To the extent that significant discretionary decisions are made by management in the application of accounting methods, these are described in the following Notes. The preparation of the consolidated financial statements requires that assumptions and estimates be made to a certain extent. This affects the amount of assets and liabilities, information on contingent assets and liabilities, as well as reported income and expenses. Corresponding estimation uncertainty results, for example, when measuring intangible assets, property, plant and equipment, as well as provisions. In each case, the assumptions and estimates are based on the state of knowledge and data available as of the reporting date; however the actual results may deviate from the expected values and lead to corresponding adjustments of book values for the assets and liabilities. The assumptions and estimates relevant to the preparation of the consolidated financial statements are reviewed on an ongoing basis. Changes to estimates are taken into account in the period in which the change was made as well as in future periods insofar as the change relates to both the reporting period and later periods. The material assumptions and parameters for the estimates made are presented in the respective Notes.
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