Ryanair 2004 Annual Report Download - page 70

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March 31, March 31,
(d) Total assets 2004 2003
000 000
Total assets as reported in the consolidated balance sheets
andin accordance with Irish andUK GAAP
2,938,998 2,466,707
Adjustments
Pension 3,200 3,111
Amortisation of goodwill 2,342 -
Capitalised interest regarding aircraft acquisition programme 17,502 10,289
Darley Investments Limited (151) (239)
Total assets as adjusted to accord with US GAAP 2,961,891 2,479,868
(e) Cash flows
In accordance with Irish and UK GAAP, the group complies with Financial Reporting Standard No. 1 - “Cash flow Statements”
(FRS 1). Its objectives and principles are similar to those set out in SFAS No. 95 “Statement of Cash Flows”. The principal
difference between the standards is in respect of classification. Under FRS 1, the group presents its cash flows for (a) operating
activities; (b) returns on investments and servicing of finance; (c) taxation; (d) capital expenditure; (e) acquisitions and disposals;
and (f) financing activities. SFAS No. 95 requi res only three categories of cash flow activity (a) operating; (b) investing; and (c)
financing.
Cash flows arising from taxation and returns on investments and servicing of finance under FRS 1 are included as operating
activities under SFAS No. 95. In addition, under FRS 1, cash and liquid resources include short term borrowings repayable on
demand. SFAS No. 95 requires movements in such borrowings to be included in financing activitie s.
Disclosure of accounting policy
For the purposes of cash flows under US GAAP, the group considers all highly liquid deposits with a maturity of three months or
less to be cash equivalents. Under Irish and UK GAAP, cash represents cash held at bank available on demand offset by bank
overdrafts and liquid resources comprise bank fixed deposits with maturities of greater than one day.
Under Irish, UK and US GAAP, transactions that are undertaken to hedge another transaction are reported under the same
classification as the underlying transaction that is the subject of the hedge.
(Continued)
Summary of differences between Irish, United Kingdom and
United States generally accepted accounting principles
70
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