Disclosure Of Material Accounting Policy Information [Text Block]

Bekaert NV - Filing #3119537

Concept	2022-01-01 to 2022-12-31
Disclosure of material accounting policy information [text block]	—
Description of accounting policy for borrowing costs [text block]	Property, plant and equipment
Description of accounting policy for borrowings [text block]	Interest-bearing debt
Description of accounting policy for business combinations and goodwill [text block]	Goodwill and business combinations
Description of accounting policy for cash flows [text block]	The cash flow from operating activities is presented using the indirect method, whereas the direct method is used for the cash flows from other activities. The direct method focuses on classifying gross cash receipts and gross cash payments by category.
Description of accounting policy for collateral [text block]	The Group has no financial assets and financial liabilities that are presented net in the balance sheet due to set-off in accordance with IAS 32. The Group enters into ISDA (International Swaps and Derivatives Association) master agreements with its counterparties for some of its derivatives, allowing the counterparties to net derivative assets with derivative liabilities when settling in case of default. Under these agreements, no collateral is being exchanged, neither in cash nor in securities.
Description of accounting policy for construction in progress [text block]	The Group has opted for the historical cost model and not for the revaluation model. Property, plant and equipment separately acquired is initially measured at cost. Property, plant and equipment acquired in a business combination is initially measured at fair value, which thus becomes its deemed cost. Assets under construction are stated at cost, net of accumulated impairment losses, if any. After initial recognition, property, plant and equipment is measured at cost less accumulated depreciation and accumulated impairment losses, if any. Cost includes all direct costs and all expenditure incurred to bring the asset to its working condition and location for its intended use. Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of that asset. When significant parts of plant and equipment are required to be replaced at intervals, the Group depreciates them separately based on their specific useful lives.
Description of accounting policy for contingent liabilities and contingent assets [text block]	Contingencies
Description of accounting policy for decommissioning, restoration and rehabilitation provisions [text block]	Site remediation
Description of accounting policy for deferred income tax [text block]	Income taxes
Description of accounting policy for depreciation expense [text block]	Depreciation is provided over the estimated useful lives of the various classes of property, plant and equipment on a straight-line basis. The useful life and depreciation method are reviewed at least at each financial year-end. Unless revised due to specific changes in the estimated economic useful life, annual depreciation rates are as follows:
Description of accounting policy for derecognition of financial instruments [text block]	A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group’s consolidated statement of financial position) when:
Description of accounting policy for derivative financial instruments [text block]	Derivatives, hedging and hedging reserves
Description of accounting policy for determining components of cash and cash equivalents [text block]	Cash & cash equivalents and short-term deposits
Description of accounting policy for discounts and rebates [text block]	The amount of revenue recognized is adjusted for variable compensation such as volume discounts. No adjustment is made for returns nor for warranty as the impact is deemed immaterial based on historical information.
Description of accounting policy for dividends [text block]	Trade payables and other current liabilities
Description of accounting policy for earnings per share [text block]	Earnings per share (‘EPS’) is the amount of post-tax profit attributable to each share. Basic EPS is calculated as the result for the period attributable to equity holders of Bekaert divided by the weighted average number of shares outstanding during the year. Diluted EPS reflects any commitments of the Group to issue shares in the future. These comprise shares to be issued for equity-settled share-based payment plans (subscription rights, options, performance shares and matching shares, see note 6.13. ‘Ordinary shares, treasury shares and equity-settled share-based payments’).
Description of accounting policy for emission rights [text block]	Emission rights
Description of accounting policy for employee benefits [text block]	Employee benefit obligations
Description of accounting policy for exceptional items [text block]	Restructuring programs mainly include lay-off costs, gains and losses on disposal, and impairment losses of assets involved in a shut-down, major reorganization or relocation of operations. When not related to restructuring programs, only impairment losses resulting from testing cash-generating units qualify as one-off effects.
Description of accounting policy for fair value measurement [text block]	Financial assets at fair value
Description of accounting policy for financial instruments [text block]	Financial assets
Description of accounting policy for functional currency [text block]	Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in euro, which is the Company’s functional and the Group’s presentation currency. Financial statements of foreign entities are translated as follows:
Description of accounting policy for government grants [text block]	Government grants
Description of accounting policy for impairment of assets [text block]	Impairment of goodwill
Description of accounting policy for impairment of financial assets [text block]	Impairment of financial assets
Description of accounting policy for issued capital [text block]	Share capital
Description of accounting policy for leases [text block]	Right-of-Use (RoU) property, plant & equipment
Description of accounting policy for measuring inventories [text block]	Inventories
Description of accounting policy for non-current assets or disposal groups classified as held for sale [text block]	Non-current assets held for sale and discontinued operations
Description of accounting policy for intangible assets other than goodwill [text block]	Intangible assets
Description of accounting policy for investment in associates and joint ventures [text block]	Joint arrangements and associates
Description of accounting policy for provisions [text block]	Provisions
Description of accounting policy for recognition of revenue [text block]	Revenue recognition
Description of accounting policy for repairs and maintenance [text block]	Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the property, plant and equipment as a replacement if the recognition criteria are satisfied. All other repairs and maintenance costs are recognized in profit or loss as incurred.
Description of accounting policy for research and development expense [text block]	Research and development
Description of accounting policy for segment reporting [text block]	4. Segment reporting
Description of accounting policy for subsidiaries [text block]	Principles of consolidation
Description of accounting policy for termination benefits [text block]	Other long-term employee benefits
Description of accounting policy for trade and other receivables [text block]	Financial assets at amortized cost
Description of accounting policy for transactions with non-controlling interests [text block]	Non-controlling interests
Description of accounting policy for warrants [text block]	Share-based payment plans