Separate Financial Statements 2007 - Indesit

Separate Financial Statements as of 31 December 2007
Assets held for sale are measured at the lower of their carrying amount at the time their sale was
decided or their fair value, net of estimated selling costs. All costs, income and impairment
losses, if any, are recognised in the income statement and reported separately.
Operating activities that represent a separate major line of business or geographical area of
operations are classified separately in the income statement and the balance sheet at the time of
disposal, or when they meet the conditions for classification as assets held for sale.
5. Changes in accounting policies, changes in accounting estimates and
reclassifications
The accounting policies adopted are unchanged with respect to those applied for the preparation
of the comparative information as of 31 December 2006.
With reference to the reform of supplementary pensions, the accounting effects of curtailment
on severance indemnities were described in the section of note 4 dealing with Employee
Benefits.
At the reporting date, there are no significant estimates regarding the unforeseeable outcome of
future events and other causes of uncertainty that might result in significant adjustments being
made to the value of assets and liabilities in the coming year.
In order to improve the presentation of the separate financial statements as of 31 December
2007, VAT receivable previously classified among Tax receivables, is now included among
Other receivables, while VAT payable, previously classified among Tax payables, is included
among Other payables; the 2006 comparative information has therefore been reclassified
accordingly.
In addition, for the same reason, the cost of temporary personnel previously classified among
the cost of services is now classified among the payroll costs; the 2006 comparative information
has therefore been reclassified accordingly.
In August 2005, the IASB issued IFRS 7 on financial instrument disclosures on the
performance and financial position of an entity, and an amendment of IAS 1 on the disclosures
to be made regarding the entity's capital with effect from 1 January 2007. These standards have
been applied by the Company, commencing from 1 January 2007. The disclosures required by
IFRS 7 are provided in note 7.
The following interpretations issued in 2006 are applicable to the Company from 2007; their
application has not affected the separate financial statements:
- IFRIC 8 on the scope of IFRS 2;
- IFRIC 9 on the reassessment of embedded derivatives;
- IFRIC 10 on interim financial reporting and impairment.
The changes in accounting policy and interpretations to be applied in the periods subsequent to
the date of these financial statements are described below. The Company is currently evaluating
the impact of making these changes.
In November 2006, the IASB issued IFRS 8 on operating segments, which will replace IAS 14
from 1 January 2009. The new standard requires the segment reporting provided in the financial
statements to be based on the management information used to make operating decisions and
allocate resources to the various segments and, accordingly, on the internal reports that are
reviewed regularly by management for the analysis of performance.
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