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This excerpt taken from the ELN 6-K filed Aug 28, 2009. 1 BASIS
OF PREPARATION
These unaudited condensed consolidated interim financial
statements (the interim financial statements), which should be
read in conjunction with our 2008 Annual Report, have been
prepared by Elan Corporation, plc in accordance with IAS 34,
“Interim Financial Reporting” (IAS 34), as
adopted by the European Union. In addition, these interim
financial statements have been prepared in accordance with the
Transparency (Directive 2004/109/EC) Regulations 2007 and the
related Transparency rules of the Irish Financial Service
Regulatory Authority. They do not include all of the information
required for full annual financial statements, and should be
read in conjunction with our Consolidated Financial Statements
as at and for the year ended 31 December 2008.
These interim financial statements are presented in
U.S. dollars, which is the functional currency of the
parent company and the majority of the group companies. They are
prepared on the historical cost basis, except for certain
financial assets and derivative financial instruments, which are
stated at fair value.
The interim financial statements include the accounts of Elan
and all of our subsidiary undertakings. All significant
intercompany account balances, transactions, and any unrealised
gains and losses or income and expenses arising from
intercompany transactions have been eliminated in preparing the
interim financial statements.
The preparation of interim financial statements requires
management to make judgements, estimates and assumptions that
affect the application of policies and reported amounts of
assets and liabilities, income and expenses. Actual results
could differ materially from these estimates. In preparing these
interim financial statements, the significant judgements made by
management in applying the Company’s accounting policies
and the key sources of estimation uncertainty were the same as
those that applied to the Consolidated Financial Statements as
at and for the year ended 31 December 2008.
The comparative figures included for the year ended
31 December 2008 do not constitute statutory financial
statements of Elan within the meaning of Regulation 40 of
the European Communities (Companies; Group accounts)
Regulations, 1992. Statutory financial statements for the year
ended 31 December 2008 have been filed with the
Companies’ Office. The auditor’s report on those
financial statements was unqualified.
We have incurred significant operating losses during the last
three fiscal years and anticipate that we will continue to incur
operating losses in 2009. However, our directors believe that we
have adequate resources to continue in operational existence for
the foreseeable future and that it is appropriate to continue to
prepare our consolidated financial statements on a going concern
basis.
These interim financial statements were approved by the
directors on 26 August 2009.
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