Annual Report 2012 - Dialog

Annual Report 2012 l Dialog Axiata PLC l 57
1 Corporate information
Dialog Axiata PLC (the ‘Company’) and its subsidiaries (together ‘the Group’) provide communication services (mobile, fixed,
broadband, international gateway services), telecommunication Infrastructure services (tower infrastructure and transmission
services), media (digital television services based on multiple media – satellite, cable, terrestrial) and digital services [including
but not limited to digital commerce (mobile and ecommerce), electronic payments (including mobile payment), digital health,
education, navigation and enterprise services].
Dialog Axiata PLC is a public limited liability company incorporated and domiciled in Sri Lanka and is listed on the Colombo
Stock Exchange since 28 July 2005. The registered office of the Company is located at 475, Union Place, Colombo 2.
The Company’s and the Group’s financial statements were authorised for issue by the Board of Directors on 15 February
2013.
All amounts disclosed in notes are shown in Sri Lanka Rupees thousands unless otherwise stated.
Notes to the Financial Statements
2 Summary of significant accounting policies
The principal accounting policies adopted in the preparation of these financial statements are set out below.
2.1 Basis of preparation and adoption of Sri Lanka Financial Reporting Standards
The Company and the Group prepare its financial statements in accordance with Sri Lanka Financial Reporting Standards
issued by the Institute of Chartered Accountants of Sri Lanka. Sri Lanka Accounting Standards (SLASs) were revised
to incorporate International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards
Board, which requires all entities to apply these standards effective for years beginning on or after 1st January, 2012.
The financial statements of the Company and the Group have been prepared in accordance with Sri Lanka Accounting
Standards, which comprise Sri Lanka Financial Reporting Standards (SLFRSs), Sri Lanka Accounting Standards (LKASs),
relevant interpretations of the Standing Interpretations Committee (SIC) and International Financial Reporting Interpretations
Committee (IFRIC) which are collectively referred to as SLFRSs. Subject to certain transition elections and exceptions
disclosed in note 6, the Company and the Group have consistently applied the accounting policies in the preparation of its
opening SLFRS statement of financial position at 1st January, 2011 and throughout all periods presented, as if these policies
had always been in effect. Note 6 discloses the impact of the transition to SLFRSs on the Company’s and the Group’s
reported financial position and financial performance, including the nature and effect of significant changes in accounting
policies from those used in the Company’s and the Group’s financial statements for the year ended 31st December, 2011
prepared under previous Sri Lanka Accounting Standards.
These financial statements have been prepared under the historical cost convention except for financial assets and liabilities
which are measured at fair value. The preparation of financial statements in conformity with SLFRSs requires the use of
certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the
Company’s and the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas
where assumptions and estimates are significant to the Company’s and the Group’s financial statements are disclosed in
note 5.