notes to the financial statements for the year ... - Investing In Africa

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NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2009 (continued)1. SIGNIFICANT ACCOUNTING POLICIES (continued)East African Portland Cement Co. Ltd Annual Report and Financial Statements FY 2008/200934(a)(ii)(iii)Basis of preparation (continued)Changes in accounting policies (continued)g) IAS 39, Financial Instruments: Recognition and Measurement: Changes in circumstances relating toderivatives are not reclassifi cations and therefore may be either removed from, or included in, the‘fair value through profi t or loss’ classifi cation after initial recognition. Removed the reference inIAS 39 to a ‘segment’ when determining whether an instrument qualifi es as a hedge. Require the use ofthe revised effective interest rate when remeasuring a debt instrument on the cessation of fair value hedgeaccounting.Accounting Standards and Interpretations not yet effectiveAt the date of authorisation of these fi nancial statements, the following standards, amendments to existing standardsand interpretations were in issue but not yet effective for the company’s operations. They are mandatory foraccounting periods beginning on the specifi ed dates, but the company has not early adopted them:••••••a.b.c.d.e.f.g.h.i.IFRIC 15: Agreements for the Construction of Real Estate (effective as from January 1, 2009)IFRS 8: Operating Segments (effective as from January 1, 2009)IFRIC 16: Hedges of a Net Investment in a Foreign Operation (effective from October 1, 2008)IFRIC 17 Distributions of Non-Cash Assets to Owners (effective from July 1, 2009)IFRIC 18 Transfers of Assets from Customers (effective from July 1, 2009)Improvements to IFRSIFRS 1: First-time Adoption of International Financial Reporting Standards - Revised May 2008 (effective fromJanuary 1, 2009)IFRS 3: Business Combinations – Revised May 2008 (effective for business combinations for which theacquisition date is on or after the beginning of the fi rst annual reporting period beginning on or after1 July 2009 )IAS 1: Presentation of Financial Statements - Revised May 2008 (effective from January 1, 2009)IAS 23: Borrowing Costs –Revised May 2008 (effective from January 1, 2009)IAS 27: Consolidated and Separate Financial Statements - Revised May 2008 (effective from July 1, 2009)IAS 32: Financial Instruments: Presentation - Revised May 2008 (effective from January 1, 2009)IAS 39: Financial Instruments: Recognition and Measurement - Revised May 2008(effective from January 1, 2009)IFRS 2: Share-Based Payment - Revised May 2008 (effective from January 1, 2009)IAS 19: Employee Benefi ts - Revised May 2008 (effective from January 1, 2009)
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2009 (continued)1. SIGNIFICANT ACCOUNTING POLICIES (continued)(a)(iii)(iv)(b)Basis of preparation (continued)Accounting Standards and Interpretations not yet effective (continued)a.b.c.d.e.f.g.h.i.j.IAS 38 : Intangible Assets - Revised May 2008 (effective from January 1, 2009)IAS 16: Property, Plant and Equipment - Revised May 2008 (effective from January 1, 2009)IAS 20: Government Grants and Disclosure of Government Assistance - Revised May 2008(effective from January 1, 2009)IAS 28: Investments in Associates - Revised May 2008 (effective from January 1, 2009)IAS 29: Financial Reporting in Hyperinfl ationary Economies - Revised May 2008 (effective from January 1, 2009)IAS 31: Interests in Joint Ventures - Revised May 2008 (effective from January 1, 2009)IAS 36: Impairment of Assets - Revised May 2008 (effective from January 1, 2009)IAS 40: Investment Property - Revised May 2008 (effective from January 1, 2009)IAS 41: Agriculture - Revised May 2008 (effective from January 1, 2009)IFRS 5: Non-current Assets Held for Sale and Discontinued Operations - Revised May 2008(effective from July 1, 2009)The Directors anticipate that the adoption of these standards will have no material effect on the fi nancial statementsof the Company.Use of estimates and judgementsThe preparation of fi nancial statements in conformity with International Financial Reporting Standards requires theuse of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosuresof contingent assets and liabilities at the date of the fi nancial statements and the reported amounts of revenues andexpenses during the reported period. Although these estimates are based on the Directors’ best knowledgeof current events and actions, actual results ultimately may differ from the estimates.Basis of accountingThe fi nancial statements are prepared on the historical cost basis of accounting as modifi ed to include the revaluationof certain property, plant and equipment, and biological assets, which are stated at fair value.East African Portland Cement Co. Ltd Annual Report and Financial Statements FY 2008/200935
Page 3: ContentsBusiness ReviewFive Year Fi
Page 6 and 7: FINANCIAL HIGHLIGHTSKshs million100
Page 8 and 9: CHAIRMAN’S STATEMENTEast African
Page 10 and 11: MANAGING DIRECTOR’S BUSINESS REVI
Page 12 and 13: CORPORATE SOCIAL RESPONSIBILITY (CS
Page 14 and 15: SportsEvery year the Company sponso
Page 16 and 17: BOARD OF DIRECTORSEast African Port
Page 18 and 19: THE BOARD AND STATUTORY INFORMATION
Page 20 and 21: STATEMENT ON CORPORATE GOVERNANCEEa
Page 22 and 23: East African Portland Cement Co. Lt
Page 24 and 25: STATEMENT OF DIRECTORS’ RESPONSIB
Page 30 and 31: INCOME STATEMENTFOR THE YEAR ENDED
Page 32 and 33: STATEMENT OF CHANGES IN EQUITYFOR T
Page 34 and 35: NOTES TO THE FINANCIAL STATEMENTSFO
Page 72 and 73: NOTICE OF ANNUAL GENERAL MEETINGNot
Page 74: NOTESEast African Portland Cement C

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