Our performance in 2009 - Sappi

2.4 Adoption of accounting standards in the
current year
The following standards, interpretations and significant amendments
or revisions to standards have been adopted by the
group in the current year:
SAICA Circular 3/2009 – Headline earnings
This circular provides rules for calculating headline earnings per
accounting standard. In addition, the circular requires a detailed
disclosure reconciling headline earnings to the earnings applied
in the earnings per share calculation.
The main change from the previous circular 8/2007 on headline
earnings was to update the rules for calculating headline earnings
for the changes, amendments and revisions that were made
to International Financial Reporting Standards. These changes
did not result in adjustments to previously published headline
earnings.
Revised IAS 1 – Presentation of financial statements
The main changes from the previous standard require that an
entity must present:
• all non-owner changes in equity (that is, ‘comprehensive
income’) – either in one statement of comprehensive income
or in two statements (a separate income statement and a
statement of comprehensive income);
• a statement of financial position (balance sheet) as at the
beginning of the earliest comparative period in a complete
set of financial statements when the entity applies an accounting
policy retrospectively or makes a retrospective restatement;
• income tax relating to each component of other compre-
hensive income; and
• reclassification adjustments relating to components of other
comprehensive income.
The early adoption of the revised standard did not have an
impact on the group’s reported results or financial position.
2.5 Accounting standards, interpretations and
amendments to existing standards that are not
yet effective
The group has not yet adopted certain new standards, amend-
ments and interpretations to existing standards, which have
been published but are only effective for our accounting periods
beginning on or after 01 October 2009 or later periods. These
new standards, and their effective dates for the group’s annual
accounting periods are listed below:
– IFRS 8 – Operating Segments
(September 2010)
– IFRIC 15 – Agreements for the Construction of Real Estate
(September 2010)
– IFRIC 17 – Distributions of Non-cash Assets to Owners
(September 2010)
– IFRIC18 – Transfers of Assets from Customers
(September 2010)
2009 annual report
– Revision to IFRS 3: Business Combinations
(September 2010)
– Amendments to IAS 27 Consolidated and Separate
Financial Statements, IAS 28 Investments in
Associates and IAS 31 Investments in Joint Ventures
(September 2010)
– Amendments to IFRS 2 Vesting Conditions
and Cancellations
(September 2010)
– Amendments to IFRS 2 Group Cash-settled Sharebased
Payment Transactions (September 2010)
– Amendments to IFRS 7 Financial Instruments:
Disclosure (September 2010)
– Amendment to IAS 39 Financial Instruments:
Recognition and Measurement on Eligible Hedged Items
(September 2010)
– Amendments to IFRIC 9 Reassessment of Embedded
Derivatives and IAS 39 Financial Instruments:
Recognition and Measurement (September 2010)
– Various improvements to IFRSs
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The group is currently evaluating the impact of the adoption
of these standards, amendments and interpretations in future
periods.
financials