Reporting
All of the group’s companies report figures for the annual and quarterly reports in the same reporting environment. This ensures complete transparency across all of the group’s units. Reports are prepared according to the International Financial Reporting Standards (IFRS). Danfoss Group Standards describe the requirements placed on accounting systems. These standards are subject to review and any changes proposed are incorporated on a continual basis. The group’s Corporate Citizenship reporting takes place within the framework of the UN’s Global Compact. At least once a year, the Board considers the internal audit environment. In order to minimise the group’s risks, each individual company’s reporting is reviewed by centrally located accounting controllers before being consolidated into a combined Danfoss Group report. Reporting is compared with the standards and policies that support the requirements stated in the orders of business of the Board and Executive Committee. Danfoss’ standards for accounts and control were prepared to create uniform and credible reporting that maintains the necessary quality for group accounting. The aim is to avoid fraud and incorrect reporting through internal control systems, where the concept of the separation of functions is seen as vital.