Supercuts 2010 Annual Report Download - page 164

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PROVALLIANCE SAS
CONSOLIDATED FINANCIAL STATEMETS
DECEMBER 31, 2009 AND 2008
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(INFORMATION AS OF DECEMBER 31, 2009 AND FOR THE YEAR THEN ENDED NOT
COVERED BY AUDITORS' REPORT INCLUDED HEREIN)
1.1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1.1.1 Basis of preparation
The consolidated financial statements of Provalliance SAS have been prepared in accordance with International Financial Reporting
Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and IFRS as adopted by the European Union. The
standards adopted by the European Union can be viewed on the European Commission's website at
http://ec.europa.eu/internal_market/accounting/ias/index_en.htm.
The accounting policies applied in the preparation of the consolidated financial statements for the year ended December 31, 2009 are
consistent with those applied for the consolidated financial statements for the year ended December 31, 2008, except for the adoption of the
revised version of IAS 1, Presentation of Financial Statements. The main changes resulting from the adoption of this revised standard are as
follows:
(i) all changes in equity resulting from transactions with owners of the parent are presented separately from those due to
transactions with minority shareholders of subsidiaries;
(ii) income and expenses for the period are presented in two separate statements—an income statement followed by a statement of
comprehensive income;
(iii) total comprehensive income is presented as part of the financial statements.
The following new standards, amendments to existing standards and interpretations were applicable for the first time for the fiscal year
beginning January 1, 2009 but did not have a material impact on the Provalliance group's consolidated financial statements at December 31,
2009:
• Revised version of IAS 23, Borrowing Costs, which requires the capitalization of borrowing costs directly attributable to the
acquisition, construction or production of qualifying assets.
• Amendment to IFRS 2, Share-based Payment—Vesting Conditions and Cancellations.
• Amendments to IAS 32 and IAS 1—Puttable Financial Instruments and Obligations Arising on Liquidation.
• Amendments to IFRS 1 and IAS 27—Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate.
• Improvements to IFRSs (May 2008).
• Amendments to IFRS 7—Improving Disclosures about Financial Instruments.
• Amendments to IFRIC 9 and IAS 39—Embedded Derivatives.
• IFRIC 13, Customer Loyalty Programmes.
• Amendment to IAS 39, Financial Instruments: Recognition and Measurement.
• IFRIC 11, IFRS 2—Group and Treasury Share Transactions.
157