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Accounting policies are the specific principles, rules and procedures implemented by a company's management team and are used to prepare its financial statements. Accounting policies are a set of standards that control companys preparation of financial statements. Accounting policies are used to deal specifically with complicated accounting practices such as depreciation methods, recognition of goodwill, inventory value and the consolidation of financial accounts, preparation of research and development costs. During implementation, ie selection and application of accounting policies, an entrepreneur in preparing the financial statements, according to IAS 1 should take account of the three criteria: consistency, offseting od assets and materiality. IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors is applied in selecting and applying accounting policies, accounting for changes in estimates and reflecting corrections of prior period errors. The standard requires compliance with any specific IFRS applying to a transaction, event or condition, and provides guidance on developing accounting policies for other items that result in relevant and reliable information. Changes in accounting policies and corrections of errors are generally retrospectively accounted for, whereas changes in accounting estimates are generally accounted for on a prospective basis.Accounting Principles are shown on the company called Ericsson Nikola Tesla. Ericsson Nikola Tesla d.d. has prepared these consolidated financial statements as at 31 December 2015 and for the year then ended for the Parent Company, its four active subsidiaries of which two are domiciled in Croatia, one in Bosnia and Hercegovina and one in Kosovo) and two inactive subsidiaries based in Croatia (the Group). There are two types of standards: standards and interpretation issued but not yet effective and also new and amended standards adopted by the Group. The most significant accounting policies are property, plant and equipment, trade and other receivables and share capital because of largest money circulation.