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98
Vodafone Group Plc
Annual Report 2012
Notes to the consolidated nancial statements
1. Basis of preparation
The consolidatednancial statements are prepared in accordance with IFRS as issued by the International Accounting Standards Board and are also
prepared in accordance with IFRS adopted by the European Union (‘EU’), the Companies Act 2006 and Article 4 of the EU IAS Regulations. The
consolidatednancial statements are prepared on a going concern basis.
The preparation ofnancial statements in conformity with IFRS requires management to make estimates and assumptions that affect the
reportedamounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the nancial statements and the reported
amounts of revenue and expenses during the reporting period. For a discussion on the Group’s critical accounting estimates see “Critical accounting
estimates” on pages 91 to 92. Actual results could differ from those estimates. The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period
or in the period of the revision and future periods if the revision affects both current and future periods.
Amounts in the consolidated nancial statements are stated in pounds sterling.
Vodafone Group Plc is registered in England (No. 1833679).
2. Signicant accounting policies
Accounting convention
The consolidatednancial statements are prepared on a historical cost basis except for certain nancial and equity instruments that have been
measured at fair value.
New accounting pronouncements adopted
On 1 April 2011 the Group adopted new accounting policies to comply with:
a “Improvements to IFRS” issued in May 2010.
a Amendments to IAS 24 “State-controlled entities and the denition of a related party”.
a Amendments to IFRIC 14 “Prepayments on a minimum funding requirement”.
a IFRIC 19 “Extinguishingnancial liabilities with equity instruments”.
These changes have no material impact on the consolidated results,nancial position or cash ows of the Group.
New accounting pronouncements not yet adopted
Phase I of IFRS 9 “Financial Instruments” was issued in November 2009 and has subsequently been updated and amended. The standard is effective
for annual periods beginning on or after 1 January 2015 and has not yet been endorsed for use in the EU. The standard introduces changes to the
classication and measurement of nancial assets and the requirements relating to nancial liabilities in relation to the presentation of changes in
fair value due to credit risks and the removal of an exemption from measuring certain derivative liabilities at fair value. The Group is currently
assessing the impact of the standard on its results, nancial position and cash ows.
The Group has not adopted the following pronouncements, which have been issued by the IASB or the IFRIC. These pronouncements have not yet
been endorsed for use in the EU. The Group does not currently believe the adoption of these pronouncements will have a material impact on the
consolidated results, nancial position or cash ows of the Group.
a Amendments to IAS 1, “Presentation of items of other comprehensive income”, effective for annual periods beginning on or after 1 July 2012.
a Amendment to IAS 12, “Deferred tax: recovery of underlying assets”, effective for annual periods beginning on or after 1 January 2012.
a Amendments to IAS 32, “Offsettingnancial assets and nancial liabilities”, effective for annual periods beginning on or after 1 January 2014.
a IFRIC 20, “Stripping costs in the production phase of a surface mine”, effective for annual periods beginning on or after 1 January 2013.
a Amendment to IFRS 1, “Severe hyperination and removal of xed dates forrst-timer adopters”, effective for annual periods beginning on or after
1 July 2011.
a Amendment to IFRS 1, “Government loans”, effective for annual periods beginning on or after 1 January 2013.
a Amendments to IFRS 7, “Financial Instruments: Disclosure”, effective for annual periods beginning on or after 1 July 2011.
a “Improvements to IFRS 2009 – 2011 Cycle”, effective for annual periods beginning on or after 1 January 2013.