
The following standard amendment was issued for annual reporting periods beginning on or after 1 April 2021 with earlier application
permitted and does not have a material effect on the results or financial position of the Group:
Effective Date – periods
beginning on or after
Amendments to IFRS 16 Leases - COVID-19 related rent concessions beyond 30 June 2021
1 April 2021
There are a number of new standards, amendments to standards and interpretations that are not yet effective and have not been
applied in preparing these consolidated financial statements. These new standards, amendments to standards and interpretations
are either not expected to have a material impact on the Group’s financial statements or are still under assessment by the Group. The
principal new standards, amendments to standards and interpretations are as follows:
Kingspan Group plc Annual Report & Financial Statements 2021
Financial Statements
