Metropolitan Holdings Limited Group accounting policies used in preparation of the restated financial information under International Financial

Size: px
Start display at page:

Download "Metropolitan Holdings Limited Group accounting policies used in preparation of the restated financial information under International Financial"

Transcription

1 Metropolitan Holdings Limited Group accounting policies used in preparation of the restated financial information under International Financial Reporting Standards (IFRS) and the interim results for the six months ended 30 June August

2 GROUP ACCOUNTING POLICIES BASIS OF PREPARATION OF THE STATEMENTS WITH RESPECT TO THE TRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS The financial statements, as set out above, have been prepared in accordance with International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretations Committee (IFRIC) interpretations issued and effective at the time of preparing these statements. These statements have been prepared under the historical cost convention, as modified by the revaluation of owner-occupied properties, investment property, and financial assets and liabilities. International Financial Reporting Standard 1 (IFRS1) First-time adoption of IFRS has been applied to establish the financial position and results of operations of the group necessary to provide the comparative financial information for inclusion in the group s first set of IFRS financial statements for the year ended 31 December The group has made use of the exemptions available under IFRS1 to apply IAS32 Financial instruments: disclosure and presentation, IAS39 (revised) Financial instruments: recognition and measurement and IFRS4 Insurance contracts only from 1 January The accounting policies applied to financial instruments and insurance contracts for the statements disclosed above remain unchanged from those applied at 31 December The policies adopted for 2005 are disclosed separately below. The preparation of financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgement in the process of applying the group s accounting policies. There are areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements. These judgements, assumptions and estimates will be disclosed in detail in the annual financial statements. CONSOLIDATION Subsidiaries Subsidiaries and staff share scheme trusts are consolidated from the date on which effective control is transferred to the group, and are no longer consolidated from the date that control ceases. All subsidiaries and trusts have financial years ending on 31 December and are consolidated to that date. The accounting policies for subsidiaries are consistent, in all material respects, with the policies adopted by the group. Separate disclosure is made of minority interests. All inter-group balances and unrealised surpluses and deficits on transactions between group companies are eliminated. Associates Investments in associates are accounted for using the equity method of accounting. The equity method is discontinued from the date that the group ceases to have significant influence over the associate. Under this method, the group s share of the post-acquisition profits or losses of associates has been recognised in the income statement and its share of post-acquisition movements in reserves has been recognised in reserves. The cumulative post acquisition movements are adjusted against the cost of the investments. Profits and losses resulting from transactions between group companies are recognised in the group s results to the extent of the group s unrelated interests in the associates. 2

3 SUBSIDIARY COMPANIES Subsidiaries are those entities in which the group, directly or indirectly, has an interest of more than one half of the voting rights, or otherwise has power to exercise control over the financial policies and operations. The purchase method of accounting is used to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given up, shares issued or liabilities incurred at the date of acquisition plus costs directly attributable to the acquisition. The excess of the cost of acquisition over the fair value of the net assets acquired is recorded as goodwill. ASSOCIATED COMPANIES An associated company is one over which the group exercises significant influence, but not control, and which it intends to hold as a long-term investment on behalf of shareholders or policyholders. Investments in associated companies are stated at cost, including goodwill net of accumulated, amortisation and the carrying amount is increased or decreased with the group s proportionate share of post-acquisition profits or losses, using the equity method of accounting. Impairment Under the equity method, the carrying value is tested for impairment at reporting dates by comparing the recoverable amount with the carrying amount. When the group s share of losses in an associate equals or exceeds its interest in the associate, no further losses are recognised, unless the company has incurred obligations or made payments on behalf of the associate. RELATED PARTIES A party is related when it is a subsidiary, an associated company or a trust through a direct or indirect holding. A party is also related if the party is a member of the key management personnel of the entity or its parent. FOREIGN CURRENCIES Functional and presentation currency Items included in the financial statements of each entity in the group are measured using the currency that best reflects the economic substance of the underlying events and circumstances relevant to the entity ( the functional currency ). The consolidated financial statements are presented in South African rand ( the presentation currency ), which is the functional currency of the parent. Transactions and balances Transactions in foreign currencies are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. Translation differences on non-monetary assets, measured at fair value through income, are recognised as part of their fair value gain or loss. Translation differences on non-monetary items, such as availablefor-sale financial assets, are included in the fair value reserve in equity. Subsidiary undertakings Foreign entities are entities of the group that have a functional currency different from the presentation currency. Assets and liabilities of these entities are translated into the presentation currency at the rates 3

4 of exchange ruling at the reporting date. Income and expenditure are translated into the presentation currency at the average rate of exchange for the year. Exchange differences arising from the translation of the net investment in foreign entities are recognised in the foreign currency translation reserve in equity. On disposal, such exchange differences are recognised in the income statement as part of realised gains and losses. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. PROPERTY, PLANT AND EQUIPMENT Owner-occupied properties Owner-occupied properties are held for use in the supply of services or for administrative purposes. Properties occupied more than 10% by the group are classified as owner-occupied. Owner-occupied properties are stated at revalued amounts, being fair value reflective of market conditions at the reporting date less subsequent accumulated depreciation and accumulated impairment losses. Fair value is determined as being the present value of net rental income, discounted for the different types of properties at the market rates applicable at the reporting date. Selected properties are valued externally, in a three-year cycle, to confirm the fair value of the portfolio. Increases in the carrying amount arising on revaluation of buildings are credited to a land and building revaluation reserve in equity. Decreases that offset previous increases in respect of the same asset are charged against the revaluation reserve, and all other decreases are charged to the income statement. Depreciation The buildings of owner-occupied properties are depreciated over 50 years on the straight-line basis to allocate their revalued amounts to the residual values over their estimated useful lives. Land is not depreciated. The residual values are reviewed at each reporting date and adjusted if appropriate. Accumulated depreciation relating to these properties is eliminated against the gross carrying amount of the properties and the net amount is restated to the revalued amount. Subsequent depreciation charges are adjusted based on the revalued amount for each property. Any difference between the depreciation charge on the revalued amount and the amount which would have been charged under historic cost is transferred, net of any related deferred tax, between the revaluation reserve and retained earnings as the property is utilised. Shadow accounting Shadow accounting is permitted if there is a contractual link between payments to policyholders and the carrying amounts of, or returns from, owner-occupied properties. As the revaluation model is used for owner-occupied properties, the changes in the carrying amounts of the owner-occupied properties are recognised in a revaluation reserve in equity. The group applies shadow accounting whereby the changes in the measurement of the insurance liability resulting from revaluations of property are recognised in the revaluation reserve. Impairment Owner-occupied properties are reviewed for impairment losses whenever events or changes in circumstances indicate the carrying amounts may not be recoverable. An impairment loss is recognised for the amount by which the carrying amount of the asset exceeds its recoverable amount, the latter being the higher of the net selling price of the property and its value in use. 4

5 Gains and losses When owner-occupied properties are sold, the amounts included in the revaluation reserve are transferred to retained earnings. Properties under development Properties under development are properties under construction that are not yet available to earn rentals for use in the supply of services or for administrative purposes. Properties under development are valued at development costs incurred. Impairment Properties under development are reviewed for impairment losses whenever events or changes in circumstances indicate the carrying amounts may not be recoverable. An impairment loss is recognised for the amount by which the cost of the asset capitalised to date exceeds the recoverable amount, which is the discounted net value of assumed future rentals. Plant and equipment Plant and equipment are stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. Depreciation All assets are depreciated using the straight-line method to allocate their cost over their estimated useful lives, as follows: Plant years Furniture and fittings 3 years Computer equipment 3-5 years Motor vehicles 6 years The residual values and useful lives of the assets are reviewed at each reporting date and adjusted if appropriate. Gains and losses on disposal of assets are determined by comparing proceeds with carrying amounts and are included in the income statement. Impairment Plant and equipment are reviewed for impairment losses whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. An impairment loss is recognised for the amount by which the carrying amount of the asset exceeds its recoverable amount, the latter being the higher of the net selling price of the asset and its value in use. INVESTMENT PROPERTY Completed properties Investment properties are held to earn rentals or for capital appreciation or both and are not occupied by the companies of the group. Investment properties comprise freehold land and buildings and are carried at fair value, reflective of market conditions at the reporting date. Fair value is determined as being the present value of net rental 5

6 income, discounted for the different types of properties at the market rates applicable at the reporting date. Selected properties are valued externally, in a three-year cycle, to confirm the fair value of the portfolio. Investment properties that are being redeveloped for continuing use as investment property, or for which the market has become less active, continue to be measured at fair value. Undeveloped land is valued at estimated net realisable value. Transfers to and from investment property Where investment property is transferred to owner-occupied property that forms part of property, plant and equipment, the deemed cost of the property is its fair value at the date of change in use. Where an owner-occupied property becomes an investment property, the carrying value of the property is its fair value at the date of change in use. Properties held under operating leases Properties held under operating leases are classified as investment property as long as they are held for long-term rental yields and not occupied by the group. The initial cost of these properties is the lower of the fair value of the property and the present value of the minimum lease payments. These properties are carried at fair value after initial recognition. Gains and losses on the sale of property Unrealised gains or losses arising on the valuation of completed properties and realised gains or losses on disposal of properties are included in the income statement. INTANGIBLE ASSETS Goodwill Recognition and measurement All business combinations are accounted for by applying the purchase method. The cost of a business combination is the fair value of the purchase consideration due at the date of acquisition plus any costs directly attributable to the business combination. The initial cost of a business combination is adjusted if the agreement provides for adjustments to the cost that are contingent on one or more future events, and the adjustment is probable and can be measured reliably. At the acquisition date, goodwill is measured at cost, being the excess of the cost of the business combination over the interest acquired in the net fair value of the identifiable assets, liabilities and contingent liabilities that satisfy the recognition criteria. Subsequent to initial measurement, goodwill is carried at cost less accumulated impairment losses. Goodwill on acquisition of subsidiaries is included in intangible assets whereas goodwill on acquisition of associates is included in investment in associates. When the interest acquired in the net fair value of the identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the difference is recognised directly in the income statement. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Impairment At acquisition date, goodwill acquired in a business combination is allocated to cash-generating units that are expected to benefit from the synergies of the combination. Cash-generating units, to which goodwill has been allocated, are assessed at each reporting date for any indication that they may be 6

7 impaired. An impairment loss is recognised whenever the carrying amount of an asset or a cashgenerating unit exceeds its recoverable amount. Value of acquired in-force insurance and investment contract business On acquisition of a portfolio of contracts, either directly from another insurer or through the acquisition of a subsidiary undertaking, the group recognises an intangible asset representing the value of business acquired (VOBA). VOBA represents the present value of future after-tax profits embedded in the acquired insurance and investment contract business. The calculation of VOBA is based on actuarial principles that take into account future premium income, mortality, disease and surrender probabilities, together with future costs and investment returns on the underlying assets. The profits are discounted at a rate of return allowing for the risk of uncertainty of the future cash flows. This calculation is particularly sensitive to the assumptions regarding discount rate, future investment returns and the rate at which policies discontinue. The asset is amortised over the expected profit recognition period on a systematic basis over the anticipated lives of the related contracts. Impairment VOBA is reviewed for impairment losses whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. An impairment loss is recognised for the amount by which the carrying amount of the asset exceeds its recoverable amount. Deferred acquisition costs (DAC) Incremental costs that are directly attributable to securing rights to receive fees for asset management services sold with investment contracts are recognised as an asset if they can be identified separately and measured reliably, and if it is probable that they will be recovered. The asset represents the contractual right to benefit from providing investment management services, and is amortised as the entity recognises the related revenue either over the anticipated lives of the contracts or as profit emerges from the contracts. Commissions and other acquisition costs that vary with and are related to securing new insurance contracts and renewing existing insurance contracts are capitalised as an intangible asset unless implicit allowance for the deferral of acquisition costs is made in the valuation method of the new or renewed insurance contracts. The intangible asset is amortised as the entity recognises the related revenue either over the anticipated lives of the contracts or as profit emerges from the contracts. Computer software Recognition and measurement Acquired computer software licences are capitalised on the basis of the cost incurred to acquire and bring to use the specific software. These costs are amortised on the basis of the expected useful life of five years. Generally, costs associated with developing or maintaining computer software programs are recognised as an expense as incurred. However, costs that are directly associated with an identifiable and unique product or process, which will be controlled by the group and which has probable economic benefit exceeding the cost beyond one year, are recognised as intangible assets. Directly associated costs include employee costs of the development team and an appropriate portion of relevant overheads. 7

8 Computer software development costs recognised as assets are amortised using the straight-line method over their useful lives. Impairment Computer software is reviewed for impairment losses whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. An impairment loss is recognised for the amount by which the carrying amount of the asset exceeds its recoverable amount, the latter being the higher of the net selling price and the value in use. FINANCIAL INSTRUMENTS From 1 January 2004 to 31 December 2004 Recognition and measurement Financial instruments include investment assets, receivables and creditors. Marketable securities are recognised on trade date and all financial instruments are initially recognised at cost; thereafter they are carried at their estimated fair value, except for originated loans that are carried at amortised cost. All investment assets, except for originated loans, are classified as available-for-sale. Marketable securities Fair value is estimated as follows: Equities The value of listed shares is the closing bid price on the respective stock exchanges as at the reporting date; unlisted shares are valued by the directors, using a variety of methods and assumptions based on the market conditions existing at the reporting date. Collective investment schemes Units in collective investment schemes are valued at the re-purchase value. Derivatives Listed derivative instruments are valued at the South African Futures Exchange ruling price and the value of unlisted derivatives is determined by the directors, using generally accepted models. Stock and debentures For fixed interest stock and debentures, fair values are determined as being the present value of future interest and capital redemption proceeds, discounted at market rates at the reporting date. Other investments Other investments, which include mortgages, loans, deposits and money market securities, are valued at fair value, using appropriate models. Originated loans are accounted for at amortised cost and while those loans with an indeterminable maturity date, are valued at cost. Gains and losses Gains and losses arising from a change in value or on disposal of financial instruments at fair value are, where attributable to shareholders, included in income from insurance and investment business in the income statement and, where attributable to policyholders, included in investment return in the policyholders fund. Offsetting Financial assets and liabilities are set off and the net balance reported in the balance sheet where there is a legally enforceable right to set off, where it is the intention to settle on a net basis or to realise the asset and settle the liability simultaneously, where the maturity date for the financial asset and liability is the same, and where the financial asset and liability are denominated in the same currency. 8

9 Scrip lending The equities or bonds on loan, and not the collateral security, are reflected in the balance sheet of the group at the reporting date. Scrip lending fees received are included under investment income. From 1 January 2005 Recognition and measurement The group classifies its investments into the following categories: financial assets at fair value through income held-to-maturity investments available-for-sale financial assets loans and receivables. The classification depends on the purpose for which the investments were acquired. Management determines the classification of its investments at initial recognition and re-evaluates this designation at every reporting date. Financial assets at fair value through income The group designates financial assets at fair value through income at inception if the assets acquired form part of a portfolio of financial assets in which there is evidence of short-term profit taking for the benefit of shareholders or policyholders, or if so designated by management. Derivatives are held at fair value through income. Held-to-maturity investments Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturities that the group s management has the positive intention and ability to hold to maturity, other than investments that meet the definition of loans and receivables. Available-for-sale financial assets Available-for-sale financial assets are non-derivative financial assets that are not classified in any of the other categories. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Receivables arising from insurance contracts are also classified in this category and are reviewed for impairment as part of the impairment review of loans and receivables. Purchases and sales of investments are recognised on trade date, being the date on which the group commits to purchase or sell the asset. Investments are initially recognised at fair value plus transaction costs, directly attributable to the acquisition of the asset, for all financial assets not carried at fair value through income. Financial assets at fair value through income and available-for-sale assets are subsequently carried at fair value. Loans and receivables are carried at amortised cost, using the effective interest rate method. The fair value of quoted investments is based on current bid prices. For unlisted securities and for financial assets where the market is not active, the group establishes fair value by using valuation techniques. These include the use of recent arm s length transactions, reference to other instruments that are substantially the same, and discounted cash flow analysis and option pricing. 9

10 Impairment of financial assets Financial assets carried at fair value At each reporting date the group assesses whether there is objective evidence that an availablefor-sale financial asset is impaired, including, a significant or prolonged decline in the fair value of the security below its cost in the case of equity investments classified as available-for-sale. If any such evidence exists for available-for-sale financial assets, the cumulative loss measured as the difference between the acquisition cost and current fair value, less any impairment loss on the financial asset previously recognised in profit and loss is removed from equity and recognised in the income statement. Impairment losses recognised in the income statement on equity instruments are not subsequently reversed. Financial assets carried at amortised cost At each reporting date the group assesses whether there is objective evidence that a financial asset or group of financial assets is impaired. Such assets are impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that have occurred after the initial recognition of the asset, and the event or events has an impact on the estimated future cash flows of these assets that can be reliably estimated. For the purpose of collective evaluation of impairment, financial assets are grouped on the basis of similar credit risk characteristics. The group first assesses whether objective evidence of impairment exists in respect of all financial assets that are individually significant. If the group determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is or continues to be recognised are not included in a collective assessment of impairment. If there is objective evidence that an impairment loss has been incurred on loans and receivables or held-to-maturity investments carried at amortised cost, the amount of the loss is measured as the difference between the carrying amount of the asset and the present value of estimated future cash flows discounted at original effective interest rate in respect of the financial asset. The carrying amount of the asset is reduced through the use of an allowance account and the amount of the loss is recognised in the income statement. If a held-to-maturity investment or a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. If in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed by adjusting the allowance account. The amount of the reversal is recognised in the income statement. Loans and receivables A provision for loans and receivables is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the assets. The amount of the provision is the difference between the carrying amount of the asset and the present value of estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised in the income statement. 10

