12 Months Financial Report - Turkish Airlines
12 Months Financial Report - Turkish Airlines 12 Months Financial Report - Turkish Airlines
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 Standards (Cont’d)Standards and Interpretations that are issued but not yet effective in 2009 and have not beenearly-adopted (Cont’d)IFRS 3, “Business Combinations (2008)” (Cont’d)b) to change the recognition and subsequent accounting requirements for contingent considerationc) to require that acquisition-related costs be accounted for separately from the business combination,generally leading to those costs being recognized as an expense in profit or loss as incurred..The group will apply IFRS 3 (revised) prospectively to all business combinations from 1 January 2010.IFRS 9 “Financial Instruments: Classification and Measurement”In November 2009, the first part of IFRS 9 relating to the classification and measurement of financialassets was issued. IFRS 9 will ultimately replace IAS 39 Financial Instruments: Recognition andMeasurement. The standard requires an entity to classify its financial assets on the basis of the entity’sbusiness model for managing the financial assets and the contractual cash flow characteristics of thefinancial asset, and subsequently measure the financial assets as either at amortized cost or at fair value.The new standard is mandatory for annual periods beginning on or after 1 January 2013.IAS 24” (Revised 2009) Related Party Disclosures”In November 2009, IAS 24 Related Party Disclosures was revised. The revision to the standardprovides government-related entities with a partial exemption from the disclosure requirements of IAS24. The revised standard is mandatory for annual periods beginning on or after 1 January 2011.IAS 27 “(as revised in 2008) Consolidated and Separate Financial Statements"IAS 27 (revised) is effective for annual periods beginning on or after 1 July 2009. The revised standardrequires that ownership decreases or increases that do not result in change in control to be recorded inequity.The Group will apply IAS 27 (revised) prospectively to transactions with non-controlling interests from1 January 2010.IFRIC 17, “Distributions of non-cash assets to owners”IFRIC 17 is effective for annual periods beginning on or after 1 July 2009. The interpretation providesguidance on the appropriate accounting treatment when an entity distributes assets other than cash asdividends to its shareholders.13
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 Standards (Cont’d)Standards and Interpretations that are issued but not yet effective in 2009 and have not been early-adopted(Cont’d)IFRIC 19 “Extinguishing Financial Liabilities with Equity Instruments”IFRIC 19 is effective for annual periods beginning on or after 1 July 2010. IFRIC 19 addresses only theaccounting by the entity that issues equity instruments in order to settle, in full or part, a financialliability.Amendments related to Annual Improvements to IFRS (2009)As part of the Annual Improvement project, in addition to the amendments mentioned above, otheramendments were made to various standards and interpretations. These amendments are effective forannual periods beginning on or after 1 January 2010.2.5 Summary of Significant Accounting PoliciesSignificant accounting policies applied in the preparation of accompanying financial statements are asfollows:2.5.1 RevenueRendering of services:Revenue is measured based on the future value of collected or to be collected receivable amounts.Passenger fares and cargo revenues are recorded as operating revenue when the transportation service isprovided. Tickets sold but not yet used (not flied) are recorded as passenger flight liabilities.The Group develops estimations using historical statistics and data for unredeemed tickets. Totalestimated unredeemed tickets are recognized as operating revenue. Agency commissions to relating to thepassenger revenue are recognized as expense when the transportation service is provided.Aircraft maintenance and infrastructure support services are accrued with regard to invoices preparedsubsequent to the services.Dividend and interest income:Interest income is accrued on a time basis, by reference to the principal outstanding and at the effectiveinterest rate applicable, which is the rate that exactly discounts estimated future cash receipts through theexpected life of the financial asset to that asset’s net carrying amount.Dividend income generated from equity investments is registered as shareholders gain thedividend rights.14
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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)2.4 New and Revised International <strong>Financial</strong> <strong>Report</strong>ing Standards (Cont’d)Standards and Interpretations that are issued but not yet effective in 2009 and have not beenearly-adopted (Cont’d)IFRS 3, “Business Combinations (2008)” (Cont’d)b) to change the recognition and subsequent accounting requirements for contingent considerationc) to require that acquisition-related costs be accounted for separately from the business combination,generally leading to those costs being recognized as an expense in profit or loss as incurred..The group will apply IFRS 3 (revised) prospectively to all business combinations from 1 January 2010.IFRS 9 “<strong>Financial</strong> Instruments: Classification and Measurement”In November 2009, the first part of IFRS 9 relating to the classification and measurement of financialassets was issued. IFRS 9 will ultimately replace IAS 39 <strong>Financial</strong> Instruments: Recognition andMeasurement. The standard requires an entity to classify its financial assets on the basis of the entity’sbusiness model for managing the financial assets and the contractual cash flow characteristics of thefinancial asset, and subsequently measure the financial assets as either at amortized cost or at fair value.The new standard is mandatory for annual periods beginning on or after 1 January 2013.IAS 24” (Revised 2009) Related Party Disclosures”In November 2009, IAS 24 Related Party Disclosures was revised. The revision to the standardprovides government-related entities with a partial exemption from the disclosure requirements of IAS24. The revised standard is mandatory for annual periods beginning on or after 1 January 2011.IAS 27 “(as revised in 2008) Consolidated and Separate <strong>Financial</strong> Statements"IAS 27 (revised) is effective for annual periods beginning on or after 1 July 2009. The revised standardrequires that ownership decreases or increases that do not result in change in control to be recorded inequity.The Group will apply IAS 27 (revised) prospectively to transactions with non-controlling interests from1 January 2010.IFRIC 17, “Distributions of non-cash assets to owners”IFRIC 17 is effective for annual periods beginning on or after 1 July 2009. The interpretation providesguidance on the appropriate accounting treatment when an entity distributes assets other than cash asdividends to its shareholders.13
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