Carphone Warehouse 2012 Annual Report Download - page 64

Download and view the complete annual report

Please find page 64 of the 2012 Carphone Warehouse annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 90

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90

Carphone Warehouse Group plc Annual Report 201260
1 Accounting policies continued
t) Use of critical accounting estimates and assumptions continued
Deferred taxation
The extent to which tax losses can be utilised depends on the extent to which taxable profits are generated in the relevant jurisdictions
inthe foreseeable future, and on the tax legislation then in force, and as such the value of associated deferred tax assets is uncertain.
Provisions
The Group’s provisions are based on the best information available to management at the balance sheet date. However, the future costs
assumed are inevitably only estimates, which may differ from those ultimately incurred.
Provisions relating to the disposal of excess property necessitate assumptions in respect of period to disposal and exit costs, which may
differ from the ultimate cost of disposal.
u) Recent accounting developments
There have been no standards, amendments or interpretations adopted by the Group during the year ended 31 March 2012 which have
hador are likely to have a material effect on the results or financial position of the Group.
The following standards, amendments and interpretations are likely to be applicable to the Group but have not yet been approved
bytheEuropean Union and as such cannot be adopted early by the Group:
— IFRS 9 ‘Financial Instruments’ on ‘Classification and Measurement’ affects the classification and measurement of financial
instruments. It is expected to be effective for the year ending 31 March 2016.
— IFRS 10 ‘Consolidated Financial Statements’ changes the definition of ‘control’ in the context of financial consolidation procedures,
butis not expected to affect the Group's consolidation. It is expected to be effective for the year ending 31 March 2014.
— IFRS 11 ‘Joint Arrangements’ changes the assessment of jointly controlled arrangements, but is not expected to affect theaccounting
for the Group's joint ventures. It is expected to be effective for the year ending 31 March 2014.
— IFRS 12 ‘Disclosure of Interests in Other Entities’ changes the disclosures required for the Group's interests in other entities
andisexpected to be effective for the year ending 31 March 2014.
— IFRS 13 ‘Fair Value Measurement’ changes requirements for fair value measurement and is expected to be effective for the year
ending 31 March 2014.
— IAS 1 ‘Presentation of Financial Statements’ on ‘Presentation of Items of Other Comprehensive Income’ changes the grouping of items
presented in other comprehensive income and is expected to be effective for the year ending 31 March 2014.
— IAS 12 (Amendment) ‘Income Taxes’ on ‘Deferred Tax’ provides guidance regarding deferred tax on investment properties measured
atfair value. The Group’s investment properties are recognised at cost and as such are not expected to be affected by this amendment.
It is expected to be effective for the year ending 31 March 2013.
— IAS 19 (Revised) ‘Employee Benefits’ makes a number of amendments, primarily regarding defined benefit plans, of which the Group
has none. It is expected to be effective for the year ending 31 March 2014.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED