2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2.1 BASIS OF PREPARATION
The financial statements of Tecan Group Ltd. (the ‘Company’) have been prepared in accordance with the provisions on accounting and financial reporting of the Swiss Code of Obligations (32nd title) introduced on January 1, 2013.
Subsidiaries include all legal entities which are directly or indirectly owned and controlled by the Company.
As consolidated financial statements are provided, the Company is exempt from the disclosure of a management report, a cash flow statement and extended information in the notes.
2.2 ACCOUNTING AND VALUATION PRINCIPLES
2.2.1 INVESTMENTS IN SUBSIDIARIES
Investments are valued at historical costs less any impairment of value, applying the single-asset-valuation principle.
2.2.2 LOANS
Loans are valued at historical costs adjusted for foreign currency translation differences and less any impairment of value.
2.2.3 BONDS
Bonds are valued at nominal value. All transactions costs less the bond premium are recognized immediately in the income statement.
2.2.4 PROVISIONS
Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events, it is probable that the outflow of resources will be required to settle the obligation, and a reliable estimate of the amount can be made.
2.2.5 TREASURY SHARES
Treasury shares are recognized at acquisition cost and deducted from shareholders’ equity at the time of acquisition. In case of a resale, the gain or loss incurred is allocated or charged to the voluntary retained earnings.