Tiscali 2001 Annual Report Download - page 76
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68
purchase cost and their estimated market value. Inventories of obsolete or slow-
turnover goods are written down taking into account their use and sale potential.
– WORK IN PROGRESS TO ORDER
Work in progress based on customer orders is valued on the basis of contractual
earnings accrued with a reasonable degree of certainty, in proportion to the
progress of works, taking into account all foreseeable sales contract risks.
k) Receivables
Receivables are listed at their estimated realizable value. This value is obtained by
direct write-down of the receivables carried out analytically for the most prominent
items and on a lump-sum basis for the others.
l) Investments other than non-current assets
Participations in subsidiary and affiliated Companies for future disposal are valued
at the lesser value between historical cost and market value. Other participations
and securities are valued at their purchase cost, or - if lower - at their market value,
which may be assessed on the basis of stock exchange quotations.
m) Accruals and deferrals
Accruals and deferrals include exclusively earnings and charges of the financial year
which will have numerical value in subsequent financial years, and revenues and
expenses accruing or incurred within the closure of the financial year but which will
come due in subsequent financial years. At all events, this account only includes
quotas of revenues and expenses spread over two or more financial years, whose
amount varies over time.
n) Reserves for risks and future liabilities
Reserves for risks and future liabilities are created and posted in the liabilities
section of the Balance Sheet, with the aim of covering potential liabilities of the
Companies which are forecast as likely to take place, on the bases of realistic
estimates of the amounts which may be involved.
o) Income taxes
Income taxes are calculated on the basis of the taxable income of each consolidated
Company under the current tax laws of the respective countries. If the net balance of
deferred taxes is positive, as a matter of prudence, the deferred charge is not
posted. Fiscal benefits deriving from tax losses are credited to the Profit and Loss
Statement only in the FY in which said losses were used to offset profits.