Annual Report 10/11 - ACL Cables PLC

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ACL Cables PLC Annual Report 2010/11Notes to the Financial Statements2.7.3 Provisions, Contingent Assets and Contingent LiabilitiesProvisions are made for all obligations existing as at the Balance Sheet date when it is probablethat such an obligation will result in an outflow of resources and reliable estimate can be made ofthe quantum of the outflow.All contingent liabilities are disclosed as a note to the financial statements unless the outflow ofresources is remote.All contingent assets are disclosed where inflow of economic benefits is probable.2.8 Revenue RecognitionRevenue is recognized to the extent that it is probable that the economic benefits will flow to theGroup and the revenue and associated costs incurred or to be incurred can be reliably measured.Revenue is measured at the fair value of the consideration received or receivable, net of valueadded taxes. The following specific criteria are used for recognition of revenue.Revenue from the sale of goods is recognized when the significant risks and rewards of ownershipof the goods have passed to the buyer with the Group retaining neither a continuing managerialinvolvement to the degree usually associated with ownership, nor an effective control over thegoods sold.Interest income is recognized on an accrual basis. Net gains and losses of a revenue nature arising from the disposal of property, plant andequipment and other non-current assets, including investments, are accounted for in the incomestatement, after deducting from the proceeds on disposal, the carrying amount of such assetsand the related selling expenses. Gains and losses arising from activities incidental to the mainrevenue generating activities and those arising from a group of similar transactions which are notmaterial are aggregated, reported and presented on a net basis.Other income is recognized on an accrual basis.2.9 Borrowing CostsBorrowing costs are recognized as an expense in the period in which they are incurred, exceptto the extent that they are directly attributable to the acquisition, construction or production of aqualifying asset, in which case it is capitalized as part of the cost of the asset.56
ACL Cables PLC Annual Report 2010/112.10 ComparativesWhere necessary, comparative figures have been adjusted to conform with changes inpresentation in the current year.2.11 Segment ReportingA segment is a distinguishable component of Group that is engaged either in providing productsor services (business / industry segment), or in providing products or services within a particulareconomic environment (geographical segment), which is subject to risks and rewards that aredifferent from those of other segments.The segment information has been prepared in accordance with the accounting policies adoptedfor preparing and presenting the financial statements.2.12 Earnings Per ShareThe Group presents basic earnings per share (EPS) for its ordinary shares. Basic EPS is calculatedby dividing the profit attributable to ordinary shareholders of the Group by the weighted averagenumber of ordinary shares outstanding during the year.57
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Annual Report 10/11 - ACL Cables PLC

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