12 Months Financial Report - Turkish Airlines

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TÜRK HAVA YOLLARI ANONİM ORTAKLIĞINOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER, 20092. BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (Cont’d)2.2 Changes in Accounting PoliciesChanges in accounting policies are applied retroactively and the financial statements of the previousperiod are adjusted.2.3 OffsettingFinancial assets and liabilities are offset and the net amount reported in the balance sheet when there is alegally enforceable right to set off the recognized amounts and there is an intention to settle on a net basis,or realize the asset and settle the liability simultaneously.2.4 New and Revised International Financial Reporting StandardsUpdated following new standards and interpretations applied in the current period financial statementsand the reported amounts and disclosures effect has been made. Applied in these financial statements butdoes not have an impact on the reported amounts of other standards and interpretations in detail later inthis chapter also explains in part.Standards affecting presentation and disclosure in 2009 financial statements• IAS 1 (Revised), “Presentation of financial statements”IAS 1(2007) has introduced terminology changes (including revised titles for the financial statements)and changes in the format and content of the financial statements. The Group presents in the consolidatedstatement changes in equity all owner changes in equity, whereas all non-owner changes in equity arepresented in the consolidated statement of comprehensive income.• IFRS 7 (Change), “Financial instruments: Disclosures”The amendments to IFRS 7 expand the disclosures required in respect of fair value measurements andliquidity risk The Group in the current period, towards the implementation of these standards in thetransition process, as mentioned in relation to the extended description has chosen not offer anycomparative information (Note: 38).• IFRS 8 “Operating segments”IFRS 8 is an explanation standard that requires of the revised the Group's reportable segment that(Note: 5). The Group presented the segment information for the first time in a manner that isconsistent with its internal reporting. According to internal reporting, aviation and technicaloperations were identified as operating segments.9
TÜRK HAVA YOLLARI ANONİM ORTAKLIĞINOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER, 20092. BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (Cont’d)2.4 New and Revised International Financial Reporting StandardsStandards affecting presentation and disclosure in 2009 financial statements (Cont’d)IFRIC 13, “Customer loyalty programs”According to IFRIC 13, customer loyalty programs should be accounted as a separate componentof the sales process. Group has adopted the early application of IFRIC 13 "Customer LoyaltyProgram", and on 1 January 2008 as retroactively applied as is. The Implementation of IFRIC 13,with the Group's customer loyalty programs changes has caused changes in the recording policyof revenues. While free travel has calculated by incremental cost method and recorded estimatedcost as liability at previous application, according to the IFRIC 13, customer loyalty programshave started to account a separate component of sales operations. A fraction of fair value ofcollected the sales amount is distributed as unearned income with the name of “liability ofpassenger of frequent flight program”. Besides, as these interests are used by the Entity, they arerecorded as revenue.Standards and Interpretations those are effective in 2009 with no impact on the 2009 consolidatedfinancial statementsWith the following new and revised standards and comments were applied in these financial statements.There is no significant effect of implementation these standards and comments on the amounts thatreported in the financial statements. However, this may affect the accounting of future transactions orcontracts.Amendments to IFRS 1 “First-time Adoption of International Financial Reporting Standards”and IAS 27 “Consolidated and Separate Financial Statements – Cost of an Investment in aSubsidiary, Jointly Controlled Entity or Associate”The Group presents in the consolidated statement changes in equity all owner changes in equity,whereas all non-owner changes in equity are presented in the consolidated statement ofcomprehensive income.Amendments to IFRS 2 “Share-based Payment - Vesting Conditions and Cancellations”The amendments clarify the definition of vesting conditions for the purposes of IFRS 2, introduce theconcept of ‘non-vesting’ conditions, and clarify the accounting treatment for cancellations.UMS 23 ‘IAS 23, “Borrowing costs” (2007)The principal change to the Standard was to eliminate the option to expense all borrowing costs whenincurred.10
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