A -- Basis of presentation
The Consolidated Financial Statements of BASF SE are valid as of December 31, 2007, and were prepared according to the International Financial Reporting Standards (IFRS) applicable at that date and Section 315 (1) of the German Commercial Code (HGB). All of the binding IFRS in the reporting year 2007 as well as the pronouncements of the International Financial Reporting Interpretations Committee (IFRIC) were applied.
Those IFRSs which had not been endorsed by the European Union at the balance sheet date had no effect on BASF’s Consolidated Financial Statements.
The accounting policies and valuation methods that have been applied are the same as those of the previous year. Exceptions to this are changes required by the application of new or revised standards and interpretations. In this regard, there were no material changes in 2007.
On February 19, 2008, the Consolidated Financial Statements were authorized for issue by the Board of Executive Directors and submitted for approval by the Audit Committee to the Supervisory Board of BASF SE at their meeting on March 4, 2008.
