Supercuts 2010 Annual Report Download - page 167
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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 (Continued)
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group's share of the identifiable assets, liabilities and
contingent liabilities of the acquired subsidiary at the date of acquisition. It is included in "intangible assets".
Negative goodwill is recognized in the income statement in the period in which it arises.
The identifiable assets, liabilities and contingent liabilities of companies consolidated for the first time are recorded in the consolidated
balance sheet at their fair value, except for non-
current assets classified as held for sale in accordance with IFRS 5, which are recognized at fair
value less costs to sell.
Goodwill is carried at cost less any accumulated impairment losses. It is not amortized but is tested annually for impairment. For the
purpose of these impairment tests goodwill is allocated to cash-generating units (see Note 1.1.6 "Impairment of non-current assets").
1.1.4.2 Lease premiums
On a business combination, lease premiums are recognized at fair value which represents the difference between (i) the market rent based
on the revenue of the business concerned and the rent-to-income ratio and (ii) the actual rent.
Lease premiums have indefinite useful lives but a review is carried out each period to ensure that this classification is still justified based
on the latest events and circumstances.
Lease premiums are not amortized but are tested annually for impairment in accordance with the principles described in Note 1.1.6
"Impairment of non-current assets".
As lease premiums correspond to identifiable assets they give rise to a deferred tax liability.
1.1.4.3 Trademarks
The "Franck Provost" and "Fabio Salsa" trademarks were acquired during 2007. In 2008, the Group acquired the following trademarks:
• Jean-Louis David
• Saint-Algue
• Saint-Karl
• Coiff & Co
• Intermède
• City-Look
• Interview
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