11 De-recognition of financial assets Investments are de-recognised when the right to receive cash flows from the investments has expired or has been transferred, and the group has transferred substantially all risks and rewards of ownership. Realised and unrealised gains and losses Realised and unrealised gains and losses arising from changes in the value of financial assets at fair value through income are included in the income statement in the period in which they arise. Unrealised gains and losses arising from changes in the fair value of available-for-sale financial assets are recognised in equity. When available-for-sale financial assets are sold or impaired, the accumulated fair value adjustments are included in the income statement as realised gains and losses. Offsetting Financial assets and liabilities are set off and the net balance reported in the balance sheet where there is a legally enforceable right to set off, where it is the intention to settle on a net basis or to realise the asset and settle the liability simultaneously, where the maturity date for the financial asset and liability is the same, and where the financial asset and liability are denominated in the same currency. Scrip lending The equities or bonds on loan, and not the collateral security, are reflected in the balance sheet of the group at year-end. Scrip lending fees received are included under investment income. Securities borrowed are not recognised in the financial statements unless these are sold to third parties, in which case the purchase and sale are recorded with the gain or loss included in the income statement. The obligation to return them is recorded at fair value under other payables. Derivative financial instruments Derivatives are initially recognised at fair value on the date on which derivative contracts are entered into and are subsequently re-measured at their fair value. None of the group s derivatives qualify for hedge accounting. Changes in the fair value of these derivative instruments are recognised immediately in the income statement. Interest income and expense Interest income and expense are recognised in the income statement, using the effective interest rate method, and taking into account the expected timing and amount of cash flows. Interest income and expense include the amortisation of any discounts or premiums or other difference between the initial carrying amount of an interest-bearing instrument and its amount at maturity, calculated on an effective interest rate basis. Non-interest revenue Fee revenue from investment contracts is described below under the heading of insurance and investment contracts. Fees received Fees received for investment management service contracts rendered by the asset management and asset administration businesses of the group are recognised on the same basis as fee revenue from investment contracts. Fees received from the administration of health schemes are recognised as revenue as the services are rendered. Other revenue Other revenue includes scrip lending fees, net rental income and dividends received from investments and is recognised in the income statement when the amount of revenue from the transaction or service can be measured reliably, it is probable that the economic benefits of the transaction or service will flow to the group and the costs associated with the transaction or service can be measured reliably. 11

12 CASH AND CASH EQUIVALENTS Cash and cash equivalents are carried in the balance sheet at cost which approximates fair value. For purposes of the cash flow statement, cash and cash equivalents comprise cash on hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. SHARE CAPITAL Ordinary shares with discretionary dividends are classified as equity. The component of the convertible redeemable preference share representing the value of the conversion option at the time of issue is included in equity. Issue costs Incremental external costs directly attributable to the issue of new shares, other than in connection with business combinations, are recognised in equity as a deduction from the proceeds. Incremental costs incurred directly in connection with a business combination are included in the cost of acquisition. Treasury shares Treasury shares are equity share capital of the holding company held by a subsidiary, irrespective of whether they are held in shareholder or policyholder portfolios. The consideration paid including any directly attributable costs, is eliminated from equity on consolidation until the shares are cancelled. The consideration received, net of attributable incremental transaction costs and the related income tax effects, on the subsequent sale of the shares is included in equity. De-recognition of staff share scheme shares Shares issued to staff through the Metropolitan Holdings staff share schemes since 1 January 2000 do not comply with the de recognition rules in IAS39 Financial instruments: recognition and measurement (revised) and are therefore reversed on consolidation of the share scheme trusts. Earnings per share Basic earnings per share In calculating the basic earnings per share, the exclusion of the income in respect of treasury shares and shares issued to staff, through the staff share schemes, after 1 January from the income statement requires that these shares similarly be excluded from the weighted average number of shares. Diluted earnings per share Diluted earnings per share are calculated using the weighted average number of ordinary shares in issue, assuming conversion of all issued shares with dilutive potential. The convertible redeemable preference shares, the staff share scheme shares not recognised in accordance with IAS39 and the treasury shares held on behalf of contract holders all have dilutive potential. The preference shares are assumed to have been converted into ordinary shares and earnings adjusted to eliminate the interest expense. The staff share scheme shares are assumed to have been issued as ordinary shares with no adjustment to earnings. Earnings have been adjusted for the investment return on the treasury shares as these are shares in issue. 12

13 INSURANCE AND INVESTMENT CONTRACTS From 1 January 2004 to 31 December 2004 POLICYHOLDERS FUND Policyholder liabilities In accordance with current legislation, the guidelines issued by the Actuarial Society of South Africa and Generally Accepted Accounting Practice in South Africa, the statutory actuaries calculate the group s liabilities under unmatured policies annually at the reporting date. Certain policyholder liabilities are designated as insurance contracts and others as investment contracts. Insurance contracts are all policyholder contracts that transfer significant insurance risk and are valued on the financial soundness valuation basis, as set out in Professional Guidance Note (PGN) 104, issued by the Actuarial Society of South Africa. Investment contracts are policyholder contracts that do not transfer significant insurance risk and are valued at fair value as described in AC133. The valuation basis of policyholder liabilities, before the addition of planned and second tier margins, was as follows at 31 December 2004: For group policies with benefits directly linked to the performance of an underlying investment portfolio, the liability was taken as the market value of the assets in the portfolio. For group smoothed bonus business, other than with-profit annuity business, the liability was taken as the sum of the accumulated investment accounts. For with-profit annuity business, the liability was taken as the discounted value of projected future benefit payments. Future bonuses were provided for at bonus rates supported by the assumed future investment return. For individual market-related business, the liability was taken as the market value of the underlying assets less the present value of future charges not required for risk benefits and expenses. For individual smoothed bonus business, the liability was taken as the sum of the accumulated investment accounts less the present value of future charges not required for risk benefits and expenses. For conventional non-profit business, including non-profit annuities, the liability was taken as the difference between the discounted value of future expenses and benefit payments and the discounted value of future premium receipts. For smoothed bonus business, bonus stabilisation reserves (BSRs) are held equal to the difference between the accumulated investment accounts (discounted value of projected future benefit payments for with-profit annuity business) and the market value of the underlying assets. The major classes of smoothed bonus business are: (a) Metropolitan individual smoothed bonus business (b) Metropolitan employee benefits guaranteed fund business (c) Metropolitan employee benefits with-profit annuity business (d) ex-commercial Union Life individual smoothed bonus business (e) ex-commercial Union Life employee benefits guaranteed fund business. The market value of the underlying assets in respect of all smoothed bonus business at 31 December 2004 was R17.6 billion (2003: R15.6 billion). All funding levels in respect of these classes of smoothed bonus business were above 92.5%. 13

14 For conventional with-profit business a gross premium valuation was done. Future bonuses were provided for at bonus rates supported by the market value of the underlying assets and the assumed future investment return of 9.7% per annum (gross). The resulting reduction in future bonus rates used in the valuation assumptions, relative to those declared for 2005, has been communicated to, and accepted by, both management and the respective boards of directors. The assumptions with regard to future surrender, lapse, mortality and morbidity rates are consistent with the group s recent experience and provision has been made for the expected increase in claims due to the AIDS epidemic. The following experience investigations are conducted: For conventional with-profit business, a detailed mortality investigation is performed annually, the most recent such investigation being in respect of the period 1998 to For the balance of individual life business, comparisons of claims and mortality charges are done quarterly, the most recent such investigation being in respect of the quarter ended September Lapse investigations are performed annually in respect of grouped individual business; the most recent being in respect of the year ended September 2003, and quarterly in respect of other individual business, the most recent being in respect of the quarter ended September Surrender investigations are performed annually, the most recent being in respect of the year ended November Morbidity and accident investigations are done annually on an approximate basis, the most recent being in respect of the 2004 financial year. Provision for future renewal expenses starts at a level consistent with the experience for the 2004 financial year and allows for escalation at 5.0% per annum. Market-related information is used to derive assumptions in respect of investment returns, discount rates used in calculating policy liabilities and expense inflation. These assumptions take into account the asset mix backing each liability type and are suitably adjusted for tax. The following are some of the best estimate, gross of tax, assumptions used in the valuation: 2004 % Risk-free investment return 8.3 Assumed investment return for individual smoothed bonus business 9.7 Renewal expense escalation 5.0 Policyholders reasonable benefit expectations are allowed for by assuming bonus rates supported by the market value of the underlying assets and the assumed future investment return. Premium income Where annual premiums on individual life policies are paid in instalments, the outstanding balance of the annual premiums, after providing for anticipated policy lapses, is recognised as premium income. Employee benefit and group scheme premiums are recognised when reasonably assured of collection in terms of the policy contract. Premium income is shown net of re-insurance premiums. 14

