IFRS PRACTICAL IMPLEMENTATION GUIDE AND WORKBOOK

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Wiley IFRS: Practical Implementation Guide and Workbook

Accounting policies

The accounting conventions and accounting policies are the same as those applied in the 2006 consoli–

dated Financial Statements.

Changes in accounting policies

The Group has adopted the following lFRS and lFRl C interpretations as from January 1, 2007 onwards;

IFRS 7,

Financial Instruments: Disclosures

The Group has assessed the impact of lFRS 7 and amendments to lAS I and concluded that the main ad–

ditional disclosures would be those for market risk assessment and capital management. lAS 34 does

not specifically require disclosures in relation to lFRS 7 in the interim report. The Group will apply

lFRS 7 and the amendments to lAS I in its 2007 Consolidated Financial Statements.

IFRlC Inter pretations

lFRlC 9,

Reassessment of Embedded Derivatives,

lFRlC 10,

Interim Financial Reporting and Impair–

ment,

and lFRl C I I lFRS 2,

Group and Treasury Share Transactions

do not have any effect on the fi–

nancial position or performance of the Group.

None of the summarised new standards and interpretations has resulted in consequential changes in ac–

counting policies and other note disclosures.

Cha nges in IFRSs tha t may affect th e Group after December 31, 2007

The Group will adopt th e following sta ndar ds as fro m th eir effective dates:

IFRS 8 Operating Segments

This standard is effective for reporting periods beginning on or after January 1,2009. The Group has as–

sessed the impact of IFRS 8 and determined that this new standard should not significantly change its

segments previously identified under lAS 14,

Segment Reporting,

and, therefore, the Group will not

adopt lFRS 8 early.

Revised lAS 23 Borr owing Costs

This revision is effective for reporting periods beginning on or after January I, 2009. The revised stan–

dard removes the option of expensing borrowing costs directly attributable to acquisition, construction or

production of a qualifying asset. Management is at present assessing the impact of the revised lAS 23

on the Group' s operations as the Group currently expenses borrowing costs. The Group does not antici–

pate a significant impact.

Changes in presenta tion

Segmental information

Structure of management responsibilities may vary from one year to another. In such a case, segmental

information is restated and aligned with the structure as at January I of the year under review, in order to

present comparable information and be consistent with internal reporting.

Modificat ion of th e scope of consolidation

There were no major acquisitions or disposals affecting the scope of consolidation for this interim pe–

riod.