BASF Report 2021 Consoli dated Financial Statements – Notes 200 Notes The Consolidated Financial Statements of BASF SE as of Decem- The individual financial statements of the consolidated companies ber 31, 2021, have been prepared in accordance with the Inter- are prepared as of the balance sheet date of the Consolidated national Financial Reporting Standards (IFRS) of the International Financial Statements. Business continuity is assumed. The company 1 Summary of accounting policies Accounting Standards Board (IASB), and section 315e (1) of the is equipping itself for the challenges posed by the economic impact German Commercial Code (HGB). IFRSs are generally only applied of the coronavirus pandemic and of climate change. The accounting after they have been endorsed by the European Union. For the 2021 policies applied are largely the same as those used in 2020. fiscal year, all of the binding IFRSs and pronouncements of the For more information, see Note 1.3 from page 202 onward and Note 10 from page 225 onward 1.1 General information International Financial Reporting Interpretations Committee (IFRIC) were applied. The Consolidated Financial Statements are for the On February 22, 2022, the Board of Executive Directors prepared BASF SE (registered at the district trade register, or Amtsgericht, for period from January 1, 2021 to December 31, 2021, and are the Consolidated Financial Statements, submitted them to the Ludwigshafen am Rhein, number HRB 6000) is a publicly listed presented in euros. They are written in German and translated into Supervisory Board for review and approval, and released them for corporation headquartered in Ludwigshafen am Rhein, Germany. Its English. All amounts, including the figures for previous years, are publication. official address is Carl-Bosch-Str. 38, 67056 Ludwigshafen am given in million euros unless otherwise indicated. Due to rounding, Rhein, Germany. individual figures in this report may not add up to the totals shown and percentages may not correspond exactly to the figures shown. 1.2 Changes in accounting principles Accounting policies applied for the first time in 2021 Accounting policies applied for the first time in 2021 The amendments shown in the table had no material effect on Name of standard/interpretation Date of endorsement by Standard/interpretation or amendments Date of publication the E.U. BASF SE’s Consolidated Financial Statements. Amendments to IFRS 4 Insurance Contracts (Extension of Temporary Exemption from June 25, 2020 December 15, 2020 Application of IFRS 9) Amendments to August 27, 2020 January 13, 2021 IFRS 9 Financial Instruments IAS 39 Financial Instruments: Recognition and Measurement IFRS 7 Financial Instruments: Disclosures IFRS 4 Insurance Contracts IFRS 16 Leases (Interest Rate Benchmark Reform – Phase 2) Amendments to IFRS 16 Leases: Covid-19-Related Rent Concessions beyond June 30, 2021 March 31, 2021 August 30, 2021