Arrow Prospectus - PGS

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ARROW SEISMIC ASA – INITIAL PUBLIC OFFERING financial assets at fair value through profit or loss. This is likely for financial instruments which qualifies for or optional are classified as, financial assets at fair value trough profit and loss. Financial instruments that are classified as at fair value through profit or loss are carried at fair value as observed in the market at the balance sheet date, with no deduction for costs relating to the sale. Financial assets at fair value trough profit or loss are classified as current assets. Changes in the fair value of financial instruments classified as financial instruments at fair value through profit or loss are recognised in the income statement and included in the net financial income/expenses. Held-to-maturity investments Held-to-maturity investments are non-derivative assets which carry fixed or determinable payments and fixed maturities and which the Group has the positive intention and ability to hold to maturity, except those investments classified as financial assets at fair value trough profit or loss, available for sale investments or loans and receivables. Held-to-maturity investments are measured at amortised cost using the effective interest method. The effective interest method is used to calculate the amortised cost and to allocate interest income or interest cost over a relevant period. Profit or loss are recognised in profit and loss through the amortisation process or when the financial instrument (a) are derecognised, (b) are impaired or (c) the carrying amount increases when earlier impairments are reversed. Financial instruments that are held to maturity are included in the non-current asset unless the maturity date is less than 12 months after the balance sheet date. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market, except those instruments classified as financial assets at fair value through profit and loss or available for sale. Loans and receivables are measured at amortised cost using the effective interest method less any allowance for impairment. Gains and losses are recognised in the income statement when the loans and receivables are derecognised or impaired, as well as through the amortisation process. Loans and receivables are included in current assets, except for maturities greater than 12 months after the balance sheet date. These are classified as non-current assets. Available for sale investments All other financial instruments, with the exception of loans and receivables originally issued by the company, are classified as available for sale. They are included in current assets, except for investments which the Group have the intention to sell within 12 months after the balance sheet date. Financial instruments that are classified as available for sale through profit or loss are carried at fair value as observed in the market at the balance sheet date, with no deduction for costs relating to the sale. Gain or loss resulting from changes in the fair value of financial investments classified as available for sale are recognised directly in equity until the investment has been disposed of. When the investment is disposed of, the accumulated gain or loss on the financial instrument that has previously been recognised in equity will then be reversed and the gain or loss will be recognised in the income statement. Interest earned or paid on the investment is reported as interest income or expense using the effective interest rate. Dividends earned on investments are recognised in the income statement as “Dividends received” when the right of payment has been established. Fair value The fair value of investments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date. For investments where there is no active market, fair value is determined using valuation techniques. Such techniques include using recent arm’s length market transactions; reference to the current market value of another instrument, which is substantially the same; discounted cash flow analysis or other valuation models. 59
ARROW SEISMIC ASA – INITIAL PUBLIC OFFERING Hedging The Group has decided to not use hedging according to IAS 39, Financial Instruments; Recognition and measurement. Derivative financial instruments which are not classified as hedging instruments are classified as fair value through profit or loss and are measured at fair value. Changes in fair value are recognised in profit and loss. An embedded derivative will be separated from the host contract and classified as a derivative if the following conditions are fulfilled: • The economic characteristics and risks of embedded derivatives are not closely related to those of the host contract. • Separate instruments with similar terms as the embedded derivatives exists, which satisfy the conditions for a derivative • The combined instrument (host contract and embedded derivative) is not measured at fair value through profit and loss. 8.3.10 Research and development Expenses related to research and development are recognised in the profit and loss statement when they are incurred. Expenses related to development are recognised in the profit and loss statement unless the following criteria are met in full: • the product or process is clearly defined and the cost elements can be identified and measured reliably; • the technical solution for the product has been demonstrated; • the product or process will be sold or used in the operations; • the asset will generate future financial benefits; and • there are adequate technical, financial and other resources to complete the project. When all the above criteria have been met, the capitalisation of expenses related to development start. Expenses that have been charged against income in earlier accounting periods are not capitalised. Expenses that are capitalised include costs of material, direct wages and a part of direct assignable common expenses. Capitalised development costs are measured at cost less accumulated depreciation costs and impairment losses. Capitalised development costs are depreciated on a straight line basis over the estimated useful live. 8.3.11 Provisions Provisions are accounted for in accordance with IAS 37, Provisions, Contingent Liabilities and Contingent Assets. Provisions are recognised when, and only when, the company has an existing liability (legal or assumed) as a result of events that have taken place, it can be demonstrated as probable (more likely than not) that a financial settlement will be made as a result of the liability, and the amount can be measured reliably. Provisions are reviewed at each balance sheet date and the level reflects the best estimate of the obligation. When the time factor is insignificant, the size of the provisions will be equal to the size of the expense required for redemption from the obligation. When the time factor is significant the provisions will be equal to the net present value of future payments to cover the obligation. Increases in provisions due to the time factor will be presented as interest expenses. 8.3.12 Equity Liabilities and equity Financial instruments are classified as liabilities or equity in accordance with the underlying financial realities. Interest, dividends, gains and losses related to financial instruments classified as liabilities will be presented as an expense or income. Distributions to the holders of financial instruments that are classified as equity will be recorded directly against equity. When rights and obligations related to how distributions from financial instruments are made are dependent on certain types of contingent events in the future that lie beyond the control of the issuer and holder, the financial instrument will be classified as a liability unless the probability that the issuer must contribute cash or other financial assets is remote at the time of issuance. In such cases the financial instrument will be classified as equity. 60
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Prospectus Arrow Seismic ASA Offeri
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The contents of this Prospectus are
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7.2 OVERVIEW OF THE GLOBAL SEISMIC
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1. SUMMARY The following summary sh
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Solheimsgt 13, PB 1114 Sentrum, N-5
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Arrow Prospectus - PGS

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