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66 easyJet plc Annual report and accounts 2009
NOTES TO THE ACCOUNTS CONTINUED
1 Accounting policies (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 accounts as their effective dates fall
in periods beginning after 1 October 2008. At 30 September 2009, items indicated below with an asterisk had not been adopted by the European Union.
Applies to periods
beginning on or after
International Accounting Standards Board
New and revised standards
IAS 27 Consolidated and Separate Financial Statements (Revised) 1 July 2009
IFRS 1 First-time Adoption of IFRS (Revised)* 1 July 2009
IFRS 3 Business Combinations (Revised) 1 July 2009
IFRS 8 Operating Segments 1 January 2009
IAS 1 Presentation of Financial Statements (Revised) 1 January 2009
IAS 23 Borrowing Costs (Revised) 1 January 2009
IAS 27 Consolidated and Separate Financial Statements (Revised) 1 July 2009
Amendments to standards
IAS 1 Presentation of Financial Statements (Puttable Financial Instruments and Obligations Arising on Liquidation) 1 January 2009
IAS 32 Financial Instruments: Presentation (Puttable Financial Instruments and Obligations Arising on Liquidation) 1 January 2009
IAS 32 Financial Instruments: Presentation (Classification of Rights Issues)* 1 February 2010
IAS 39 Financial Instruments: Recognition and Measurement (Eligible Hedged Items) 1 July 2009
IAS 39 Financial Instruments: Recognition and Measurement (Embedded Derivatives)* 30 June 2009
IFRS 1 First-time Adoption of IFRS (Investment in Subsidiaries) 1 July 2009
IFRS 1 First-time Adoption of IFRS (Additional Exemptions for First-time Adopters)* 1 January 2010
IFRS 2 Share-based Payment (Vesting Conditions and Cancellations) 1 January 2009
IFRS 2 Share-based Payment (Group cash-settled share-based payment transactions)* 1 January 2010
IFRS 7 Financial Instruments: Disclosures (Improving Disclosures about Financial Instruments)* 1 January 2009
Improvements to IFRS (2007) 1 January 2009
Improvements to IFRS (2009)* 1 July 2009 and
1 January 2010
International Financial Reporting Interpretations Committee
IFRIC 9 Reassessment of Embedded Derivatives (Amended)* 30 June 2009
IFRIC 15 Agreements for the Construction of Real Estate 1 January 2009
IFRIC 17 Distribution of Non-Cash Assets to Owners* 1 July 2009
IFRIC 18 Transfers of Assets from Customers* 1 July 2009
The Directors do not anticipate that the adoption of these standards and interpretations will have a material impact on easyJet’s accounts. Certain of these
standards and interpretations will, when adopted, require addition to or amendment of disclosures in the accounts.
Under IFRS 8 Operating Segments, the Directors have determined that easyJet continues to operate in one business segment, namely the provision of a low
cost airline service.
2 Net finance charges / (income)
2009
£ million
2008
£ million
Interest receivable and other financing income
Interest income (18.4) (48.9)
Net exchange gains on financing items (note 24) (4.1) (4.3)
(22.5) (53.2)
Interest payable and other financing charges
Interest payable on bank loans 26.2 27.9
Interest payable on finance lease obligations 3.9 4.2
Other interest payable (2.2) 1.9
27.9 34.0
5.4 (19.2)
Other interest payable in 2009 includes a credit of £3.3 million reversing a previous interest accrual.