Výročná správa 2008 - Transpetrol

TRANSPETROL, a. s. Financial statements
Šumavská 38 for the year ended 31 December 2008
821 08 Bratislava
Other non-current securities and ownership interests are stated since 1 January 2006 at fair value. Change in the fair
value is accounted to the debit of the respective account of assets with the credit of account 414 – Revaluation reserve for
assets and liabilities. If the fair value of these securities and interests is lower than its book value, the fair value decrease
is accounted to the debit of account 414 - Revaluation reserve for assets and liabilities and to the credit of the respective
account of assets.
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Acquired inventories are stated at cost, which includes the acquisition price and the related acquisition costs (customs
duty, transport, insurance, commission, etc.). Stock is valued using the method of the weighted arithmetical average of
acquisition costs. The Company used method “A” for the accounting treatment of inventories.
In the current year no inventory has been developed internally by the Company.
If the acquisition or production cost of inventories is higher than their net realizable value at the balance sheet date, a
provision for inventories is set up in the amount of the difference between their book value and their net realizable value.
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When originated, receivables are stated at their nominal value. The assigned receivables are stated at cost, which includes
the acquisition price and the related acquisition costs. A provision is set up for bad and doubtful debts.
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Cash and duty stamps are valued by their nominal value. A provision is set up for decrease of their value.
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The deferred expenses and accrued revenue are valued by their nominal value and calculated on the accruals principle.
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Provisions are set up based on the accounting principle of prudence, if one can justifiably assume that the value of an
asset has been impaired when compared to its value in the books. A provision is recognized in the amount of a justified
assumption for an impairment of an asset when compared to its value in the books.
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Provisions are liabilities of uncertain timing or amount and are stated at the expected amount of the liability. The set-up
of a provision is posted to the respective expense account that the liability relates to. The use of a provision is debited to
the respective provision account, with a corresponding entry to the credit side of the respective liability account. The
release of an unnecessary provision or a part of it is accounted for using an accounting entry inverse to the set-up of the
provision.
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When originated, payables are stated at their nominal value. Liabilities taken over are stated at cost which includes the
acquisition price and the related acquisition costs. If the fair value of liabilities differs from their book value, liabilities
are recognised in the accounting and the financial statements at their fair values.
Long-term liabilities are adjusted to their values at the time of accounting and reporting, i.e. present values of long-term
liabilities are calculated.
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