Report & Accounts - JLT

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c) Income taxesThe Group is subject to income taxes in numerous jurisdictions. Significant judgement is required in determining the worldwideprovision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertainduring the ordinary course of business. Where the final tax outcome of these matters is different from the amounts that were initiallyrecorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination ismade.d) Pension obligationsThe present value of the pension obligations depends on a number of factors that are determined on an actuarial basis using anumber of assumptions. The assumptions used in determining the net cost (income) for pensions include the expected long-termrate of return on the relevant plans’ assets and the discount rate. Any changes in these assumptions will impact the carryingamount of pension obligations.The expected return on plan assets assumption is determined on a uniform basis, taking into consideration long-term historicalreturns, asset allocation and future estimates of long-term investment returns. The Group determines the appropriate discount rateat the end of each year. This is the interest rate that should be used to determine the present value of estimated future cashoutflows expected to be required to settle the pension obligations. In determining the appropriate discount rate, the Groupconsiders the interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid,and that have terms to maturity approximating the terms of the related pension liability. Other key assumptions for pensionobligations are based in part on current market conditions.e) Errors and omissions liabilityDuring the ordinary course of business the Group can be subject to claims for errors and omissions made in connection with itsbroking activities. A balance sheet provision is established in respect of such claims when it is probable that the liability has beenincurred and the amount of the liability can be reasonably estimated. The Group analyses its litigation exposures based on availableinformation, including external legal consultation where appropriate, to assess its potential liability.Financial Statements Jardine Lloyd Thompson Group plc Annual Report & Accounts 200557
Financial StatementsAccounting PoliciesFuture developmentsThe following pronouncements may be relevant to the Group but were not effective at 31st December 2005 and have not beenapplied in preparing these financial statements.Pronouncement Nature of change Effective dateIFRS 7 Financial Instruments: Disclosures Consolidates the current financial instruments disclosures into a Annual periods beginning on orsingle standard and requires more detailed qualitative disclosures about after 1st January 2007exposure to risk arising from financial instruments.Amendments to IAS 39 Financial Instrument: Requires issued financial guarantee contracts to be accounted for as Annual periods beginning on orRecognition and Measurement financial instruments. after 1st January 200658Amendments to IAS 39 Financial Instrument: Restricts the fair value option for financial instruments to certain situations, Annual periods beginning on orRecognition and Measurement – including when doing so results in more relevant information because it after 1st January 2006The Fair Value Optioneliminates or reduces a measurement or recognition inconsistency orwhere a group of financial instruments is managed and evaluated on afair value basis in accordance with a documented strategy.Amendments to IAS 1 Introduces additional disclosures of the objectives, policies and processes Annual periods beginning on orPresentation of Financial Statement – for managing capital, quantitative data about what the entity regards as after 1st January 2007Capital Disclosurescapital and compliance with capital requirementsIFRIC Interpretation 4 Determining Whether Interpretation provides guidance for determining whether the arrangements Annual periods beginning on oran Arrangement Contains a Lease comprising transactions that do not take the legal form of a lease but after 1st January 2006convey a right to use an asset contains leases that should be separatelyaccounted for.The Group is assessing the full impact of these accounting changes; and to the extent they may be applicable, none of thesepronouncements are expected to cause any material adjustments to the financial statements.Jardine Lloyd Thompson Group plc Annual Report & Accounts 2005
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Registered Office:6 Crutched Friars
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Report & Accounts - JLT

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