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Notes to the Financial Statements
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25 2. NEW ACCOUNTING AND REPORTING STANDARDS A number of new standards, amendments to standards and interpretations are not yet effective for the year ended 31 December 2008, and have not been applied in preparing these consolidated financial statements. Those which may have a significant effect on the financial statements are: IFRS 8 Operating Segments which becomes mandatory for the Group’s 2009 financial statements, will require the disclosure of segment information based on the internal reports reviewed by the Group’s Chief Operating Decision Maker in order to assess each segment’s performance and to allocate resources to them. This standard is concerned only with disclosure and replaces IAS 14. Revised IAS 1 Presentation of Financial Statements is aimed at improving users’ ability to analyse and compare the information given in financial statements. The amended version of this standard changes the terminology and presentation of the primary financial statements and will require comparative balance sheets at both 31 December 2007 and 2008 to be disclosed in next year’s financial statements. The revised standard also requires a “statement of changes in equity” to be disclosed as a primary statement, showing either all changes in equity or changes in equity comprising profit or loss, other items of income and expense and effects of changes in accounting policies and correction of errors (in which case it will be called a “statement of recognised income and expense”). Revised IFRS 3 Business Combinations continues to apply the acquisition method to business combinations, with some significant changes. For example, all payments to purchase a business are to be recorded at fair value at the acquisition date, with some contingent payments subsequently remeasured at fair value through income. Goodwill may be calculated based on the parent’s share of net assets or it may include goodwill related to minority interest. All transaction costs will be expensed. Revised IAS 27 Consolidated and Separate Financial Statements provides mainly guidance on changes in the ownership interests. The Group has not yet determined all the potential effect of the new standards and interpretation not yet effective. 3. SEGMENTAL REPORTING AND BUSINESS SEGMENTS Segment information is presented in respect of the Group’s business and geographical segments. Based on risks and returns and transacting with customers, the management considers that the Group’s primary reporting format is by following two business segments: • Gaming; • Sports Betting. Segment capital expenditure is the total cost incurred during the year to acquire segment assets that are expected to be used for more than one year.