Carphone Warehouse 2013 Annual Report Download - page 61

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ANNUAL REPORT 2013 CARPHONE WAREHOUSE GROUP PLC 59
BUSINESS REVIEW GOVERNANCE FINANCIAL STATEMENTS
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 2013 which have
had or are likely to have a material effect on the results, disclosures or financial position of the Group.
At the date of authorisation of these financial statements, the following standards and interpretations which have not been applied
inthese financial statements were in issue but not yet effective, and in some cases had not yet been adopted by the EU:
— IFRS 1 (amended) ‘First-time Adoption of International Financial Reporting Standards’ on ‘Government Loans’
— IFRS 7 (amended) ‘Financial Instruments: Disclosures’ on ‘Disclosures – Offsetting Financial Assets and Financial Liabilities’
— IFRS 9 ‘Financial Instruments’
— IFRS 10 ‘Consolidated Financial Statements’
— IFRS 11 ‘Joint Arrangements’
— IFRS 12 ’Disclosure of Interests in Other Entities’
— IFRS 13 ‘Fair Value Measurement’
— IAS 1 (amended) ‘Presentation of Items of Other Comprehensive Income’
— IAS 19 (revised) ‘Employee Benefits’
— IAS 27 (revised) ‘Separate Financial Statements’
— IAS 28 (revised) ‘Investments in Associates and Joint Ventures’
— IAS 32 (amended) ‘Offsetting Financial Assets and Financial Liabilities’
— IFRIC 20 ‘Stripping Costs in the Production Phase of a Surface Mine’
— Annual Improvements to IFRSs
IFRS 13 may affect the measurement of certain assets and liabilities of the Group, but otherwise the directors do not expect that the
adoption of these standards, amendments or interpretations in future periods will have a material impact on the financial statements
ofthe Group in future periods.