annual report 2012 - Pumpkin Patch investor relations

pumpkin patch limited & subsidiaries NOTES TO THE financial statements 31 july 2012pumpkin patch limited & subsidiaries NOTES TO THE financial statements 31 july 20122 summary of significant accounting policies continued(z) Statement of CashflowsThe following are definitions of the terms used in the Statement of Cash flows:i) Cash comprises cash and bank balances.ii) Investing activities are those activities relating to the acquisition, holding and disposal ofProperty, Plant and Equipment, Intangible assets and investments.iii) Financing activities are those activities which result in changes in the size and compositionof the capital structure of the Group. This includes both equity and debt not falling withinthe definition of cash. Dividends paid are included in financing activities.iv) Operating activities include all transactions and other events that are not investing orfinancing activities.- NZ IFRS 13 Fair Value Measurement (effective 1 January 2013). NZ IFRS 13 explainshow to measure fair value and aims to enhance fair value disclosures. The group has yetto determine which, if any, of its current measurement techniques will have to change as aresult of the new guidance. It is therefore not possible to state the impact, if any, of the newrules on any of the amounts recognised in the financial statements. However, application ofthe new standard will impact the type of information disclosed in the notes to the financialstatements. The group does not intend to adopt the new standard before its operative date.- NZ IAS 27 Separate Financial Statements (effective 1 January 2013). NZ IAS 27 isrenamed Separate Financial Statements and is now a standard dealing solely with separatefinancial statements. Application of this standard by the group and parent entity will notaffect any of the amounts recognised in the financial statements, but may impact the typeof information disclosed in relation to the parent’s investments in the separate parent entityfinancial statements.(AA) New and amended standards adopted by the GroupThere are no IFRS’s or IFRIC interpretations that are effective for the first time for the financialyear beginning on or after 1 August 2011 that would be expected to have a material impacton the Group.(ab) Standards, amendments and interpretations to existing standardsthat are not yet effectiveBelow is a list of new standards, amendments and interpretations to existing standards whichhave been published that are mandatory for the Group’s accounting periods beginning onor after 1 August 2012 or later periods but which the Group has not early adopted. Thestandards listed are expected to effect the Group but are not expected to have a materialimpact on the Group’s financial statements.- NZ IFRS 9 Financial Instruments (Mandatory for annual periods commencing on or after1 January 2015). It is the intention of the IASB to replace IAS 39 with IFRS 9. The first phaseof the implementation of IFRS 9 relates to the classification and measurement of financialassets and financial liabilities, including some hybrid contracts. Management have not yetascertained the impact which the implementation of this standard will have on the Groupfinancial statements nor assessed when it will be adopted.59