15 Payments to policyholders Payments to policyholders are shown net of re-insurance recoveries and are recognised when claims are intimated. Sales remuneration Individual policy sales remuneration includes all commission and expenses directly related to commission payable in the production of business. Employee benefit and grouped individual business sales remuneration includes commission and bonuses payable. From 1 January 2005 The group issues contracts that transfer insurance risk or financial risk or both. Classification of contracts Insurance contracts Insurance contracts are those under which the group accepts significant insurance risk from another party (the contract holder) by agreeing to compensate the policyholder if a specified uncertain future event (the insured event) adversely affects the contract holder. Insurance risk is risk, other than financial risk, transferred from the holder of a contract to the issuer. Insurance risk is significant if an insured event could cause an insurer to pay significant additional benefits in any scenario. Financial risk is the risk of a possible future change in one or more of a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, credit rating or credit index or other variable, provided in the case of a non-financial variable that the variable is not specific to a party to the contract. Investment contracts Investment contracts are those contracts that transfer financial risk with no significant insurance risk. Contracts with discretionary participation features The group issues insurance and investment contracts containing discretionary participation feature (DPF). A DPF is a contractual right to receive, as a supplement to guaranteed benefits, additional benefits or bonuses: (a) that are likely to be a significant portion of the total contractual benefits (b) the amount or timing of which is contractually at the discretion of the issuer; and (c) that are contractually based on: the performance of a specified pool of contracts or a specified type of contract realised and/or unrealised investment returns on a specified pool of assets held by the issuer; or the profit or loss of the group, fund or other entity that issues the contract. All contracts with DPF are accounted for in the same manner as insurance contracts. Insurance contracts The liabilities relating to insurance contracts are measured in accordance with the Financial Soundness Valuation (FSV) basis as set out in the guidelines issued by the Actuarial Society of South Africa in Professional Guidance Note (PGN) 104. The FSV is a gross premium valuation method and uses best estimate assumptions regarding future experience, with prescribed margins for prudence and deferral of profit emergence. 15

16 The gross premium valuation method is also used to measure the liabilities of investment contracts with DPF. Undistributed surpluses related to these contracts are allocated to contract holders and included as a liability. Assumptions used in the valuation method are reviewed at the reporting date and any changes in estimates are reflected in the income statement as they occur. Embedded derivatives The group does not separately measure embedded derivatives that meet the definition of an insurance contract, and the entire contract is measured as an insurance contract. Liability adequacy test At each the reporting date, the group performs liability adequacy testing on its insurance liabilities to ensure that the carrying amount of its liabilities, less intangible assets and deferred acquisition costs, is sufficient in view of estimated discounted future cash flows. Any deficiency is immediately charged to the income statement by writing off the intangible asset, and subsequently by establishing a provision for losses arising from liability adequacy tests. Any DAC or VOBA written off as a result of this test cannot subsequently be reinstated. Reinsurance contracts held Contracts entered into by the group with reinsurers under which the group is compensated for losses on one or more contract issued by the group, and which meet the classification requirements for insurance contracts, are classified as reinsurance contracts held. Contracts that do not meet these classification requirements are classified as financial assets. The benefits to which the group is entitled under its reinsurance contracts held are recognised as reinsurance assets. These assets consist of short-term balances due from reinsurers (classified within receivables), as well as longer term receivables (classified as reinsurance assets) that are dependent on the expected claims and benefits arising under the related reinsured insurance contracts. Amounts recoverable from or due to reinsurers are measured consistently with the amounts associated with the reinsured insurance contracts and in accordance with the terms of each such contract. Reinsurance liabilities are primarily premiums payable for reinsurance contracts and are recognised as an expense when due. Impairment of reinsurance assets The group assesses its reinsurance assets for impairment at the reporting date. If there is objective evidence that the reinsurance asset is impaired, the group reduces the carrying amount of the reinsurance asset to its recoverable amount and recognises the impairment loss in the income statement. The impairment loss is calculated following the same method used for financial assets held at amortised cost. Premium revenue Premiums and annuity considerations receivable from insurance contracts and investment contracts with DPF are recognised as revenue in the income statement gross of commission and reinsurance, and exclude taxes and levies. Where annual premiums are paid in instalments, the outstanding balance of these premiums, after providing for anticipated policy lapses, is recognised as premium revenue in the income statement. Reinsurance premiums are recognised when due for payment. Claims incurred Claims incurred in respect of insurance contracts and investment contracts with DPF include death, disability, maturity, annuity and surrender payments and are recognised in the income statement. 16

17 Death, disability and surrender claims are recognised when notified. Maturity and annuity claims are recognised when they are due for payment. Reinsurance recoveries are accounted for in the same period as the related claim. Acquisition costs Acquisition costs, disclosed as sales remuneration, for insurance contracts and investment contracts with DPF include all commission and expenses directly related to commission payable in the production of business. The gross premium valuation method makes implicit allowance for the deferral of acquisition costs; therefore, no explicit deferred acquisition cost asset is recognised in the balance sheet for contracts valued under this method. Investment contracts Investment contracts are financial liabilities whose fair value is dependent on the fair value of the underlying financial asset portfolios that can include derivatives, and that are designated at inception as at fair value through income. Valuation techniques used by the group to establish the fair value, at inception and each reporting period, of investment contracts incorporate all factors that market participants would consider and are based on observable market data. The fair value of financial liabilities is never less than the amount payable on surrender, discounted for the required notice period, where applicable. Amounts received and claims incurred Amounts received under investment contracts, such as premiums and investment returns, are recorded as deposits to investment contract liabilities whereas claims incurred are recorded as deductions from investment contract liabilities. Revenue on investment management service contracts Fees charged for investment management services provided in conjunction with an investment contract are recognised as revenue as the services are provided. Initial fees that exceed the level of recurring fees and that relate to the future provision of services are deferred and amortised over the anticipated period in which the services will be provided. BORROWINGS The fair value of the liability component of the convertible redeemable preference shares is determined by discounting the net present value of future dividend payments. This amount is recorded as a liability on the amortised cost basis until extinguished on conversion of the preference shares. The remainder of the proceeds is allocated to the conversion option, which is recognised and included in shareholders equity. The value of the equity component is not changed in subsequent periods. DEFERRED INCOME TAX Deferred income tax is provided for in full at the current tax rates and in terms of laws substantively enacted at the reporting date, in respect of temporary differences between the tax bases of assets and liabilities and their carrying values for financial reporting purposes, using the liability method. However, if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting or taxable profit or loss, it is not accounted for. Deferred tax assets, including tax on capital gains and secondary tax on 17

18 companies, are recognised for tax losses and unused tax credits carried forward only to the extent that realisation of the related future tax benefit is probable. Offsetting Deferred tax assets and liabilities are set off when the income taxes relate to the same fiscal authority and where there is a legal right of offset at settlement in the same taxable entity. CURRENT TAXATION Current tax is provided for at the amount expected to be paid, using the tax rates and in respect of laws that have been substantively enacted at the reporting date. Offsetting Current tax assets and liabilities are set off when a legally enforceable right exists and it is the intention to settle on a net basis or to realise the asset and settle the liability simultaneously. LEASES Finance leases Leases of property, plant and equipment where substantially all the risks and rewards incidental to ownership have been transferred to the group are classified as finance leases. Asset Finance leases are capitalised at the lower of the fair value of the leased property or the present value of the minimum lease payments at inception of the lease. The asset acquired is depreciated over the shorter of the useful life of the asset or the lease term. Liability The rental obligation, net of finance charges, is included as a liability. Each lease payment is apportioned between finance charges and the reduction of the outstanding liability. The finance charges or interest are charged to the income statement over the lease term so as to produce a constant periodic rate of interest on the liability remaining for each period. Operating leases Leases where substantially not all the risks and rewards incidental to ownership have been transferred to the group are classified as operating leases. Payments made are charged to the income statement on a straight-line basis over the period of the lease. DIVIDENDS PAID AND RELATED SECONDARY TAX ON COMPANIES Dividends paid to shareholders of the company and the related secondary tax on companies (STC) are recognised on declaration date. PROVISIONS Provisions are recognised when, as a result of past events, the group has a present legal or constructive obligation of uncertain timing or amount, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. Provisions are measured as the present value of management s best estimate of the expenditure required to settle the obligation at the reporting date. The discount rate used to determine the present 18

