TPCC Annual Report 2008.indd - HeidelbergCement
TPCC Annual Report 2008.indd - HeidelbergCement
TPCC Annual Report 2008.indd - HeidelbergCement
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Tanzania Portland Cement Company Ltd, <strong>Annual</strong> <strong>Report</strong> 2008<br />
Notes to the financial statements for the year ended<br />
31 December 2008<br />
1. Corporate information<br />
Tanzania Portland Cement Company Limited (‘the Company’) is a limited company incorporated and domiciled in Tan-<br />
zania. The Company’s shares are publicly traded. The registered office is located at Wazo Hill, Dar es Salaam.<br />
2. Principal activities<br />
The principal activity during the year under review was the manufacture and sale of cement.<br />
3. Basis of preparation<br />
The financial statements have been prepared on a historical cost basis except for financial instruments and available-<br />
for-sale investments that have been measured at fair value. The financial statements are presented in Tanzanian Shillings<br />
(TZS) and all values are rounded to the nearest thousand (TZS ‘000’) except when otherwise indicated.<br />
Statement of compliance<br />
The financial statements of the Company have been prepared in accordance with International Financial <strong>Report</strong>ing<br />
Standards (IFRSs) and comply with the Companies Act No. 12 of 2002.<br />
4. Changes in accounting policy and disclosures<br />
The accounting policies adopted are consistent with those of the previous financial year except as follows:<br />
The Company has adopted the following new and amended IFRS and IFRIC interpretations as of 1 January 2008:<br />
• IFRIC 11, IFRS 2 – Group and Treasury Share Transactions;<br />
• IFRIC 12 – Service Concession Arrangements; and<br />
• IFRIC 14, IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their<br />
32<br />
Interaction.<br />
The Company has also opted for early adoption of the following IFRS and IFRIC interpretations as of 1 January 2008:<br />
• IFRS 2 Share-based Payment (Revised) effective 1 January 2009;<br />
• IFRS 8 Operating Segments effective 1 January 2009;<br />
• IAS 23 Borrowing Costs (Revised) effective 1 January 2009; and<br />
• IFRIC 13 Customer Loyalty Programmes effective 1 July 2008.<br />
Adoption of these standards and interpretations did not have any effect on the financial performance or position of the<br />
Company except for IAS 23. They did however give rise to additional disclosures, including, in some cases, revisions to<br />
accounting policies. The principal effects of these changes are as follows:<br />
IFRS 2 Share-based Payment (Revised)<br />
The IASB issued an amendment to IFRS 2 in January 2008 that clarifies the definition of a vesting condition and pre-<br />
scribes the treatment for an award that is effectively cancelled. The Company adopted this amendment early from 1<br />
January 2008. This early adoption did not have an impact on the financial position or performance of the Company as<br />
no related events occurred in relation thereto during the year.