Final Results -15-
20 Marzo 2009 - 8:00AM
UK Regulatory
rewards of ownership of these properties and so accounts for the contracts as
operating leases.
Estimates and assumptions
The key assumptions concerning the future and other key sources of estimation
uncertainty at the balance sheet date, that have a significant risk of causing a
material adjustment to the carrying amounts of assets and liabilities within the
next financial year are discussed below.
NOTE 2:- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)
Investment properties
As described in Note 5, the directors use significant judgment in determining
the fair value of investment properties where there is an absence of an active
market for similar property in the same location and condition and subject to
similar lease and other contracts. The directors have engaged accredited
independent valuers to determine fair value based on comparable arm's length
transactions, where they exist, together with discounted cash flow projections.
The fair value of investment properties at 31 December 2008 is GBP2,183 million
(2007: GBP2,187 million). Details of the key factors considered in the
valuations are provided in Note 5.
Impairment of non-financial assets
The Group assesses whether there are any indicators of impairment for all
non-financial assets at each reporting date. Goodwill and other indefinite life
intangibles are tested for impairment annually and at other times when such
indicators exist. Other non-financial assets are tested for impairment when
there are indicators that the carrying amounts may not be recoverable.
When value in use calculations are undertaken, management must estimate the
expected future cash flows from the asset or cash-generating unit and choose a
suitable discount rate in order to calculate the present value of those cash
flows.
Available-for-sale financial assets
The Group classifies certain assets as available-for-sale and recognises
movements in their fair value in equity. The directors use significant judgement
in determining the fair value of available-for-sale investments. When the fair
value declines, management makes assumptions about the decline in value to
determine whether it is an impairment that should be recognised in the income
statement. At 31 December 2008 no impairment losses have been recognised for
available-for-sale assets (2007: GBPnil).
Deferred tax assets
Deferred tax assets are recognized for all unused tax losses to the extent that
it is probable that taxable profit will be available against which the losses
can be utilised. Significant management judgment is required to determine the
amount of deferred tax assets that can be recognised, based upon the likely
timing and level of future taxable profits together with future tax planning
strategies. Further details are contained in Note 22.
2.4a. Foreign currency translation
The consolidated financial statements are presented in British Pounds, which is
the Group's functional and presentation currency. Each entity in the Group
determines its own functional currency and items included in the financial
statements of each entity are measured using that functional currency.
Transactions in foreign currencies are initially recorded at the functional
currency rate ruling at the date of the transaction. Monetary assets and
liabilities denominated in foreign currencies are retranslated at the functional
currency rate of exchange ruling at the balance sheet date. All differences are
taken to the income statement. Non monetary items that are measured in terms of
historical cost in a foreign currency are translated using the exchange rates as
at the dates of the initial transactions.
NOTE 2:- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)
Non monetary items measured at fair value in a foreign currency are translated
using the exchange rates at the date when the fair value is determined. Any
goodwill arising on the acquisition of a foreign operation and any fair value
adjustments to the carrying amounts of assets and liabilities arising on the
acquisition are treated as assets and liabilities of the foreign operation and
translated at the closing rate.
The assets and liabilities of foreign operations are translated into British
Pounds at the rate of exchange ruling at the balance sheet date and their income
statements are translated at the weighted average exchange rates for the year.
The exchange differences arising on the translation are taken directly to a
separate component of equity. On disposal of a foreign entity, the deferred
cumulative amount recognised in equity relating to that particular foreign
operation is recognised in the income statement.
b. Investment property:
Property held for long term rental, for capital appreciation or both is
classified as investment property.
Investment property is measured initially at its cost, comprising its purchase
price and all directly attributable costs (including transaction costs).
Subsequent costs are included in the property's carrying amount only when it is
probable that future economic benefits associated with the item will flow to the
Group and the cost can be measured reliably. The carrying amount of investment
property excludes the costs of day-to-day servicing. Subsequent to initial
recognition, the investment property is stated at fair value as determined by
independent property appraisers, which reflects market conditions at the balance
sheet date. Gains or losses arising from changes in the fair values of
investment properties are included in the income statement in the period which
they arise. Investment properties are not depreciated.
The last valuation for investment properties was carried out at 31 December
2008. All investment properties have been valued individually, not as a
portfolio.
Investment properties are derecognised when either they have been disposed or
when the investment property is permanently withdrawn from use and no future
economic benefit is expected from its disposal. Any gains or losses on the
retirement or disposal of an investment property are recognised in the income
statement in the year of retirement or disposal.
NOTE 2:- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)
c. Investment in associates:
The Group's interest in associates is accounted for under the equity method of
accounting. An associate is an entity in which the Group has significant
influence and which is neither a subsidiary nor a joint venture.
Under the equity method, the investment in the associate is carried in the
balance sheet at cost plus post-acquisition changes in the Group's share of net
assets of the associate. Goodwill relating to an associate is included in the
carrying amount of the investment and is not amortised. After application of the
equity method, the Group determines whether it is necessary to recognise any
impairment loss with respect to the Group's net investment in the associate. The
income statement reflects the share of the results of operations of the
associate.
Where there has been a change recognised directly in the equity of the
associate, the Group recognises its share of any changes and discloses this,
when applicable, in the statement of changes in equity.
The reporting dates of the associate and the Group are identical and the
associates' accounting policies conform to those used by the Group for like
transactions and events in similar circumstances.
d. Investments and other financial assets:
Initial recognition
Financial assets in the scope of IAS 39 are classified as either financial asse
s at fair value through the income
statement, loans and receivables, or available-for-sale financial assets, as
appropriate. When financial assets are recognised initially, they are measured
t fair value, plus, in the case of investments not at fair value through the
income statement, directly attributable transaction costs. The Group
determines the classification of its financial assets after initial recognition
and, where allowed and appropriate,
re-evaluates this designation at each financial year-end.
Subsequent measurement
Financial assets at fair value through the income statement:
Derivatives are classified as held for trading unless they are designated as ef
ective hedging instruments.
NOTE 2:- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)
Loans and receivables:
Loans and receivables are non-derivative financial assets with fixed or determi
able payments that are not
quoted in an active market. Such assets are carried at amortised cost using the
effective interest method.
Gains and losses are recognised in income when the loans and receivables are de
ecognised or impaired, as well as through the amortisation process.
Available-for-sale financial assets:
Available-for-sale financial assets are those non-derivative financial assets t
at are designated as available-for-sale or are not classified in any of the pre
eding categories. After initial recognition available-for sale
financial assets are measured at fair value with gains or losses being recognis
d as a separate component of equity until the investment is derecognised .
The fair value of investments that are actively traded in organised financial
markets is determined by reference to quoted market bid prices at the close of
business on the balance sheet date. For investments where there is no active
market, fair value is determined using valuation techniques, where reliable
information is available. Such techniques include using recent arm's length
market transactions; reference to the current market value of another
instrument, which is substantially the same; discounted cash flow analysis and
option pricing models.
Impairment of financial assets
The Group assesses at each balance sheet date whether there is any objective
evidence that a financial asset or group of financial assets are impaired. A
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