19 value reflects current market assessments of the time value of money and the increase specific to the liability. Onerous contracts The group recognises a provision for an onerous contract when the expected benefits to be derived from a contract are lower than the unavoidable costs of meeting the obligations under the contract. Restructuring A provision for restructuring is recognised only if the group has approved a detailed formal plan and raised a valid expectation, among those parties directly affected, that the plan will be carried out either by having begun implementation or by publicly announcing the plan s main features. CONTINGENT LIABILITIES Contingent liabilities are recognised when the group has a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the group, or it is possible but not probable that an outflow of resources will be required to settle an obligation, or the amount of the obligation cannot be measured with sufficient reliability. EMPLOYEE BENEFITS Pension and provident fund obligations The group provides a defined benefit pension scheme as well as defined contribution pension and provident schemes. The schemes are funded through payments to trustee-administered funds, determined by periodic actuarial calculations. With effect from 1 April 1999 the majority of employees converted their retirement benefit plans from defined benefit to defined contribution by way of transfer from the Metropolitan Staff Pension Fund to the Metropolitan Staff Retirement Fund. The defined benefit scheme was closed to new members from 1 April 1999 onwards and all employees who joined after that date automatically became members of the defined contribution schemes. Defined contribution retirement funds A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. The group contributes to the defined contribution provident scheme, with employees contributing to the defined contribution pension scheme. The defined contribution provident scheme holds reserve accounts available to the group in order to subsidise contributions and to provide for the lump sum benefit payable in respect of the post-retirement obligation for employees who converted to the scheme in April The scheme s board of trustees is in the process of applying for formal recognition of these reserves as an employer surplus account in terms of section 15F of the Pension Funds Second Amendment Act of The group s contributions are charged to the income statement when incurred, except those contributions subsidised by the reserve accounts. Defined benefit fund A defined benefit plan is a pension plan that defines the amount of the pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The defined benefit scheme is actuarially valued every three years in accordance with the Pension Funds Act. Employees contribute to the scheme at a fixed percentage of salaries, with the group contributing the balance of costs as determined by the actuarial valuation. The group s current service costs are recognised as expenses in the current year. 19

20 Post-retirement medical aid obligations The group makes medical aid contributions on behalf of pensioners who have retired from the defined benefit pension fund. An accounting provision is made for the future medical aid contributions of these pensioners and for the post-retirement medical aid contributions of the in-service members of the defined benefit pension fund. The entitlement to these benefits is based on the employees remaining in service up to retirement age. The expected costs of these benefits are accrued over the period of employment, using a methodology similar to that for defined benefit pension plans. These provisions are calculated using actuarial methodologies for the discounted value of contributions and a best estimate of the expected long-term investment return (discount rate: 10.0%), as well as taking into account estimated contribution increases (medical inflation rate: 11.0%). The group has no obligation for post-retirement medical benefits in respect of other pensioners and inservice members. The increase or decrease in the accounting provision for these costs is charged to the income statement. Bonus plans The group pays performance bonuses to senior employees of the group and thirteenth cheque bonuses to staff other than those participation in the performance bonus scheme. Performance bonuses are based on certain objectives, taking into account past business experience and future strategic issues, agreed upon by the board of directors of the holding company. The group recognises a provision where contractually obliged or where there is a past practice that has created a constructive obligation. Share-based compensation The group operates equity-settled share-based compensation plans. The fair value of the employee services received in exchange for the grant of the shares is recognised as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the shares granted, excluding the impact of any non-market related vesting conditions. Non-market related vesting conditions, such as the resignation of employees and retrenchment of staff, are included in assumptions about the number of shares expected to be released and are revised at the reporting date. The impact of the revision of original estimates, if any, is recognised in the income statement, and a corresponding adjustment is made to equity over the remaining vesting period. The fair value of equity instruments granted is determined by using standard option pricing models. The valuation technique is consistent with generally accepted valuation methodologies for pricing financial instruments, and incorporates all factors and assumptions that knowledgeable, willing market participants would consider in setting the price of the equity instrument. SEGMENTAL REPORTING Primary segments Primary segmental reporting is based on the type of business and correlates with the activities of the main operating business. The retail business sells life insurance products. The corporate business sells employee benefit products and includes asset management, property administration and collective investment schemes administration. The international business sells life insurance and employee benefit products, administers health schemes and collective investment schemes. The health administration business administers health schemes and provides related health services. 20

G8 Education Limited ABN: 95 123 828 553. Accounting Policies

G8 Education Limited ABN: 95 123 828 553. Accounting Policies G8 Education Limited ABN: 95 123 828 553 Accounting Policies Table of Contents Note 1: Summary of significant accounting policies... 3 (a) Basis of preparation... 3 (b) Principles of consolidation... 3

More information

EXPLANATORY NOTES. 1. Summary of accounting policies

EXPLANATORY NOTES. 1. Summary of accounting policies 1. Summary of accounting policies Reporting Entity Taranaki Regional Council is a regional local authority governed by the Local Government Act 2002. The Taranaki Regional Council group (TRC) consists

More information

Note 2 SIGNIFICANT ACCOUNTING

Note 2 SIGNIFICANT ACCOUNTING Note 2 SIGNIFICANT ACCOUNTING POLICIES BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS The consolidated financial statements have been prepared in accordance with International Financial Reporting

More information

Summary of Significant Accounting Policies FOR THE FINANCIAL YEAR ENDED 31 MARCH 2014

Summary of Significant Accounting Policies FOR THE FINANCIAL YEAR ENDED 31 MARCH 2014 46 Unless otherwise stated, the following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements. The Company and

More information

Principal Accounting Policies

Principal Accounting Policies 1. Basis of Preparation The accounts have been prepared in accordance with Hong Kong Financial Reporting Standards ( HKFRS ). The accounts have been prepared under the historical cost convention as modified

More information

Transition to International Financial Reporting Standards

Transition to International Financial Reporting Standards Transition to International Financial Reporting Standards Topps Tiles Plc In accordance with IFRS 1, First-time adoption of International Financial Reporting Standards ( IFRS ), Topps Tiles Plc, ( Topps

More information

The consolidated financial statements of

The consolidated financial statements of Our 2014 financial statements The consolidated financial statements of plc and its subsidiaries (the Group) for the year ended 31 December 2014 have been prepared in accordance with International Financial

More information

Acal plc. Accounting policies March 2006

Acal plc. Accounting policies March 2006 Acal plc Accounting policies March 2006 Basis of preparation The consolidated financial statements of Acal plc and all its subsidiaries have been prepared in accordance with International Financial Reporting

More information

Mitchells & Butlers plc Accounting policies under IFRS

Mitchells & Butlers plc Accounting policies under IFRS Mitchells & Butlers plc Accounting policies under IFRS 7 December 2005 Background With effect from 2 October 2005, Mitchells & Butlers plc ( the Group ) is required to prepare its consolidated financial

More information

SIGNIFICANT GROUP ACCOUNTING POLICIES

SIGNIFICANT GROUP ACCOUNTING POLICIES SIGNIFICANT GROUP ACCOUNTING POLICIES Basis of consolidation Subsidiaries Subsidiaries are all entities over which the Group has the sole right to exercise control over the operations and govern the financial

More information

TCS Financial Solutions Australia (Holdings) Pty Limited. ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015

TCS Financial Solutions Australia (Holdings) Pty Limited. ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015 TCS Financial Solutions Australia (Holdings) Pty Limited ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015 Contents Page Directors' report 3 Statement of profit or loss and other

More information

ACCOUNTING POLICIES. for the year ended 30 June 2014

ACCOUNTING POLICIES. for the year ended 30 June 2014 ACCOUNTING POLICIES REPORTING ENTITIES City Lodge Hotels Limited (the company) is a company domiciled in South Africa. The group financial statements of the company as at and comprise the company and its

More information

POLICY MANUAL. Financial Management Significant Accounting Policies (July 2015)

POLICY MANUAL. Financial Management Significant Accounting Policies (July 2015) POLICY 1. Objective To adopt Full Accrual Accounting and all other applicable Accounting Standards. 2. Local Government Reference Local Government Act 1995 Local Government (Financial Management) Regulations

More information

SANLAM LIFE INSURANCE LIMITED (Registration no. 1998/021121/06) Annual Financial Statements

SANLAM LIFE INSURANCE LIMITED (Registration no. 1998/021121/06) Annual Financial Statements (Registration no. 1998/021121/06) Annual Financial Statements 2005 1 REGISTRATION NO. 1998/021121/06 Company incorporated in South Africa Directors Non Executive Independent WG James GE Rudman JJM van

More information

Preliminary Final report

Preliminary Final report Appendix 4E Rule 4.3A Preliminary Final report AMCOR LIMITED ABN 62 000 017 372 1. Details of the reporting period and the previous corresponding period Reporting Period: Year Ended Previous Corresponding

More information

Group Accounting Policies For the year ended 30 September 2014

Group Accounting Policies For the year ended 30 September 2014 91 Group Accounting Policies The consolidated financial statements have been prepared in accordance with IFRS as endorsed by the EU and in accordance with the Companies Act 2006, as applicable to companies

More information

MATRIX IT LTD. AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS

MATRIX IT LTD. AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2013 CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2013 NIS IN THOUSANDS INDEX Page Auditors' Reports 2-4 Consolidated Statements of Financial

More information

(Amounts in millions of Canadian dollars except for per share amounts and where otherwise stated. All amounts stated in US dollars are in millions.

(Amounts in millions of Canadian dollars except for per share amounts and where otherwise stated. All amounts stated in US dollars are in millions. Notes to the Consolidated Financial Statements (Amounts in millions of Canadian dollars except for per share amounts and where otherwise stated. All amounts stated in US dollars are in millions.) 1. Significant

More information

The statements are presented in pounds sterling and have been prepared under IFRS using the historical cost convention.

