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Notes to the consolidated financial statements
Year ended 31 July 2007
42. Accounting standards, interpretations and amendments to published standards not yet effective
Certain new standards, amendments and interpretations to existing standards have been published that are mandatory for the Group’s accounting periods beginning on or after 1 August 2007 or later periods, but which the Group has not early adopted. The new standards which are expected to be relevant to the Group’s operations are as follows:
IFRS 7 Financial Instruments: Disclosures (effective from 1 August 2007) and amendment to IAS 1 Presentation of Financial Statements – Capital Disclosures (effective from 1 August 2007) IFRS 7 introduces new disclosures of qualitative and quantitative information about exposure to risks arising from financial instruments including specified minimum disclosures about credit risk, liquidity risk and market risk, including sensitivity analysis to market risk. The amendment to IAS 1 introduces disclosures about the level of an entity’s capital and how it manages capital. Management is currently assessing the impact of IFRS 7 and the amendment to IAS 1 on the Group’s financial statements.
IFRS 8 Operating segments (effective from 1 August 2009) This IFRS specifies how an entity should report information about its operating segments in its financial statements. Generally, financial information is required to be reported on the same basis as is used internally for evaluating operating segment performance and deciding how to allocate resources to operating segments. Management is currently assessing the impact of IFRS 8 on the Group’s financial statements.
Amendment to IAS 23 Borrowing Costs (effective from 1 August 2009) This amendment requires the capitalisation of borrowing costs, to the extent they are directly attributable to the acquisition, production or construction of assets that need a period of time to get ready for their intended use or sale. Management is currently assessing the impact of this amendment on the Group’s financial statements.
Amendment to IAS 1 Presentation of financial statements (effective from 1 August 2009) This amendment requires information in financial statements to be aggregated on the basis of shared characteristics and introduces a statement of comprehensive income. Preparers will have the option of presenting items of income and expense and components of other comprehensive income either in a single statement of comprehensive income with subtotals, or in two separate statements (a separate income statement followed by a statement of comprehensive income). Management is currently assessing the impact of this amendment on the Group’s financial statements.
IFRIC 11 Group and Treasury Share Transactions (effective from 1 August 2007) IFRIC 11 provides guidance on the application of IFRS 2 Share-based payments to transactions which are settled by the purchase of own shares, and transactions in which employees of a subsidiary receive rights to shares of a parent company. Management does not expect adoption of this interpretation to have a significant impact on the Group’s financial statements.
IFRIC 12 Service Concession Arrangements (effective from 1 August 2008) IFRIC 12 clarifies how certain aspects of existing IASB literature are to be applied to service concession arrangements, which are arrangements whereby a government or other body grants contracts for the supply of public services – such as roads, energy distribution, prisons or hospitals – to private operators. Management does not expect adoption of this interpretation to have a significant impact on the Group’s financial statements.
IFRIC 13 Customer Loyalty Programmes (effective from 1 August 2008) IFRIC 13 addresses accounting by entities that grant loyalty award credits to customers who buy other goods or services. It requires the award to be accounted for as a separate component of the sale transaction, with the fair value of the award being deferred until the obligation to provide free or discounted goods or services has been redeemed. Management is currently assessing the impact of this interpretation on the Group’s financial statements.
IFRIC 14 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction (effective from 1 August 2008) Paragraph 58 of IAS 19 Employee Benefits limits the measurement of the defined benefit asset in a pension plan to the ‘present value of economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan.’ IFRIC 14 clarifies how to measure this limit in the case of plans subject to a minimum funding requirement. Management does not expect adoption of this interpretation to have a significant impact on the Group’s financial statements.