Experian 2012 Annual Report Download - page 95

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93
Governance Financial statementsBusiness reviewBusiness overview
Notes to the Group financial statements
for the year ended 31 March 2012
1. Corporate information
Experian plc (the ‘Company’), which is the ultimate parent company of the Experian group of companies (‘Experian’ or the ‘Group’), is
incorporated and registered in Jersey as a public company limited by shares and is resident in Ireland. The Company’s registered office is at
22 Grenville Street, St Helier, Jersey JE4 8PX. The Company’s ordinary shares are traded on the London Stock Exchange’s Regulated Market
(Premium Listing). Experian is the leading global information services group.
2. Basis of preparation
These financial statements are:
•prepared in accordance with International Financial Reporting Standards (‘IFRS’ or ‘IFRSs’) as adopted for use in the European Union (the
‘EU’) and International Financial Reporting Interpretations Committee (‘IFRIC’) interpretations;
•prepared under the historical cost convention, as modified for the revaluation of available for sale financial assets and certain other financial
assets and financial liabilities including derivatives;
•presented in US dollars, the most representative currency of the Group’s operations, and rounded to the nearest million;
•prepared using the principal exchange rates set out in note 10; and
•designed to include disclosures sufficient to comply with those parts of the UK Companies Act 2006 applicable to companies reporting under
IFRS even though the Company is incorporated and registered in Jersey.
In compliance with the requirements for companies whose shares are traded on the London Stock Exchange’s Regulated Market, the financial
statements of the Company are included within the Group annual report and are set out on pages 150 to 158. Those financial statements are
prepared under UK accounting standards.
3. Comparative information
Experian has agreed to divest the Group’s comparison shopping and lead generation businesses and it is anticipated that this transaction will be
completed in the first half of the financial year ending 31 March 2013. In accordance with the requirements of IFRS 5, the assets and liabilities of
these businesses at 31 March 2012 are classified as held for sale and the results and cash flows of the businesses for the year ended 31 March 2011
have been reclassified as discontinued. The results of the North America and the UK and Ireland operating segments (shown within note 9(b)) and
the Interactive business segment (shown within note 9(c)) have been re-presented accordingly.
Except as indicated above, the Group financial statements have been prepared on a basis consistent with that reported for the year ended 31 March 2011.
4. Recent accounting developments
The following accounting standards, amendments and interpretations issued by the International Accounting Standards Board and the IFRIC
are effective for the Group’s accounting periods beginning on or after 1 April 2011:
•Improvements to IFRSs (April 2010)
•Amendment to IAS 24 (revised) ‘Related party disclosures’
•Amendment to IFRIC 14 ‘Prepayment of a minimum funding requirement’
•IFRIC 19 ‘Extinguishing financial liabilities with equity instruments’
These accounting standards, amendments and interpretations have had no material effect on the results or financial position of the Group
disclosed within these financial statements.
Other new or revised accounting standards and interpretations issued by 31 March 2012 but not yet effective include those listed below. Their
impact will be fully considered in due course. In the case of IAS 19 there will be a restriction on the expected return recognised on pension plan
assets within interest income.
•Improvements to IFRSs (April 2011)
•Amendments to IFRS 7 ‘Financial instruments: disclosures’
•IFRS 9 ‘Financial instruments: classification and measurement’
•IFRS 10 ‘Consolidated financial statements’
•IFRS 11 ‘Joint arrangements’
•IFRS 12 ‘Disclosure of interests in other entities’
•IFRS 13 ‘Fair value remeasurements’
•Amendments to IAS 1 ‘Financial statements presentation’, IAS 12 ‘Income taxes’ and IAS 19 (revised) ‘Employee benefits’
•IAS 27 (revised) ‘Separate financial statements’
•IAS 28 (revised) ‘Associate and joint ventures’
•Amendment to IAS 32 ‘Financial instruments: presentation’, on offsetting financial assets and financial liabilities