The statements are presented in pounds sterling and have been prepared under IFRS using the historical cost convention. Note 1 to the financial information Basis of accounting ITE Group Plc is a UK listed company and together with its subsidiary operations is hereafter referred to as the Company. The Company is required

More information

ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 JULY 2014 FONTERRA ANNUAL FINANCIAL RESULTS 2014 A

ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 JULY 2014 FONTERRA ANNUAL FINANCIAL RESULTS 2014 A ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 JULY 2014 FONTERRA ANNUAL FINANCIAL RESULTS 2014 A CONTENTS DIRECTORS STATEMENT 1 INCOME STATEMENT 2 STATEMENT OF COMPREHENSIVE INCOME 3 STATEMENT OF FINANCIAL

More information

ACCOUNTING POLICIES. with a significant risk of material adjustment in the next year are discussed in note 20.2.

ACCOUNTING POLICIES. with a significant risk of material adjustment in the next year are discussed in note 20.2. ACCOUNTING POLICIES Allied Technologies Limited ( the company ) is a South African registered company. The consolidated financial statements of the company for the year ended 28 February 2011 comprise

More information

ANNUAL FINANCIAL RESULTS

ANNUAL FINANCIAL RESULTS ANNUAL FINANCIAL RESULTS For the year ended 31 July 2013 ANNUAL FINANCIAL RESULTS 2013 FONTERRA CO-OPERATIVE GROUP LIMITED Contents: DIRECTORS STATEMENT... 1 INCOME STATEMENT... 2 STATEMENT OF COMPREHENSIVE

More information

VASSETI (UK) PLC CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013

VASSETI (UK) PLC CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 INTERIM MANAGEMENT REPORT (UNAUDITED) FOR THE 6 MONTHS ENDED 30 JUNE 2013 1. Key Risks and uncertainties Risks and uncertainties

More information

International Accounting Standard 39 Financial Instruments: Recognition and Measurement

International Accounting Standard 39 Financial Instruments: Recognition and Measurement EC staff consolidated version as of 18 February 2011 FOR INFORMATION PURPOSES ONLY International Accounting Standard 39 Financial Instruments: Recognition and Measurement Objective 1 The objective of this

More information

In addition, Outokumpu has adopted the following amended standards as of January 1, 2009:

In addition, Outokumpu has adopted the following amended standards as of January 1, 2009: 1. Corporate information Outokumpu Oyj is a Finnish public limited liability company organised under the laws of Finland and domiciled in Espoo. The parent company, Outokumpu Oyj, has been listed on the

More information

Significant Accounting Policies

Significant Accounting Policies Apart from the accounting policies presented within the corresponding notes to the financial statements, other significant accounting policies are set out below. These policies have been consistently applied

More information

Consolidated financial statements

Consolidated financial statements Summary of significant accounting policies Basis of preparation DSM s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted

More information

Summary of significant accounting policies

Summary of significant accounting policies 1 (14) Summary of significant accounting policies The principal accounting policies applied in the preparation of Neste's consolidated financial statements are set out below. These policies have been consistently

More information

Financial Statements 2014

Financial Statements 2014 Financial Statements 2014 This financial statement is part of Heijmans annual report 2014. The complete English version of the annual report will be published a number of weeks after the publication of

More information

Residual carrying amounts and expected useful lives are reviewed at each reporting date and adjusted if necessary.

Residual carrying amounts and expected useful lives are reviewed at each reporting date and adjusted if necessary. 87 Accounting Policies Intangible assets a) Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of identifiable net assets and liabilities of the acquired company

More information

Notes to Consolidated Financial Statements Note 1: Basis of Presentation

Notes to Consolidated Financial Statements Note 1: Basis of Presentation NOTES TO CONSOLIDATED FINANCIAL STATEMENTS to Consolidated Financial Statements Note 1: Basis of Presentation Bank of Montreal ( the bank ) is a public company incorporated in Canada having its registered

More information

Statutory Financial Statements

Statutory Financial Statements Statutory Financial Statements for the year ended December 31, 2007 by Kardan NV, Amsterdam, the Netherlands Consolidated IFRS Financial Statements Consolidated IFRS Balance Sheet 54 Consolidated IFRS

More information

accounting policies for the year ended 31 march 2009

accounting policies for the year ended 31 march 2009 The annual financial statements are prepared on the historical cost basis, unless otherwise indicated, in accordance with International Financial Reporting Standards (IFRS), the requirements of the Companies

More information

Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007

Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007 Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007 The Board of Abbey plc reports a profit before taxation of 18.20m which compares with a profit of 22.57m for

More information

Volex Group plc. Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement. 1.

Volex Group plc. Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement. 1. Volex Group plc Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement 1. Introduction The consolidated financial statements of Volex Group plc

More information

OMAN INSURANCE COMPANY P.S.C. AND SUBSIDIARIES. Consolidated financial statements and independent auditor s report for the year ended 31 December 2013

OMAN INSURANCE COMPANY P.S.C. AND SUBSIDIARIES. Consolidated financial statements and independent auditor s report for the year ended 31 December 2013 OMAN INSURANCE COMPANY P.S.C. AND SUBSIDIARIES Consolidated financial statements and independent auditor s report for the year ended 31 December 2013 OMAN INSURANCE COMPANY P.S.C. AND SUBSIDIARIES Contents

More information

18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS AND FINANCIAL LIABILITIES I. GENERAL PROVISIONS

18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS AND FINANCIAL LIABILITIES I. GENERAL PROVISIONS APPROVED by Resolution No. 11 of 27 October 2004 of the Standards Board of the Public Establishment the Institute of Accounting of the Republic of Lithuania 18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS

More information

SAGICOR FINANCIAL CORPORATION

SAGICOR FINANCIAL CORPORATION Interim Financial Statements Nine-months ended September 30, 2015 FINANCIAL RESULTS FOR THE CHAIRMAN S REVIEW The Sagicor Group recorded net income from continuing operations of US $60.4 million for the

More information

ARABIAN SCANDINAVIAN INSURANCE COMPANY P.L.C.

ARABIAN SCANDINAVIAN INSURANCE COMPANY P.L.C. ARABIAN SCANDINAVIAN INSURANCE COMPANY P.L.C. Financial statements and independent auditor s report for the year ended 31 December 2012 ARABIAN SCANDINAVIAN INSURANCE COMPANY P.L.C. Contents Pages Independent

More information

Samsung Life Insurance Co., Ltd. Separate Financial Statements March 31, 2013 and 2012

Samsung Life Insurance Co., Ltd. Separate Financial Statements March 31, 2013 and 2012 Separate Financial Statements Index Page(s) Report of Independent Auditors 1-2 Separate Financial Statements Statements of Financial Position 3 Statements of Comprehensive Income 4 5 Statements of Changes

More information

STATEMENT OF COMPLIANCE AND BASIS OF MEASUREMENT

STATEMENT OF COMPLIANCE AND BASIS OF MEASUREMENT Accounting policies REPORTING ENTITY The Waikato Regional Council is a territorial local authority governed by the Local Government Act 2002, and is domiciled in New Zealand. The main purpose of prospective

More information

ACCOUNTING POLICY 1.1 FINANCIAL REPORTING. Policy Statement. Definitions. Area covered. This Policy is University-wide.

ACCOUNTING POLICY 1.1 FINANCIAL REPORTING. Policy Statement. Definitions. Area covered. This Policy is University-wide. POLICY Area covered ACCOUNTING POLICY This Policy is University-wide Approval date 5 May 2016 Policy Statement Intent Scope Effective date 5 May 2016 Next review date 5 May 2019 To establish decisions,

More information

Acerinox, S.A. and Subsidiaries. Consolidated Annual Accounts 31 December 2014. Consolidated Directors' Report 2014. (With Auditors Report Thereon)

Acerinox, S.A. and Subsidiaries. Consolidated Annual Accounts 31 December 2014. Consolidated Directors' Report 2014. (With Auditors Report Thereon) Acerinox, S.A. and Subsidiaries Consolidated Annual Accounts 31 December 2014 Consolidated Directors' Report 2014 (With Auditors Report Thereon) (Free translation from the original in Spanish. In the event

More information

Indian Accounting Standard (Ind AS) 39 Financial Instruments: Recognition and Measurement

Indian Accounting Standard (Ind AS) 39 Financial Instruments: Recognition and Measurement Indian Accounting Standard (Ind AS) 39 Financial Instruments: Recognition and Measurement Contents Paragraphs Objective 1 Scope 2 7 Definitions 8 9 Embedded derivatives 10 13 Recognition and derecognition

More information

Global Value Fund Limited A.B.N. 90 168 653 521. Appendix 4E - Preliminary Financial Report for the year ended 30 June 2015

Global Value Fund Limited A.B.N. 90 168 653 521. Appendix 4E - Preliminary Financial Report for the year ended 30 June 2015 A.B.N. 90 168 653 521 Appendix 4E - Preliminary Financial Report for the year ended 30 June 2015 Appendix 4E - Preliminary Financial Report For the year ended 30 June 2015 Preliminary Report This preliminary

More information

NOTES TO THE COMPANY FINANCIAL STATEMENTS

NOTES TO THE COMPANY FINANCIAL STATEMENTS FINANCIAL S 78 79 80 81 82 CONSOLIDATED INCOME CONSOLIDATED OF COMPREHENSIVE INCOME CONSOLIDATED OF FINANCIAL POSITION CONSOLIDATED OF CONSOLIDATED OF CHANGES IN EQUITY 83 NOTES TO THE CONSOLIDATED FINANCIAL

More information

SHIRE OF CARNARVON POLICY

SHIRE OF CARNARVON POLICY SHIRE OF CARNARVON POLICY POLICY NO C010 POLICY SIGNIFICANT ACCOUNTING POLICIES RESPONSIBLE DIRECTORATE CORPORATE COUNCIL ADOPTION Date: 27.5.14 Resolution No. FC 5/5/14 REVIEWED/MODIFIED Date: Resolution

More information

2 This Standard shall be applied by all entities that are investors with joint control of, or significant influence over, an investee.

