EasyJet 2008 Annual Report Download - page 55

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easyJet plc
Annual report and accounts 2008
Notes to the
financial statements
continued
New standards and interpretations not applied
The IASB and IFRIC have issued the following standards and interpretations that have not been applied in preparing these financial statements as their
effective dates fall in periods beginning after 1 October 2007. At 30 September 2008, only IFRS 8 had been adopted by the European Union.
Applies to periods
beginning after
International Accounting Standards Board
New and revised standards
IAS 27 Consolidated and Separate Financial Statements (Revised) 1 July 2009
IFRS 3 Business Combinations (Revised) 1 July 2009
IFRS 8 Operating Segments 1 January 2009
Amendments to standards
IAS 1 Presentation of Financial Statements (Revised Presentation) 1 January 2009
IAS 1 Presentation of Financial Statements (Puttable Instruments and Obligations Arising on Liquidation) 1 January 2009
IAS 23 Borrowing Costs (Removal of Option to Expense) 1 January 2009
IAS 27 Consolidated and Separate Financial Statements (Investment in Subsidiaries) 1 January 2009
IAS 32 Financial Instruments: Presentation (Puttable Instruments and Obligations Arising on Liquidation) 1 January 2009
IAS 39 Financial Instruments: Recognition and Measurement (Eligible Hedged Items) 1 July 2009
IAS 39 Financial Instruments: Recognition and Measurement (Reclassification of Financial Assets) 1 July 2008*
IFRS 1 First-time Adoption of IFRS (Investment in Subsidiaries) 1 January 2009
IFRS 2 Share-based Payment (Vesting Conditions and Cancellations) 1 January 2009
IFRS 7 Financial Instruments: Disclosures (Reclassification of Financial Assets) 1 July 2008*
2007 Annual Improvements to IFRS 1 January 2009
International Financial Reporting Interpretations Committee
IFRIC 12 Service Concession Arrangements 1 January 2008
IFRIC 13 Customer Loyalty Programmes (IAS 18) 1 July 2008
IFRIC 14 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction (IAS 19) 1 January 2008
IFRIC 15 Agreements for the Construction of Real Estate 1 January 2009
IFRIC 16 Hedges of a Net Investment in a Foreign Operation 1 January 2009
* The amendments to IAS 39 and IFRS 7 are effective from 1 July 2008, however easyJet has not elected to reclassify any financial assets in these financial statements.
The Directors do not anticipate that the adoption of these standards and interpretations will have a material impact on the Group’s financial statements.
Certain of these standards and interpretations will, when adopted, require addition to or amendment of disclosures in the financial statements.
2 Net finance income
2008 2007
£million £million
Interest income (48.9) (53.0)
Net exchange gains on financing items (note 23) (4.3) (1.6)
Interest receivable and other financing income (53.2) (54.6)
Interest payable on bank borrowings 27.9 27.9
Interest payable on finance leases 4.2 5.3
Other interest payable 1.9 2.2
Interest payable and other financing charges 34.0 35.4
Reversal of prior year impairment losses on financial assets –(10.6)
(19.2) (29.8)
53
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