Changes in Accounting and Valuation Methods

On September 5, 2018, the Accounting Standards Committee of Germany adopted ASCG Interpretation 4 (), which stipulates that provisions established for the tax territory of Germany for interest and penalties related to income taxes is no longer to be presented as tax provisions, but as other provisions. This relates, among other things, to expected interest on uncertain tax positions, which may no longer be reported as income tax expense, and must instead be shown under other financial result. Accordingly, effective December 31, 2017, WACKER reclassified €9.8 million in current tax provisions and €1.5 million in noncurrent tax provisions to other provisions. In the statement of income, €7.6 million was reclassified from income taxes to other financial result in 2017.

The International Financial Reporting Standards (until 2001 International Accounting Standards, IAS) are compiled and published by the London-based International Accounting Standards Board (IASB). Since 2005, publicly listed EU-based companies have been required to use IFRS in accordance with IAS regulations.

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