2 This Standard shall be applied by all entities that are investors with joint control of, or significant influence over, an investee. International Accounting Standard 28 Investments in Associates and Joint Ventures Objective 1 The objective of this Standard is to prescribe the accounting for investments in associates and to set out

More information

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Contents Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS 6 9 Cash and cash equivalents 7 9 PRESENTATION OF

More information

Accounting policies. General information. Comparatives for 2011. Summary of significant accounting policies. Changes in accounting policies

Accounting policies. General information. Comparatives for 2011. Summary of significant accounting policies. Changes in accounting policies Accounting policies General information This document constitutes the Annual Report and Financial Statements in accordance with UK Listing Rules requirements and the Annual Report on Form 20-F in accordance

More information

Rabobank Group. Consolidated Financial Statements 2005. prepared in accordance with International Financial Reporting Standards

Rabobank Group. Consolidated Financial Statements 2005. prepared in accordance with International Financial Reporting Standards Rabobank Group Consolidated Financial Statements 2005 prepared in accordance with International Financial Reporting Standards Rabobank Group Consolidated Financial Statements 2005 This publication, the

More information

Summary of Certain Differences between SFRS and US GAAP

Summary of Certain Differences between SFRS and US GAAP Summary of Certain Differences between and SUMMARY OF CERTAIN DIFFERENCES BETWEEN AND The combined financial statements and the pro forma consolidated financial information of our Group included in this

More information

ANNUAL FINANCIAL RESULTS

ANNUAL FINANCIAL RESULTS ANNUAL FINANCIAL RESULTS Directors Statement The directors of Air New Zealand Limited are pleased to present to shareholders the Annual Report* and financial statements for Air New Zealand and its controlled

More information

Financial Instruments: Recognition and Measurement

Financial Instruments: Recognition and Measurement STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 39 Financial Instruments: Recognition and Measurement This version of the Statutory Board Financial Reporting Standard does not include amendments that

More information

ABN: Financial Report

ABN: Financial Report CYC (SA) Unit Trust CYC (SA) Unit Trust Financial Report For the Year Ended 31 May 2012 CYC (SA) Unit Trust For the year ended 31 May 2012 Contents Page Statement by the Directors 1 Statement of Comprehensive

More information

International Accounting Standard 12 Income Taxes. Objective. Scope. Definitions IAS 12

International Accounting Standard 12 Income Taxes. Objective. Scope. Definitions IAS 12 International Accounting Standard 12 Income Taxes Objective The objective of this Standard is to prescribe the accounting treatment for income taxes. The principal issue in accounting for income taxes

More information

Audited Financial Statements For the Financial Year ended 31 December 2012

Audited Financial Statements For the Financial Year ended 31 December 2012 Audited Financial Statements For the Financial Year ended 31 December Tokio Marine Life Insurance Singapore Ltd. (Incorporated in Singapore. Registration Number: 194800055D) And Its Subsidiary TOKIO MARINE

More information

1: Significant Accounting Policies

1: Significant Accounting Policies Notes to the financial statements 1: Significant Accounting Policies The financial statements of Australia and New Zealand Banking Group Limited (the Company) and its controlled entities (the Group) for

More information

Consolidated Statement of Financial Position

Consolidated Statement of Financial Position 18 Consolidated Statement of Financial Position As at December 31, 2010 and 2009 Notes SAR 000 SAR 000 Assets Cash and balances with SAMA 4 11,997,395 10,457,455 Due from banks and other financial institutions

More information

Notes to the consolidated financial statements

Notes to the consolidated financial statements 168 Implats 2007 Annual Report Notes to the consolidated financial statements 1 Summary of significant accounting policies The principal accounting policies applied in the preparation of these group and

More information

International Accounting Standard 12 Income Taxes

International Accounting Standard 12 Income Taxes EC staff consolidated version as of 21 June 2012, EN IAS 12 FOR INFORMATION PURPOSES ONLY International Accounting Standard 12 Income Taxes Objective The objective of this Standard is to prescribe the

More information

Statement of accounting policies

Statement of accounting policies 4 6 C & C G R O U P P L C Statement of accounting policies Significant accounting policies C&C Group plc (the Company ) is a company tax resident and incorporated in Ireland. The Group s financial statements

More information

Indian Accounting Standard (Ind AS) 12. Income Taxes

Indian Accounting Standard (Ind AS) 12. Income Taxes Indian Accounting Standard (Ind AS) 12 Contents Income Taxes Paragraphs Objective Scope 1 4 Definitions 5 11 Tax base 7 11 Recognition of current tax liabilities and current tax assets 12 14 Recognition

More information

Sri Lanka Accounting Standard-LKAS 7. Statement of Cash Flows

Sri Lanka Accounting Standard-LKAS 7. Statement of Cash Flows Sri Lanka Accounting Standard-LKAS 7 Statement of Cash Flows CONTENTS SRI LANKA ACCOUNTING STANDARD-LKAS 7 STATEMENT OF CASH FLOWS paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS

More information

NOTES TO THE ANNUAL FINANCIAL STATEMENTSNOTE

NOTES TO THE ANNUAL FINANCIAL STATEMENTSNOTE NOTES TO THE ANNUAL FINANCIAL STATEMENTSNOTE Notes to the ANNUAL FINANCIAL STATEMENTS 19 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies adopted in the preparation of these

More information

NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS

NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS NAS 03 NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS CONTENTS Paragraphs OBJECTIVE SCOPE 1-3 BENEFITS OF CASH FLOWS INFORMATION 4-5 DEFINITIONS 6-9 Cash and cash equivalents 7-9 PRESENTATION OF A

More information

Accounting policies for the year ended 31 March 2012

Accounting policies for the year ended 31 March 2012 Accounting policies 1. Basis of preparation The financial statements have been prepared in accordance with the Standards of GRAP including any interpretations, guidelines and directives issued by the Accounting

More information

NAS 09 NEPAL ACCOUNTING STANDARDS ON INCOME TAXES

NAS 09 NEPAL ACCOUNTING STANDARDS ON INCOME TAXES NAS 09 NEPAL ACCOUNTING STANDARDS ON INCOME TAXES CONTENTS Paragraphs OBJECTIVE SCOPE 1-4 DEFINITIONS 5-11 Tax Base 7-11 RECOGNITION OF CURRENT TAX LIABILITIES AND CURRENT TAX ASSETS 12-14 RECOGNITION

More information

NOTES TO THE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS 1. Principal activities The Company is an investment holding company and its subsidiaries are principally engaged in the provision of banking and related financial services in Hong Kong. The Company is

More information

Indian Accounting Standard (Ind AS) 32 Financial Instruments: Presentation

Indian Accounting Standard (Ind AS) 32 Financial Instruments: Presentation Indian Accounting Standard (Ind AS) 32 Financial Instruments: Presentation Contents Paragraphs Objective 2 3 Scope 4 10 Definitions 11 14 Presentation 15 50 Liabilities and equity 15 27 Puttable instruments

More information

International Accounting Standard 32 Financial Instruments: Presentation

International Accounting Standard 32 Financial Instruments: Presentation EC staff consolidated version as of 21 June 2012, EN EU IAS 32 FOR INFORMATION PURPOSES ONLY International Accounting Standard 32 Financial Instruments: Presentation Objective 1 [Deleted] 2 The objective

More information

Financial statements: contents

Financial statements: contents Section 5 Financial statements 115 Financial statements: contents Consolidated financial statements Independent auditors report to the members of Pearson plc 116 Consolidated income statement 123 Consolidated

More information

Income Taxes STATUTORY BOARD SB-FRS 12 FINANCIAL REPORTING STANDARD

Income Taxes STATUTORY BOARD SB-FRS 12 FINANCIAL REPORTING STANDARD STATUTORY BOARD SB-FRS 12 FINANCIAL REPORTING STANDARD Income Taxes This version of the Statutory Board Financial Reporting Standard does not include amendments that are effective for annual periods beginning

More information

The acquisition method of accounting is used to account for business combinations by the group.

