Note 32: Significant Accounting Policies

As provided in section 402 of the Netherlands Civil Code, Book 2, the statement of income of Wolters Kluwer nv includes only the after-tax results of subsidiaries and other income after tax, as Wolters Kluwer nv’s figures are included in the consolidated financial statements. Unless otherwise indicated, the numbers in these financial statements are in millions of euros.

For the following disclosures reference is made to the notes to the consolidated financial statements:

• Financial instruments (note 22);
• Capital and reserves (note 26);
• Share-based payments for employees, other than the Executive Board (note 27);
• Related party transactions (note 28); and
• Remuneration of the Executive Board and Supervisory Board (note 30).

The financial statements of Wolters Kluwer nv are prepared in accordance with the Netherlands Civil Code, Book 2, Title 9, with the application of the regulations of section 362.8 allowing the use of the same accounting policies as applied for the consolidated financial statements. These accounting policies are described in the Notes to the Consolidated Financial Statements.

Subsidiaries are valued using the equity method, applying the IFRS accounting policies endorsed by the European Union.

Any related party transactions between subsidiaries, associates, investments, and with members of the Supervisory Board and the Executive Board and the (ultimate) parent company Wolters Kluwer nv are conducted on an at arm’s length basis with terms comparable to transactions with third parties.