Plan Worldwide Annual Review and Combined Financial ...
Plan Worldwide Annual Review and Combined Financial ...
Plan Worldwide Annual Review and Combined Financial ...
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Notes to combined financial statements<br />
1. Principal accounting policies<br />
a. Presentation <strong>and</strong> functional currency<br />
The directors of PI Inc have concluded that the functional currency of PI Inc is the Euro on the basis that this is the predominant currency<br />
affecting PI Inc’s operations worldwide. In addition, they have decided to present these combined financial statements in Euros. The functional<br />
currency of the NOs <strong>and</strong> <strong>Plan</strong> Ltd is their local currency, as this is the predominant currency that affects their operations.<br />
b. Basis of accounting<br />
The combined financial statements have been prepared in accordance with International <strong>Financial</strong> Reporting St<strong>and</strong>ards <strong>and</strong> IFRIC<br />
Interpretations <strong>and</strong> under the historical cost convention as modified by the revaluation of certain financial instruments in accordance with<br />
IAS 39, <strong>Financial</strong> Instruments: Recognition <strong>and</strong> Measurement except for:<br />
• These financial statements have been prepared on a combined basis; <strong>and</strong><br />
• The accounting treatment adopted for entities combined for the first time.<br />
The basis of accounting <strong>and</strong> the accounting policies adopted by <strong>Plan</strong> in preparing these combined financial statements are consistent with<br />
those applied in the year ended 30 June 2011.<br />
The following Amendments <strong>and</strong> Interpretations of existing st<strong>and</strong>ards have been adopted in <strong>Plan</strong>’s combined financial statements for the year<br />
ended 30 June 2012, but have not had an impact:<br />
• Amendment to IFRS 1, First time adoption – government loans<br />
• IFRIC 20, Stripping costs in the production phase of a surface mine<br />
Additionally, <strong>Plan</strong> has adopted in the combined financial statements for the year ended 30 June 2012 the Amendment to IAS 1, Presentation<br />
of <strong>Financial</strong> Statements. This has had a minor impact on the <strong>Combined</strong> statement of profit or loss <strong>and</strong> other comprehensive income <strong>and</strong><br />
expenditure.<br />
The following St<strong>and</strong>ards <strong>and</strong> amendments to existing st<strong>and</strong>ards will be adopted in <strong>Plan</strong>’s combined financial statements for the year ending<br />
30 June 2013 or later years. The impact is being assessed.<br />
• IFRS 9, <strong>Financial</strong> Instruments<br />
• Additions to IFRS 9 for <strong>Financial</strong> Liability Accounting<br />
• IFRS 10, Consolidated <strong>Financial</strong> Statements<br />
• IFRS 11, Joint Arrangements<br />
• IFRS 12, Disclosure of Interests in Other Entities<br />
• IAS 27 Revised, Separate financial statements<br />
• IAS 28 Revised, Associates <strong>and</strong> joint ventures<br />
• IFRS 13, Fair Value Measurement<br />
• IAS 19 Revised, Employee benefits<br />
• Amendment to IFRS 7, <strong>Financial</strong> instruments: Disclosures<br />
• IAS 32 <strong>Financial</strong> instruments: Presentation<br />
• <strong>Annual</strong> improvements 2011<br />
<strong>Plan</strong> International <strong>Worldwide</strong> <strong>Combined</strong> <strong>Financial</strong> Statements for the year ended 30 June 2012<br />
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