The Group KD Group and KD Group dd

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The Group KD Group Annual Report 2009 Notes to Consolidated Financial Statements as at and for the year ended 31 December 2009 Improvements to IFRSs In May 2008 the Board issued its first omnibus of amendments to its standards, primarily with a view to removing inconsistencies and clarifying wording. There are separate transitional provisions for each standard. IAS 1 Presentation of Financial Statements Assets and liabilities classified as held for trading in accordance with IAS 39 Financial Instruments: Recognition and Measurement are not automatically classified as current in the statement of financial position. The Group amended its accounting policy accordingly and analysed whether Management’s expectation of the period of realisation of financial assets and liabilities differed from the classification of the instrument. This did not result in any re-classification of financial instruments between current and non-current in the statement of financial position. Improvement does not have any impact on the Groups financial statements. IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors Clarifies that only implementation guidance that is an integral part of an IFRS is mandatory when selecting accounting policies. Improvement does not have any impact on the Groups financial statements. IAS 10 Events after the Reporting Period Clarifies that dividends declared after the end of the reporting period are not obligations. Improvement does not have any impact on the Groups financial statements. IAS 16 - Property, Plant and Equipment Replaces the term “net selling price” with “fair value less costs to sell” to be consistent with IFRS 5 and IAS 36. The Company/Group amended its accounting policy accordingly, which did not result in any change in its financial position. Items of property, plant and equipment held for rental that are routinely sold in the ordinary course of business after rental, are transferred to inventory when rental ceases and they are held for sale. Proceeds of such sales are subsequently shown as revenue. Cash payments on initial recognition of such items and the cash receipts from rents and subsequent sales are all shown as cash flows from operating activities. IAS 18 Revenue Replaces the term ‘direct costs’ with ‘transaction costs’ as defined in IAS 39. IAS 19 Employee Benefits Curtailments and negative past service costs Revises the definition of ‘past service costs’ to include reductions in benefits related to past services (‘negative past service costs’) and to exclude reductions in benefits related to future services that arise from plan amendments. Amendments to plans that result in a reduction in benefits related to future services are accounted for as a curtailment. Plan administration costs Revises the definition of ‘return on plan assets’ to exclude plan administration costs if they have already been included in the actuarial assumptions used to measure the defined benefit obligation. Replacement of term ‘fall due’ Revises the definition of ‘short-term’ and ‘other long-term’ employee benefits to focus on the point in time at which the liability is due to be settled. Guidance on contingent liabilities Deletes the reference to the recognition of contingent liabilities to ensure consistency with IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Improvement does not have any impact on the Groups financial statements. IAS 20 Accounting for Government Grants and Disclosures of Government Assistance Government loans with no interest or a below-market interest rate Loans granted with no or low interest rates will not be exempt from the requirement to impute interest. The difference between the amount received and the discounted amount is accounted for as a government grant. Improvement does not have any impact on the Groups financial statements. 82
The Group KD Group Annual Report 2009 Notes to Consolidated Financial Statements as at and for the year ended 31 December 2009 IAS 23 – Borrowing Costs The definition of borrowing costs is revised to consolidate the two types of items that are considered components of ‘borrowing costs’ into one - the interest expense calculated using the effective interest rate method calculated in accordance with IAS 39. The Group has amended its accounting policy accordingly. Improvement does not have any impact on the Groups financial statements. IAS 27 – Consolidated and Separate Financial Statements Measurement of a subsidiary held for sale in separate financial statements When a parent entity accounts for a subsidiary at fair value in its separate financial statements, this treatment continues when the subsidiary is subsequently classified as held for sale. Improvement does not have any impact on the Groups financial statements. IAS 28 - Investments in Associates Required disclosures when investments in associates are accounted for at fair value through profit or loss If an associate is accounted for at fair value through profit or loss, only the requirement of IAS 28 to disclose the nature and extent of any significant restrictions on the ability of the associate to transfer funds to the entity in the form of cash or repayment of loans applies. Impairment of investment in an associate An investment in an associate is a single asset for the purpose of conducting the impairment test - including any reversal of impairment. Therefore, any impairment is not separately allocated to the goodwill included in the investment balance. Improvement does not have any impact on the Groups financial statements. IAS 29 – Financial Reporting in Hyperinflationary Economies Description of measurement basis in financial statements Revises the reference to the exception that assets and liabilities should be measured at historical cost, such that it notes property, plant and equipment as being an example, rather than implying that it is a definitive list. Improvement does not have any impact on the Groups financial statements. IAS 31 - Interests in Joint Ventures Required disclosures when investments in jointly controlled entities are accounted for at fair value through profit or loss If a joint venture is accounted for at fair value, the only disclosure requirements of IAS 31 are those relating to the commitments of the venturer and the joint venture, as well as summary financial information about the assets, liabilities, income and expenses. Improvement does not have any impact on the Groups financial statements. IAS 34 – Interim Financial Reporting Clarifies that earnings per share is disclosed in interim financial reports if an entity is within the scope of IAS 33. Improvement does not have any impact on the Groups financial statements. IAS 36 Impairment of Assets Disclosure of estimates used to determine recoverable amount When discounted cash flows are used to estimate ‘fair value less costs to sell’, the same disclosures are required as when discounted cash flows are used to estimate ‘value in use’. Improvement does not have any impact on the Groups financial statements. IAS 38 – Intangible Assets Unit of production method of amortisation The improvement deletes references to there being rarely, if ever, persuasive evidence to support an amortisation method for finite life intangible assets that results in a lower amount of accumulated amortisation than under the straight-line method, thereby effectively allowing the use of the unit of production method. The Group reassessed the useful lives of intangible assets and found the straight-line method still applicable. Advertising and promotional activities Expenditure on advertising and promotional activities is recognised as an expense when the entity either has the right to access the goods or has received the services. Advertising and promotional activities now specifically include mail order catalogues. This amendment has no impact on the Groups financial statements. 83
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The Group KD Group and KD Group dd

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