Tiscali 1999 Annual Report Download - page 17

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2) VALUATION
a) General Criteria
The criteria used in the preparation of the financial statements conform to those stipulated by
aforementioned current regulations on the subject. Such criteria have been integrated and interpreted by
the accounting principles issued by the Italian accounting profession (Consiglio Nazionale dei Dottori
Commercialisti e dei Ragionieri). The criteria used during the financial year referenced herein do not vary
from those applied for the preparation of the financial statements for the preceding year, in particular with
regard to valuation principles and the continuity of the same, exception made for the criterion described
hereunder, pertaining to taxes paid in advance. The effects of these changes are shown in the notes to the
assets side of the balance sheet. Balance sheet items have been valued based on general criteria of prudence
and competency, in the perspective of future continuation of activity. For the purposes of the accounting
entries, prevalence is given to the economic substance of the transactions rather than their legal form.
Any assets which are expected to be durable are classified as non-current assets.
Year 2000
With regards to the information requested in the Consob notice No 98079574 of 9 October 1998 (and
subsequent integration No 99066606 of 10 September 1999) it is specified that the software used during
the financial year, being new and very recently acquired, was free from any risk of being affected by the
millennium bug with the change of date to the year 2000.
b) Valuation adjustments and recoveries of value
The values of fixed and intangible assets whose useful life is limited over time are written down
respectively through depreciation and amortization charges. The same fixed and intangible assets and the
other assets are written down each time a durable loss of value has been noted; the original value is re-
established insofar as the reasons for the previous loss of value are considered no longer current. The
analytical methods for the charging of depreciation and amortization are disclosed separately hereunder in
these notes.
c) Revaluations
To date, no revaluations have been performed.
d) Exceptions
No exceptions to the valuation criteria provided by legislation regarding financial statements have been
made either in these financial statements or in the financial statements of the previous period