## General accounting policies 

The 2013 financial statements of Carlsberg A/S have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and Danish disclosure requirements for listed companies, cf. the statutory order pursuant to the Dan- ish Financial Statements Act. 

The financial statements are presented in Danish kroner (DKK), which is the functional currency. 

The accounting policies for the Parent Com- pany are the same as for the Carlsberg Group; see section 9 in the consolidated financial statements and the individual sections. 

## SIGNIFICANT ACCOUNTING ESTIMATES 

In preparing Carlsberg A/S’s financial state- ments, management makes various account- ing estimates and assumptions which form the basis of presentation, recognition and measurement of the Company’s assets and liabilities. 

The judgements, estimates and assumptions made are based on historical experience and other factors which management assesses to be reliable, but which by their very nature are associated with uncertainty and unpredictabil- ity. These assumptions may prove incomplete or incorrect, and unexpected events or circum- stances may arise. 

The significant accounting estimates and judgements made and accounting policies specific to the Parent Company are present- ed in the explanatory notes. 