The acquisition method of accounting is used to account for business combinations by the group. ABN 79 114 456 781 Summary of Significant Accounting Policies Basis of Preparation Huon produce general purpose financial statements which are been prepared in accordance with the Corporations Act 2001,

More information

Investments in Associates and Joint Ventures

Investments in Associates and Joint Ventures STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 28 Investments in Associates and Joint Ventures This standard applies for annual periods beginning on or after 1 January 2013. Earlier application is

More information

Roche Capital Market Ltd Financial Statements 2009

Roche Capital Market Ltd Financial Statements 2009 R Roche Capital Market Ltd Financial Statements 2009 1 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes to the Financial Statements. Roche Capital Market Ltd,

More information

OMAN INSURANCE COMPANY P.S.C. AND SUBSIDIARY. Consolidated financial statements and independent auditor s report for the year ended 31 December 2011

OMAN INSURANCE COMPANY P.S.C. AND SUBSIDIARY. Consolidated financial statements and independent auditor s report for the year ended 31 December 2011 OMAN INSURANCE COMPANY P.S.C. AND SUBSIDIARY Consolidated financial statements and independent auditor s report for the year ended 31 December 2011 OMAN INSURANCE COMPANY P.S.C. AND SUBSIDIARY Contents

More information

Acerinox, S.A. and Subsidiaries. Consolidated Annual Accounts 31 December 2013. Consolidated Directors' Report 2013. (With Auditors Report Thereon)

Acerinox, S.A. and Subsidiaries. Consolidated Annual Accounts 31 December 2013. Consolidated Directors' Report 2013. (With Auditors Report Thereon) Acerinox, S.A. and Subsidiaries Consolidated Annual Accounts 31 December 2013 Consolidated Directors' Report 2013 (With Auditors Report Thereon) (Free translation from the original in Spanish. In the event

More information

ACCOUNTING POLICY INVESTMENTS AND OTHER FINANCIAL ASSETS

ACCOUNTING POLICY INVESTMENTS AND OTHER FINANCIAL ASSETS Responsible Officer ACCOUNTING POLICY INVESTMENTS AND OTHER FINANCIAL ASSETS Director, Shared Services and Corporate Finance & Advisory Services Contact Officer Senior Group Statutory Reporting Manager,

More information

Life Insurance Business

Life Insurance Business Accounting Standard AASB 1038 November 1998 Life Insurance Business Issued by the Australian Accounting Standards Board Obtaining a Copy of this Accounting Standard Copies of this Standard are available

More information

1. Parent company accounting policies

1. Parent company accounting policies Financial Statements Notes to the parent company financial statements 1. Parent company accounting policies Basis of preparation The separate financial statements of the Company are presented as required

More information

Notes on the parent company financial statements

Notes on the parent company financial statements 316 Financial statements Prudential plc Annual Report 2012 Notes on the parent company financial statements 1 Nature of operations Prudential plc (the Company) is a parent holding company. The Company

More information

FP5 SIGNIFICANT ACCOUNTING POLICIES - BUDGET

FP5 SIGNIFICANT ACCOUNTING POLICIES - BUDGET FP5 SIGNIFICANT ACCOUNTING POLICIES - BUDGET Adopted: Audit Committee 20 June 2013 Committee Decision No. 10 Audit Committee Minutes endorsed by Council OMC 18 July 2013 Council Decision No. 2753 AASB

More information

Sri Lanka Accounting Standard LKAS 12. Income Taxes

Sri Lanka Accounting Standard LKAS 12. Income Taxes Sri Lanka Accounting Standard LKAS 12 Income Taxes CONTENTS paragraphs SRI LANKA ACCOUNTING STANDARD-LKAS 12 INCOME TAXES OBJECTIVE SCOPE 1 4 DEFINITIONS 5 11 Tax base 7 11 RECOGNITION OF CURRENT TAX LIABILITIES

More information

Life Insurance Contracts

Life Insurance Contracts Compiled Accounting Standard AASB 1038 Life Insurance Contracts This compilation was prepared on 23 September taking into account amendments made up to and including 15 September 2005. Prepared by the

More information

Investments in Associates and Joint Ventures

Investments in Associates and Joint Ventures International Accounting Standard 28 Investments in Associates and Joint Ventures In April 2001 the International Accounting Standards Board (IASB) adopted IAS 28 Accounting for Investments in Associates,

More information

Finding and retaining the right customers. Bâloise-Holding Financial Report 2005

Finding and retaining the right customers. Bâloise-Holding Financial Report 2005 Finding and retaining the right customers Bâloise-Holding Financial Report 2005 Contents Consolidated Annual Financial Statements of the Baloise Group Consolidated balance sheet 4 Consolidated income

More information

Consolidated financial statements 2014. Zurich Insurance Group Annual Report 2014

Consolidated financial statements 2014. Zurich Insurance Group Annual Report 2014 Consolidated financial statements 2014 Annual Report 2014 2 Annual results 2014 Consolidated financial statements Contents Consolidated income statements 3 Consolidated statements of comprehensive income

More information

NEPAL ACCOUNTING STANDARDS ON BUSINESS COMBINATIONS

NEPAL ACCOUNTING STANDARDS ON BUSINESS COMBINATIONS NAS 21 NEPAL ACCOUNTING STANDARDS ON BUSINESS COMBINATIONS CONTENTS Paragraphs OBJECTIVE 1 SCOPE 2-14 Identifying a business combination 5-10 Business combinations involving entities under common control

More information

STATEMENT BY THE BOARD

STATEMENT BY THE BOARD Financial Statements 1 FINANCIAL STATEMENTS STATEMENT BY THE BOARD In our opinion, (a) the accompanying consolidated financial statements of Info-communications Development Authority of Singapore (the

More information

The Wawanesa Life Insurance Company. Financial Statements December 31, 2011

The Wawanesa Life Insurance Company. Financial Statements December 31, 2011 The Wawanesa Life Insurance Company Financial Statements February 21, 2012 Appointed Actuary s Report To the Shareholder and Policyholders of The Wawanesa Life Insurance Company I have valued the insurance

More information

NOTES TO THE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS 1: Significant Accounting Policies The financial statements of Australia and New Zealand Banking Group Limited (the Company) and its controlled entities (the Group) for

More information

ILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2013 International Financial Reporting Standards

ILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2013 International Financial Reporting Standards ILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2013 International Financial Reporting Standards 2 A Layout (International) Group Ltd Annual report and financial statements For the year ended

More information

KARDAN N.V. AMSTERDAM, THE NETHERLANDS. IFRS Financial Statements. For the year ended December 31, 2007

KARDAN N.V. AMSTERDAM, THE NETHERLANDS. IFRS Financial Statements. For the year ended December 31, 2007 KARDAN N.V. AMSTERDAM, THE NETHERLANDS IFRS Financial Statements For the year ended December 31, 2007 CONTENTS Consolidated financial statements Consolidated balance sheet 1-2 Consolidated profit and loss

More information

Roche Capital Market Ltd Financial Statements 2014

Roche Capital Market Ltd Financial Statements 2014 Roche Capital Market Ltd Financial Statements 2014 1 Roche Capital Market Ltd - Financial Statements 2014 Roche Capital Market Ltd, Financial Statements Roche Capital Market Ltd, statement of comprehensive

More information

Consolidated Financial Statements Notes to the Consolidated Financial Statements for Fiscal Year 2014

Consolidated Financial Statements Notes to the Consolidated Financial Statements for Fiscal Year 2014 171 The most important exchange rates applied in the consolidated financial statements developed as follows in relation to the euro: Currency Average rate Closing rate Country 1 EUR = 2014 2013 2014 2013

More information

INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY. FIRST QUARTER 2000 Consolidated Financial Statements (Non audited)

INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY. FIRST QUARTER 2000 Consolidated Financial Statements (Non audited) INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY FIRST QUARTER 2000 Consolidated Financial Statements (Non audited) March 31,2000 TABLE OF CONTENTS CONSOLIDATED INCOME 2 CONSOLIDATED CONTINUITY OF EQUITY 3 CONSOLIDATED

More information

FINANCE POLICY POLICY NO F.6 SIGNIFICANT ACCOUNTING POLICIES. FILE NUMBER FIN 2 ADOPTION DATE 13 June 2002

FINANCE POLICY POLICY NO F.6 SIGNIFICANT ACCOUNTING POLICIES. FILE NUMBER FIN 2 ADOPTION DATE 13 June 2002 POLICY NO F.6 POLICY SUBJECT FILE NUMBER FIN 2 ADOPTION DATE 13 June 2002 Shire of Toodyay Policy Manual FINANCE POLICY SIGNIFICANT ACCOUNTING POLICIES LAST REVIEW 22 July 2014 (Council Resolution No 201/07/14)

More information

International Accounting Standard 7 Statement of cash flows *

International Accounting Standard 7 Statement of cash flows * International Accounting Standard 7 Statement of cash flows * Objective Information about the cash flows of an entity is useful in providing users of financial statements with a basis to assess the ability

More information

Cash Flow Statements

Cash Flow Statements STATUTORY BOARD FINANCIAL SB-FRS 7 REPORTING STANDARD Cash Flow Statements SB-FRS 7 Cash Flow Statements applies to Statutory Boards for annual periods beginning on or after 1 January 2009. This Standard

More information