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15. INVESTMENTS
2006 2005
a
£m £m
Non current assets
Available-for-sale 97
Loans and receivables 86
17 13
Current assets
Available-for-sale 21,149
Held for trading 348 339
Loans and receivables 15 2,003
365 3,491
aThe group adopted IAS 32 and IAS 39 from 1 April 2005. The comparative period has applied the group’s previous accounting policies in calculating the recognition and measurement basis for
investments, with the exception of adjustments relating to derivatives which are now reclassified as derivative financial instruments (see accounting policies).
2006 2005
a
£m £m
Available-for-sale
At 1 April 1,156 1,376
Additions 195 219
Transfer from associates and joint ventures 86 –
Revaluation surplus transfer to equity 35 –
Disposals (1,461) (439)
At 31 March 11 1,156
Less: Non-current available-for-sale assets 97
Current available-for-sale assets 21,149
aThe group adopted IAS 32 and IAS 39 from 1 April 2005. The comparative period has applied the group’s previous accounting policies in calculating the recognition and measurement basis for
investments, with the exception of adjustments relating to derivatives which are now reclassified as derivative financial instruments (see accounting policies).
Available-for-sale financial assets consist mainly of listed corporate debt securities and notes denominated in sterling.
2006 2005
a
£m £m
Held for trading
US Government debt securities 51 46
US Corporate debt securities 297 293
348 339
aThe group adopted IAS 32 and IAS 39 from 1 April 2005. The comparative period has applied the group’s previous accounting policies in calculating the recognition and measurement basis for
investments, with the exception of adjustments relating to derivatives which are now reclassified as derivative financial instruments (see accounting policies).
The investments included above represent listed short term debt securities with quoted market prices. The group has not
designated any financial assets that are not classified as held for trading as financial assets at fair value through the income
statement.
Loans and receivables
Loans and receivable financial assets mainly consist of term deposits and other fixed term debt securities denominated in sterling
with a fixed coupon and options for early redemption.
BT Group plc Annual Report and Form 20-F 2006 Notes to the consolidated financial statements90