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. 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.  Carlsberg Group Annual Report 2013 Parent Company SECTION 9: GENERAL ACCOUNTING POLICIES 159 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.  SIGNIFICANT ACCOUNTING ESTIMATES