Directors' Report and Financial Statements 31 March ... - Precision Air

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PRECISION AIR SERVICES PLC NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2012 5 CHANGES IN ACCOUNTING POLICIES New and amended standards and interpretations The accounting policies adopted are consistent with those of the previous financial year, except for the following new and amended IFRS and IFRIC interpretations effective as of 1 April 2011: • IAS 24 Related Party Disclosures (amendment) effective 1 January 2011 • IAS 32 Financial Instruments: Presentation (amendment) effective 1 February 2010 • IFRIC 14 Prepayments of a Minimum Funding Requirement (amendment) effective 1 January 2011; • IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments effective 1 July 2010; and • Improvements to IFRSs (May 2010) The adoption of the standards or interpretations is described below: IAS 24 Related Party Transactions (Amendment)The IASB issued an amendment to IAS 24 that clarifies the definitions of a related party. The new definitions emphasise a symmetrical view of related party relationships and clarifies the circumstances in which persons and key management personnel affect related party relationships of an entity. In addition, the amendment introduces an exemption from the general related party disclosure requirements for transactions with government and entities that are controlled, jointly controlled or significantly influenced by the same government as the reporting entity. The adoption of the amendment did not have any impact on the financial position or performance of the Group as the definitions were already applied according to these amendments and the Group is not government related. IAS 32 Financial Instruments: Classification of Rights Issues (Amendment) The IASB issued an amendment that alters the definition of a financial liability in IAS 32 to enable entities to classify rights issues and certain options or warrants as equity instruments. The amendment is applicable if the rights are given pro rata to all of the existing owners of the same class of an entity’s non-derivative equity instruments, to acquire a fixed number of the entity’s own equity instruments for a fixed amount in any currency. The amendment has had no effect on the financial position or performance of the Group because the Group does not have these types of instruments. IFRIC 14 Prepayments of a Minimum Funding Requirement (Amendment) The amendment removes an unintended consequence when an entity is subject to minimum funding requirements and makes an early payment of contributions to cover such requirements. The amendment permits a prepayment of future service cost by the entity to be recognised as a pension asset. The Group does not have any defined benefit plans and as such were not impacted by this Amendment. 28 DIRECTORS’ REPORT AND FINANCIAL STATEMENTS 31 MARCH 2012
PRECISION AIR SERVICES PLC NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2012 5 CHANGES IN ACCOUNTING POLICIES (Continued) IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments When an equity instrument is issued to a creditor to extinguish a financial liability, it is regarded as consideration paid in accordance with IAS 39.41. The equity instruments issued are measured at their fair value, unless this cannot be reliably measured, in which case, they are measured at the fair value of the liability extinguished. Any gain or loss is recognised immediately in profit or loss. This interpretation had no impact on the Group, as the Group didn’t issue any equity instruments as payment for financial liabilities. Improvements to IFRSs In May 2010, the IASB issued its third omnibus of amendments to its standards, primarily with a view to removing inconsistencies and clarifying wording. There are separate transitional provisions for each standard. The adoption of the following amendments resulted in changes to accounting policies, but no impact on the financial position or performance of the Group. • IFRS 7 Financial Instruments — Disclosures: The amendment was intended to simplify the disclosures provided by reducing the volume of disclosures around collateral held and improving disclosures by requiring qualitative information to put the quantitative information in context. • IAS 1 Presentation of Financial Statements: The amendment clarifies that an entity may present an analysis of each component of other comprehensive income maybe either in the statement of changes in equity or in the notes to the financial statements. The Group provides this in the statement of changes in equity. Other amendments were issued in May 2010 resulting from Improvements to some IFRSs which did not have any impact on the accounting policies, financial position or performance of the Group: • IFRS 1 First-time Adoption of International Financial Reporting Standards (Accounting policy changes in the year of adoption) • IFRS 1 First-time Adoption of International Financial Reporting Standards (Revaluation Basis as Deemed Cost) • IFRS 1 First-time Adoption of International Financial Reporting Standards (Use of “Deemed Cost” for operations subject to Rate Regulation) • IFRS 3 Business Combinations (Contingent consideration arising from business combination prior to adoption of IFRS 3 (as revised in 2008)) • IFRS 3 Business Combinations (Un-replaced and voluntarily replaced share-based payment awards) • IAS 27 Consolidated and Separate Financial Statements • IAS 34 Interim Financial Statements IFRIC 16 Hedge of a Net Investment in a Foreign Operation. The following interpretation and amendments to interpretations did not have any impact on the accounting policies, financial position or performance of the Group: • IFRIC 13 Customer Loyalty Programmes (determining the fair value of award credits) • IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments DIRECTORS’ REPORT AND FINANCIAL STATEMENTS 31 MARCH 2012 29
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Directors' Report and Financial Statements 31 March ... - Precision Air

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