Notes to the consolidated financial statements
Note 1. General information and summary of material
\u00a0
accounting policies Techstep ASA
\u00a0
(the Company) is a public limited liability company
domiciled in Norway
. The address
of its registered office is
Brynsall\u00e9en 4, NO-0667 Oslo
. The shares are
\u00a0
listed on the Oslo\u00a0
Stock Exchange under the TECH ticker. The Techstep Group (Group) consists of
Techstep ASA
\u00a0
and its subsidiaries.\u00a0
Techstep
\u00a0
Group is\u00a0
a Nordic\u00a0
enabler of\u00a0
the mobile\u00a0
workplace, delivering\u00a0
a full\u00a0
range\u00a0
of devices\u00a0
and services to facilitate mobile workplaces.
\u00a0
The
\u00a0
consolidated financial\u00a0
statements for\u00a0
Techstep Group\u00a0
for the\u00a0
year\u00a0
2023 were\u00a0
approved by\u00a0
the Board of Directors on 29 April 2024 and will be presented
\u00a0
for approval by the Annual General Meeting on 27 May 2024.
1.1
\u00a0
Basis for preparation\u00a0
The consolidated
\u00a0
financial statements\u00a0
have\u00a0
been prepared\u00a0
and presented\u00a0
in accordance\u00a0
with the IFRS\u00ae Accounting Standards as adopted by the EU.
1.2
\u00a0
Change in accounting principles There are
\u00a0
no new\u00a0
or amended\u00a0
accounting standards\u00a0
that required\u00a0
the Group\u00a0
to change\u00a0
its accounting policies for the 2023 financial year.
\u00a0
1.3
\u00a0
Functional and presentation currency\u00a0
Items included in
\u00a0
the financial\u00a0
statements of each\u00a0
of the\u00a0
Group\u2019s entities\u00a0
are measured in\u00a0
the currency of
\u00a0
the primary\u00a0
economic environment\u00a0
in\u00a0
which\u00a0
the entity\u00a0
operates\u00a0
(\u201cthe functional\u00a0
currency\u201d).\u00a0
The consolidated
\u00a0
financial\u00a0
statements\u00a0
are\u00a0
presented\u00a0
in\u00a0
NOK,\u00a0
which\u00a0
is\u00a0
Techstep\u00a0
ASA\u2019s\u00a0
functional\u00a0
and presentation
\u00a0
currency.\u00a0
The\u00a0
figures\u00a0
presented\u00a0
in\u00a0
the\u00a0
annual\u00a0
accounts\u00a0
are\u00a0
in\u00a0
NOK\u00a0
thousand\u00a0
unless otherwise stated.
1.4
\u00a0
Consolidation principles and subsidiaries Subsidiaries
The
\u00a0
consolidated\u00a0
financial\u00a0
statements\u00a0
incorporate\u00a0
the\u00a0
financial\u00a0
statements\u00a0
of\u00a0
Techstep\u00a0
ASA\u00a0
(the Company)
\u00a0
and\u00a0
entities\u00a0
controlled\u00a0
by\u00a0
the\u00a0
Company\u00a0
(its\u00a0
subsidiaries).\u00a0
The\u00a0
Group\u00a0
controls\u00a0
an\u00a0
entity when the Group is
\u00a0
exposed to, or\u00a0
has rights to,\u00a0
variable returns from its\u00a0
involvement with the\u00a0
entity and has the ability
\u00a0
to affect those returns\u00a0
through its power\u00a0
to direct the activities\u00a0
of the entity. Subsidiaries are fully consolidated
\u00a0
from the date\u00a0
on which control\u00a0
is transferred to\u00a0
the Group. All\u00a0
subsidiaries are 100 percent owned, directly or indirectly, by Techstep ASA.
The income and expenses of Group subsidiaries acquired or disposed of during
\u00a0
the year are included in the
\u00a0
consolidated income\u00a0
statement from\u00a0
the effective\u00a0
date of\u00a0
acquisition and\u00a0
up to\u00a0
the effective date of disposal, as appropriate.