measure and monitor the processes and report results ... - Refresco.de

Financial review 2010
2.11 Assets classified as held for sale
Non­current assets (or disposal groups) are classified as assets
held for sale when their carrying amount is to be recovered
principally through a sale transaction and a sale is considered
highly probable. Immediately before classification as held
for sale, the assets are re­measured in accordance with the
accounting policies of the Group. Thereafter the assets are
generally measured at the lower of their carrying amount
and fair value less costs to sell. Impairment losses on initial
classification as held for sale and subsequent gains or losses
on re­measurement are recognized in profit or loss. Gains are
not recognized in excess of any cumulative impairment loss.
2.12 Employee benefits
Defined contribution plans
A defined contribution plan is a post­employment benefit plan
under which an entity pays fixed contributions into a separate
entity with no legal or constructive obligation to pay further
amounts. Obligations for contributions to defined contribution
pension plans are recognized as an employee benefits expense
in profit or loss when they are due. Prepaid contributions are
recognized as an asset to the extent that a cash refund or a
reduction in future payments is available.
Defined benefit plans
A defined benefit plan is a post­employment benefit plan other
than a defined contribution plan. The net obligation in respect
of defined benefit pension plans is calculated separately for
each plan by estimating the amount of future benefit that
employees have earned in return for their service in the current
and prior periods; that benefit is discounted to determine its
present value. Any unrecognized past service costs and the
fair value of any plan assets are deducted. The discount rate
is the yield at the reporting date on AA credit­rated bonds that
have maturity dates approximating the terms of the obligations
and that are denominated in the same currency in which the
benefits are expected to be paid. The calculation is performed
annually by a qualified actuary using the projected unit credit
method. When the calculation results in a benefit to the Group,
the asset recognized is limited to the total of any unrecognized
past service costs and the present value of any economic
benefits available in the form of future refunds from the plan
or reductions in future contributions to the plan. An economic
benefit is available to the Group if it is realizable during the life
of the plan or on settlement of the plan liabilities.
When the benefits of a plan are improved, the portion of the
increased benefit relating to past service by employees is
recognized in profit or loss on a straight­line basis over the
average period until the benefits become vested. To the extent
that the benefits vest immediately, the expense is recognized
immediately in profit or loss.
Cumulative unrecognized actuarial gains and losses arising
from changes in actuarial assumptions exceeding 10% of the
greater of the defined benefit obligation and the fair value of
the plan assets are recognized in profit or loss over the expected
average future service years of the employees participating in
the plan (the corridor approach).
Multi employer plans
The Group also facilitates multi employer plans, in which
various employers contribute to one central pension union.
In accordance with IAS 19, as the pension union managing
the plan is not able to provide the Group with sufficient
information to enable the Group to account for the plan as a
defined benefit plan, the Group accounts for its multi employer
defined benefit plan as if it were a defined contribution plan.
Other long­term employee benefits
The net obligation in respect of long­term employee benefits other
than pension plans is the amount of future benefit that employees
have earned in return for their service in the current and prior
periods; that benefit is discounted to determine its present value,
and the fair value of any related assets is deducted. The discount
rate is the yield at the reporting date on AA credit­rated bonds
that have maturity dates approximating the terms of the
obligations of the Group. The calculation is performed using
the projected unit credit method. Actuarial gains or losses are
recognized in profit or loss in the period in which they arise.