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METRO gROUP : ANNUAL REPORT 2011 : BUsiNEss
→ noTes : noTes To THe GRoUp aCCoUnTInG pRInCIples anD MeTHoDs
amount of amortised cost which would have occurred without
the impairment. In the category “available for sale”, debt
instruments are written back in profit or loss, while equity
instruments are written back outside of profit or loss.
Financial assets are derecognised when the contractual
rights to cash flows from the item in question are extinguished
or have expired or the financial asset is transferred.
Other receivables and assets
The financial assets included in other receivables and assets
that are classified as “loans and receivables” under Ias 39
are recognised at amortised cost.
Other assets include investments and derivative financial
instruments to be classified as “held for trading” in accordance
with Ias 39. all other receivables and assets are recognised
at amortised cost.
The deferred income item comprises transitory deferrals.
Deferred tax assets and deferred tax liabilities
Deferred tax assets and deferred tax liabilities are determined
in accordance with Ias 12 (Income Taxes), which states
that likely future tax benefits and liabilities are recognised
for temporary differences between the carrying amounts of
assets or liabilities in the consolidated financial statements
and their tax base. anticipated tax savings from the use of
tax loss carry-forwards expected to be recoverable in future
periods are capitalised.
Deferred tax assets in respect of deductible temporary differences
and tax loss carry-forwards exceeding the deferred
tax liabilities in respect of taxable temporary differences are
recognised only to the extent that it is probable that taxable
profit will be available against which the deductible temporary
differences can be utilised.
Deferred tax assets and deferred tax liabilities are netted if
these income tax assets and liabilities concern the same tax
authority and refer to the same tax subject or a group of different
tax subjects that are jointly assessed for income tax
purposes.
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Inventories
In accordance with Ias 2 (Inventories), merchandise carried
as inventories is reported at cost of purchase. The cost
of purchase is determined either on the basis of a separate
valuation of additions from the perspective of the procurement
market or by means of the weighted average cost method.
Merchandise is valued as of the closing date at the lower of
cost or net realisable value. Merchandise is written down on
a case-by-case basis if the anticipated net realisable value
declines below the carrying amount of the inventories. such
net realisable value corresponds to the anticipated estimated
selling price less the estimated direct costs necessary to
make the sale.
When the reasons for a write-down of the merchandise have
ceased to exist, the write-down is reversed.
Trade receivables
In accordance with Ias 39, trade receivables are classified
as “loans and receivables” and recognised at amortised cost.
Where their recoverability appears doubtful, the trade receivables
are recognised at the lower recoverable amount. aside
from the required specific bad debt allowances, a lump-sum
bad debt allowance is carried out to account for the general
credit risk.
Deferred income tax assets and liabilities
The disclosed deferred income tax assets and liabilities concern
domestic and foreign income taxes for the reporting
year as well as prior years. They are determined in compliance
with the tax laws of the respective business country.
Cash and cash equivalents
Cash and cash equivalents comprise cheques, cash on hand
and bank deposits with a term of up to three months and are
recognised at their respective nominal values.
Assets held for sale, liabilities related to assets held for
sale and discontinued operations
In accordance with IFRs 5 (non-current assets Held for sale
and Discontinued operations), an asset is classified as an
asset held for sale if the respective carrying amount is to be
realised above all through a sale rather than through con-
tinued utilisation. a sale must be planned and realisable within
the subsequent twelve months. The asset is measured at
the lower of carrying amount and fair value less costs to sell
and presented separately in the balance sheet. analogously,