Disclosure Of Material Accounting Policy Information [Text Block]

FACC AG - Filing #1004529

Concept	2023-01-01 to 2023-12-31
Disclosure of material accounting policy information [text block]	—
Description of accounting policy for borrowing costs [text block]	The manufacturing costs of property, plant and equipment include individual costs and reasonable parts of the overhead costs as well as borrowing costs in the case of qualified assets.
Description of accounting policy for cash flows [text block]
Description of accounting policy for deferred income tax [text block]	Deferred taxes are recognized for all temporary differences between the tax base of assets and liabilities and their carrying amounts in the IFRS-based financial statements (liabilities method). Deferred taxes are valued based on the tax rates applicable when the temporary differences have been reversed after the balance sheet date. Deferred tax receivables are only recognized to the extent to which it is probable that the corresponding tax benefits will be realized.
Description of accounting policy for derivative financial instruments [text block]	Derivative financial instruments
Description of accounting policy for derivative financial instruments and hedging [text block]	The hedging strategies employed by the Group’s treasury department are designed to control and minimize the impact of exchange rate fluctuations. The Management Board approves the strategies and reports regularly to the Supervisory Board.
Description of accounting policy for determining components of cash and cash equivalents [text block]
Description of accounting policy for employee benefits [text block]	Employee benefit obligations
Description of accounting policy for expenses [text block]
Description of accounting policy for fair value measurement [text block]	42. Determination of fair value
Description of accounting policy for finance costs [text block]	In the 2023 financial year, all interest received was recognized under other financial result.
Description of accounting policy for financial assets [text block]	Financial instruments (IAS 32, IFRS 7, IFRS 9, IFRS 13)
Description of accounting policy for financial instruments at fair value through profit or loss [text block]	The FACC Group also has a factoring program in place for seven selected customers. The unsold receivables from the factoring portfolio are allocated to the “hold and sell” business model in accordance with IFRS 9. The latter is measured at fair value through other comprehensive income.
Description of accounting policy for financial liabilities [text block]	Accrued interest expenses are included in current financial liabilities.
Description of accounting policy for functional currency [text block]	5. Currency conversion
Description of accounting policy for government grants [text block]
Description of accounting policy for impairment of financial assets [text block]	impairment of trade receivables, receivables from customer-related engineering and contract assets
Description of accounting policy for impairment of non-financial assets [text block]	Contract costs
Description of accounting policy for income tax [text block]
Description of accounting policy for leases [text block]	lease term
Description of accounting policy for loans and receivables [text block]
Description of accounting policy for measuring inventories [text block]	inventory
Description of accounting policy for intangible assets and goodwill [text block]	Intangible assets (IAS 36, IAS 38, IFRS 3, IAS 23)
Description of accounting policy for interest income and expense [text block]
Description of accounting policy for programming assets [text block]
Description of accounting policy for property, plant and equipment [text block]	useful life of property, plant and equipment
Description of accounting policy for provisions [text block]	Provisions for warranties
Description of accounting policy for recognition of revenue [text block]	Revenues from contracts with customers are generated through the production of aircraft components, engineering services and other services in connection with the production of aircraft components.
Description of accounting policy for segment reporting [text block]	The capital consolidation of fully consolidated affiliates is performed according to the acquisition method, which involves comparing the consideration paid with the revalued net assets (equity) of the acquired entity at the time of acquisition. Under IFRS 3, assets, liabilities and contingent liabilities, to the extent that they can be identified, are recognized at fair value on initial consolidation; any remaining positive difference between the procurement costs and the revalued equity share is capitalized as goodwill in the respective segment in the respective national currency. A negative difference is recognized in the Profit and Loss Statement under other operating income.
Description of accounting policy for subsidiaries [text block]	3. Consolidated companies
Description of accounting policy for termination benefits [text block]
Description of accounting policy for trade and other payables [text block]
Description of accounting policy for trade and other receivables [text block]	Other non-current financial assets (securities)