Annual Report 2012 - Dialog

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78 l Dialog Axiata PLC l Annual Report 2012 Notes to the Financial Statements 5 Critical accounting estimates and judgments contd. 5.1 Critical accounting estimates and assumptions contd. (j) Impairment of trade receivables The Company and the Group assesses at the date of statement of financial position whether there is objective evidence that trade receivables have been impaired. Impairment loss is calculated based on a review of the current status of existing receivables and historical collections experience. Such provisions are adjusted periodically to reflect the actual and anticipated impairment. 6 Explanation of transition to SLFRSs The accounting policies set out in note 2 have been applied in preparing the financial statements for the year ended 31 December 2012 together with comparative information for the year ended 31 December 2011, and opening SLFRS statement of financial position as at 1 January 2011 being the transition date of SLFRSs for the Company and the Group. In preparing SLFRS statement of financial position for previously reported financial periods, required adjustments have been made in accordance with respective SLFRSs. The effect of the transition from SLASs to SLFRSs has been illustrated in the reconciliation statements and accompanying notes to the reconciliations. Set out below are the applicable exemptions and exceptions under SLFRS 1 applied by the Company and the Group in transition to SLFRSs. Exemptions Following voluntary exemptions have been applied by the Company and the Group: Exemption for business combinations SLFRS 1 provides the option to apply SLFRS 3,’Business combinations’, prospectively from the transition date or from a specific date prior to the transition date. This provides relief from full retrospective application that would require restatement of all business combinations prior to the transition date. The Company and the Group elected to apply SLFRS 3 prospectively to business combinations occurring after its transition date. Business combinations occurring prior to the transition date have not been restated. Following voluntary exemptions have been applied by the Company and the Group (Contd): Exemption for revaluation as deemed cost The Company and the Group elected to measure land and buildings at deemed cost as at 1 January 2011. The following voluntary exemptions have not been applied by the Company and the Group: Investments in subsidiaries, jointly controlled entities and associates. The remaining voluntary exemptions do not apply to the Company and the Group: LKAS 23 - Borrowing cost, as the policy adopted under previous GAAP (SLASs) was inline with LKAS 23. SLFRS 2 - Share-based payments, as such scheme was not vested as at the date of transition to SLFRSs. SLFRS 4 - Insurance contracts, as this is not relevant to the Company’s and the Group’s operations. LKAS 21 - Foreign operations, as the Group does not have any foreign operations as defined in LKAS 21.
Annual Report 2012 l Dialog Axiata PLC l 79 IFRIC 4 - Arrangements contains a lease, IFRIC 18 - Transfers of assets from customers, as the Company and the Group have not entered into these types of arrangements at the date of transition. LKAS 19 - Employee benefits, as the policy adopted under previous GAAP (SLASs) was inline with LKAS 19. Assets and liabilities of subsidiaries, associates and joint ventures under SLFRS 1, as the subsidiaries and the associate in the Group have transited from SLASs to SLFRSs simultaneously. Designation of previously recognized financial instruments under LKAS 39 as available-for-sale or fair value through profit or loss before the Company’s and the Group’s transition date, as Company and the Group have not designated any financial instrument either as available-for-sale or fair value through profit or loss before the transition date. IFRIC 1 - Decommissioning liabilities included in the cost of property, plant and equipment, as the accounting treatment applied by the Company and the Group for changes in existing decommissioning liabilities are aligned with IFRIC 1. IFRIC 12 - Service Concession Arrangements, as the Company and the Group have not entered into agreement within the scope of IFRIC 12. IFRIC 19 - Extinguishing financial liabilities with equity instruments, the Company and the Group do not have these types of financial instruments as at the date of transition. LKAS 29 Financial reporting in hyperinflationary economies, as the Company and the Group do not operate in a hyperinflationary economy. Exceptions Set out below are the applicable mandatory exceptions in SLFRS 1 applied in the convergence from SLASs to SLFRSs. Exception for estimates SLFRS estimates as at 1 January 2011 are consistent with the estimates as at the same date made in conformity with SLASs. The other compulsory exceptions of SLFRS 1 have not been applied as these are not relevant to the Company and the Group. Derecognition of financial assets and financial liabilities. Hedge accounting Non-controlling interests
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Introduction to the Company Dialog
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Annual Report 2012 l Dialog Axiata
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Mr. Moksevi Prelis Independent, Non
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Mr. James Maclaurin Non-Independent
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Group NPAT Rs. Mn +23% 7,000 6,000
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Gross Debt to Equity 2.0 1.5 1.0 0.
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Dialog Axiata PLC - Financial Revie
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EBITDA Annual Report 2012 l Dialog
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Annual Report 2012 - Dialog

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