Interim Report 2009

2. Summary of significant accounting policies

2. Summary of significant accounting policies

These condensed interim consolidated financial statements were prepared under the historical cost convention, except for items to be recorded at fair value.

The accounting policies adopted are consistent with those followed in the preparation of the Group's annual financial statements for the year ended December 31, 2008, except those described below.

The Group has adopted for the first time the following new standards and amendments to standards for the financial year beginning January 1,2009:

  • IAS 1 (amendment), Presentation of financial statements. The revised standard prohibits the presentation of items of income and expenses (that is 'non-owner changes in equity') in the statement of changes in equity, requiring 'non-owner changes in equity' to be presented separately from owner changes in equity. All 'non-owner changes in equity' are required to be shown in a performance statement.

Entities can choose whether to present one performance statement (the statement of comprehensive income) or two statements (the income statement and statement of comprehensive income).

The Group has elected to present two statements: an income statement and a statement of comprehensive income. The interim financial statements have been prepared under the revised disclosure requirements.

  • IFRS 8, Operating segments. IFRS 8 replaces IAS 14, Segment reporting. It requires a management approach under which segment information is presented on the same basis as that used for internal reporting purposes. This has not resulted in an increase of reportable segments presented.

The following new standards, amendments to standards and interpretations are mandatory for the first time for the financial year beginning 1 January 2009, but are not currently relevant for the Group:

  • IAS 23 (amendment), Borrowing costs.
  • IFRS 2 (amendment), Share-based payment.
  • IAS 32 (amendment), Financial instruments: Presentation.
  • IFRIC 13, Customer loyalty programmes.
  • IFRIC 15, Agreements for the construction of real estate.
  • IFRIC 16, Hedges of a net investment in a foreign operation.
  • IAS 39 (amendment), Financial instruments: Recognition and measurement.