Experian 2013 Annual Report Download - page 105
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Business review Business overview Governance Financial statements
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.
There has been no change in this information since the annual report for the year ended 31 March 2012.
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 IFRS Interpretations Committee 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.
This requires the use of critical accounting estimates and management judgment in applying the accounting policies. Areas involving a higher
degree of judgment or complexity, or where assumptions and estimates are significant to the Group financial statements, are given in note 6.
There has been no change in this information since the annual report for the year ended 31 March 2012. The financial statements of the
Company are again prepared under UK accounting standards and set out on pages 160 to 169.
3. Comparative information
Following a review of the Group assessment of risk and rewards, revenue from scores and value-added products in Latin America is now
reported in Decision Analytics rather than in Credit Services and the results of these business segments (shown within note 9(b)) have been
re-presented. The effect is to increase revenue and EBIT in Decision Analytics for the year ended 31 March 2012 by US$17m and US$7m
respectively with equal and opposite decreases in the revenue and EBIT of Credit Services.
The above information represents a change since the annual report for the year ended 31 March 2012 but the impact is limited to note 9(b) in
these financial statements.
4. Recent accounting developments
The information below is a summary of external accounting developments and their impact on the Group where significant. The Group routinely
reviews such developments and adapts its financial reporting systems as appropriate. There were no accounting standards, amendments or
interpretations that were effective for the first time in the Group financial statements for the year ended 31 March 2013 and which had a material
impact on those financial statements. The following accounting standards, amendments and interpretations are effective for the first time for
the Group’s accounting periods beginning on or after 1 April 2013. The impact of Experian adopting IAS 19 (revised) with effect from 1 April 2013
is detailed in note 36.
•IFRS 10 ‘Consolidated financial statements’;
•IFRS 11 ‘Joint arrangements’;
•IFRS 12 ‘Disclosure of interests in other entities’;
•IFRS 13 ‘Fair value measurement’;
•Amendment to IFRS 7 ‘Financial instruments: disclosures’;
•Amendment to IAS 1 ‘Financial statements presentation’;
•IAS 27 (revised) ‘Separate financial statements’;
•IAS 28 (revised) ‘Associate and joint ventures’;
•Amendment to IAS 12 ‘Income taxes’;
•Amendments to IAS 19 (revised) ‘Employee benefits’; and
•Amendment to IAS 32 ‘Financial instruments amendment on financial assets and liability offsetting’.
Notes to the Group financial statements
for the year ended 31 March 2013