|
Accounting policies |
Approved method |
Reference |
| Measurement of property, plant and equipment after recognition | Property, plant and equipment are measured after recognition using cost model. | IAS 16, p.29 |
| Treatment of depreciation during revaluation of property, plant and equipment | When an item of property, plant and equipment is revalued, any accumulated
depreciation at the date of the revaluation is eliminated against the gross carrying amount of the asset. | IAS 16, p.35 |
| Method of transferring revaluation surplus of property, plant and equipment to retained earnings | Revaluation surplus of property, plant and equipment is transferred to retained earnings when the asset is derecognised. | IAS 16, p.41 |
| Depreciation method | The entity uses straight-line method of depreciation. | IAS 16, p.62 |
| Measurement of intangible assets after recognition | Intangible assets are measured after recognition using the cost model. | IAS 38, p.72 |
| Treatment of amortisation during revaluation of intangible assets | When an item of intangible assets is revalued, any accumulated
amortisation at the date of the revaluation is restated proportionately with the change in the gross carrying amount of the asset. | IAS 38, p.80 |
| Method of transferring revaluation surplus of intangible assets to retained earnings | Revaluation surplus of intangible assets is transferred to retained earnings during the asset is used by an entity. | IAS 38, p.87 |
| Amortisation of intangible asset | The entity uses diminishing balance method of amortisation. | IAS 38, p.98 |
| Measurement of investment property after recognition | Investment property are measured after recognition using the cost model. | IAS 40, p.30 |
| Inventories cost formulas | The cost of inventories is assigned by using the first-in, first-out (FIFO) cost formula. | IAS 2, p.25 |
| Techniques for the measurement of cost in the retail industry | The entity measures retail inventories using the actual cost. | IAS 2, p.21-22 |
| Components of cash and cash equivalents | Components of cash and cash equivalents include:- investments with short maturity (3 months or less).
| IAS 7, p.7-9, 45 |
| Measurement of exploration and evaluation assets | Exploration and evaluation assets are measured using the cost model. | IFRS 6, p.12 |
| The present value of the expected payments by a retirement benefit plan | The present value of the expected payments by a retirement benefit plan calculated and reported using current salary levels. | IAS 26, p.23 |
| Accounting for investments in subsidiaries, joint ventures and associates in the separate financial statements | When entity prepares separate financial statements it accounts investments in subsidiaries, joint ventures and associates either at cost. | IAS 27 p.4, IFRS 1 p.D14 |
| Format of presentation for defined benefit plans | A statement is included in the financial statements that shows the net assets available for benefits, the actuarial present value of promised retirement benefits, and the resulting excess or deficit. The financial statements of the plan also contain statements of changes in net assets available for benefits and changes in the actuarial present value of promised retirement benefits. The financial statements may be accompanied by a separate actuary’s report supporting the actuarial present value of promised retirement benefits. | IAS 26, p.28 |
| Methods of recognition of revenue involving the rendering of services | The entity uses the method that measures reliably the services performed; the priority method is services performed to date as a percentage of total services to be performed. | IAS 18, p.24,35 |
| Determination of the stage of completion of a contract | The entity determineds the stage of completion of a construction contract (in absence of more relevant for the current contract method) as the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs. | IAS 11, p.30 |
| Regular way purchases and sales of financial assets accounting | A regular way purchase or sale of financial assets are recognised usin trade date accounting. | IFRS 9, p. 3.1.2 |
| Classification of cash flows from interests paid | Cash flows from interests paid are classified as financing cash flows. | IAS 7, p.31,33 |
| Classification of cash flows from dividends paid | Cash flows from dividends paid are classified as financing cash flows. | IAS 7, p.31,34 |
| Classification of cash flows from interest and dividends received | Cash flows from interest and dividends received are classified as operational cash flows. | IAS 7, p.31,33 |
| Form of reporting of cash flows from operating activities | The entity reports cash flows from operating activities using the direct method, whereby major classes of gross cash receipts and gross cash payments are disclosed. | IAS 7, p.18 |
| Method of presentation an analysis of expenses in financial reports | The entity presents an analysis of expenses recognised in profit or loss using the nature of expense method. | IAS 1 p.99,102-103 |
| Title for the statement of profit or loss and other comprehensive income | The entity names the statement of profit or loss and other comprehensive income as "Statement of comprehensive income". | IAS 1 p.10 |
| Other comprehensive income items presentation | The entity presents items of other comprehensive income net of related tax effects. | IAS 1 p.91 |
| Functional currency | The functional currency of the entity is Euro. | IAS 21 p.9 |
| Presentation currency | The entity's statements are prepared using the following presentation currencies US dollar. | IAS 21 p.39 |
| Translation to the presentation currency | Income and expenses are translated to the presentation currency at exchange rates at the dates of the transactions. | IAS 21 p.39 |
| etc... (about 40 items) |
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