<< < > >>
| Full PDF report | Print this page |
Annual Report & Accounts 2009 - Notes
<< < > >>
28 Annual Improvements 2009 (effective from 1 July 2009 and later). The IASB has issued Improvements for International Financial Reporting Standards 2009. Most of these amendments become effective in annual periods beginning on or after 1 July 2009 or 1 January 2010. Preliminary assessments indicate that the effect on the Group's financial statements will not be significant. Revised IAS 24 Related Party Transactions (effective from 1 January 2011) The revised standard introduces exemptions from IAS 24's disclosure requirements for transactions with a government that has control, joint control or significant influence over the reporting entity and government-related entities. The revised standard also broadens the definition of related parties. Based on transactions currently undertaken by the Group, the revised standard is not expected to have a significant effect on the consolidated financial statements. IFRS 9 Financial Instruments (effective from 1 January 2013) The IASB aims to replace IAS 39 Financial Instruments: Recognition and Measurement in its entirety by the end of 2010, with the replacement standard to be effective for annual periods beginning 1 January 2013. IFRS 9 is the first part of Phase 1 of this project. The main phases are: Phase 1: Classification and Measurement Phase 2: Impairment methodology Phase 3: Hedge accounting In addition, a separate project is dealing with derecognition. Management have yet to assess the impact that this new standard is likely to have on the financial statements of the Group. However, they do not expect to implement the standard until all chapters of the IAS 39 replacement have been published and they can comprehensively assess the impact of all changes. The Group has not yet determined all the potential effect of the new standards and interpretations not yet effective. 3. OPERATING SEGMENTS Management currently identifies the Group's key brands as operating segments. These operating segments are monitored and strategic decisions are made on the basis of adjusted segments operating results. Segment capital expenditure is the total costs incurred during the year to acquire segment assets that are expected to be used for more than one year. Segmental assets and liabilities are presented in note 17.