Supercuts 2010 Annual Report Download - page 177
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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)
• Amendment to IAS 39, Financial Instruments: Recognition and Measurement—Eligible Hedged Items
• Revised version of IFRS 1, First-time Adoption of International Financial Reporting Standards
• Amendments to IFRS 1—Additional Exemptions for First-time Adopters
• Amendments to IFRS 2—Group Cash-settled Share-based Payment Transactions
• Improvements to IFRSs (April 2009)
• Amendment to IAS 32—Classification of Rights Issues
• Revised version of IAS 24, Related Party Disclosures
• IFRS 9, Financial Instruments
Provalliance SAS is currently in the process of determining the potential impact of these new standards, interpretations and amendments
on the Group's consolidated financial statements. At this stage, the Group does not expect the impact to be material, except for (i) the revised
version of IFRS 3 which introduces changes in accounting for business combinations that are required to be applied prospectively and
(ii) IFRS 9, for which the Group has not yet begun its analysis in view of the fact that the standard has only recently been published and is still
incomplete.
1.2 FINANCIAL RISK MANAGEMENT
The Group is exposed to the following inter-related risks:
• Credit risk
• Liquidity risk
• Market risk
This note sets out information on the Group's exposure to each of these risks, as well as the Group's objectives, strategy and procedures for
risk management and assessment and its capital management practices. Quantitative information on these issues is provided in other sections of
the consolidated financial statements.
It is the responsibility of the Chairman to define and oversee the Group's risk management process.
1.2.1 Credit risk
Credit risk refers to the risk that a customer or counterparty to a financial instrument will default on its contractual obligations resulting in
a financial loss to the Group. This risk mainly arises from trade receivables and marketable securities.
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