Notes to the combined and consolidated financial statements - Mondi

Notes to the combined and
consolidated financial statements continued
for the year ended 31 December 2009
1 Accounting policies (continued)
Annual periods
beginning
Standard on or after Impact on the Group
IAS 32 (AC 125) – Financial Instruments:
Presentation
1 January 2009 No material impact on the Group.
IAS 34 (AC 127) – Interim Financial Reporting 1 January 2009 The impact of the changes are of a presentational
and disclosure nature, with the most significant
impact being the replacement of the statement of
recognised income and expense by a statement of
comprehensive income and the presentation of a
complete statement of changes in equity.
Furthermore, earnings per share information has
been disclosed in the income statement. The
financial results have not been impacted in any way.
IAS 36 (AC 128) – Impairment of Assets 1 January 2009 No material impact on the Group.
IAS 38 (AC 129) – Intangible Assets 1 January 2009 No material impact on the Group.
IAS 39 (AC 133) – Financial Instruments:
Recognition and Measurement
1 January 2009 No material impact on the Group.
IAS 40 (AC 135) – Investment Property 1 January 2009 No impact on the Group.
IAS 41 (AC 137) – Agriculture 1 January 2009 No impact on the Group.
IFRIC 13 (AC 446) – Customer Loyalty
Programmes
1 July 2008 No impact on the Group.
IFRIC 15 (AC 448) – Agreements for the
Construction of Real Estate
1 January 2009 No impact on the Group.
IFRIC 16 (AC 449) – Hedges of a Net
Investment in a Foreign Operation
1 October 2008 No impact on the Group.
Amendments to IAS 39 (AC 133), ‘Financial Instruments: Recognition and Measurement’ and IFRIC 9 (AC 442), ‘Reassessment of
Embedded Derivatives’, are effective for annual periods ending on or after 30 June 2009. The amendments were a direct result of
the previous amendment to IAS 39 (AC 133), ‘Financial Instruments: Recognition and Measurement’, and IFRS 7 (AC 144),
‘Financial Instruments: Disclosures’, dealing with the reclassification of certain financial assets out of the fair value through profit
and loss category. The current amendments prohibit the reclassification of the host contract out of the fair value through profit and
loss category if an entity is unable to separately measure the embedded derivative associated with the host contract on
reclassification. The amendment did not have an impact on the Group.
Circular 3/2009, ‘Headline Earnings’ issued by the South African Institute of Chartered Accountants is effective for all financial
periods (interim and/or annual periods) ending on or after 31 August 2009. This circular supersedes Circular 8/2007 as it updated
Circular 8/2007 with the amendments and revisions to International Financial Reporting Standards issued between June 2007 and
April 2009. The amendments did not have a material impact on the Group’s headline earnings information.
96 Annual report and accounts 2009 Mondi Group