Barclays 2010 Annual Report Download - page 270

Notes to the financial statements
For the year ended 31st December 2010 continued
43 Segmental reporting continued
Geographical information
(i) A geographical analysis of revenues from external customers is presented below:
2010
£m
2009
£m
2008
£m
Continuing operations
UK and Ireland 12,807 12,946 12,023
Europe region 4,735 4,359 4,009
Americas 7,742 6,531 51
Africa 4,697 4,016 3,587
Asia 1,459 1,271 1,529
Total 31,440 29,123 21,199
Individual countries which represent more than 5% of income from external customers are as follows:
2010
£m
2009
£m
2008
£m
UK 12,714 12,850 11,958
US 7,172 5,547 (471)
South Africa 3,684 2,980 2,618
In 2009, discontinued operations of the Barclays Global Investors business included £432m (2008: £319m) relating to UK and Ireland, £1,084m
(2008: £1,181m) relating to Americas and £347m (2008: £416m) relating to Rest of the World.
44 Financial risks, liquidity and capital management
The disclosures required under IFRS relating to financial risks and capital resources have been included within the Risk management and governance
section on pages 82 to 136.
This move has been to improve transparency and ease of reference, by concentrating related information in one place, and to reduce duplication.
The relevant disclosures havbe been marked as audited and can be found as follows:
– credit risk, on pages 82 to 117;
– market risk, on pages 118 to 125;
– capital resources, on pages 126 to 130; and
– liquidity risk, on pages 131 to 136.
45 Critical accounting estimates
The Group’s accounting policies are set out on pages 194 to 205. Certain of these policies, as well as estimates made by management, are considered to
be important to an understanding of the Group’s financial condition since they require management to make difficult, complex or subjective judgements
and estimates, some of which may relate to matters that are inherently uncertain. The following accounting policies include estimates which are
particularly sensitive in terms of judgements and the extent to which estimates are used. Other accounting policies involve significant amounts of
judgements and estimates, but the total amounts involved are not significant to the financial statements. Management has discussed the accounting
policies and critical accounting estimates with the Board Audit Committee.
Fair value of financial instruments
Some of the Group’s financial instruments are carried at fair value through profit or loss, such as those held for trading, designated by management
under the fair value option and non-cash flow hedging derivatives.
Other non-derivative financial assets may be designated as available for sale. Available for sale financial investments are initially recognised at fair value and
are subsequently held at fair value. Gains and losses arising from changes in fair value of such assets are included as a separate component of equity.
An analysis of financial instruments carried at fair value by valuation hierarchy, particulars of the valuation techniques used and a sensitivity analysis
of valuations using unobservable inputs is included in Note 41. This note also includes a discussion of the more judgemental aspects of valuation in the
period, including: credit valuation adjustments on monoline exposures, commercial real estate loans, private equity investments, and fair value loans to
government and business and other services.
Approximately £2.6bn of the assets acquired as part of the 2008 acquisition of the North American business of Lehman Brothers had not been received
by 31st December 2010. Approximately £2.0bn of this amount was recognised as part of the acquisition accounting and is included as an available for
sale asset in the balance sheet. As discussed in Note 26, on 22nd February 2011 the Court issued its Opinion in relation to the related legal proceedings.
This Opinion holds that Barclays is not entitled to receive approximately £1.3bn, and is only conditionally entitled to receive approximately £0.5bn, of the
undelivered assets. In addition, the Opinion holds that Barclays is not entitled to approximately £1.3bn of assets it has already received.
268 Barclays PLC Annual Report 2010 www.barclays.com/annualreport10