Experian 2011 Annual Report Download - page 155

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Financial statements 153
E. Staff costs
2011
US$m
2010
US$m
Directors’ fees 2.1 1.8
Wages and salaries 1.2 1.0
3.3 2.8
Executive directors of the Company are employed by other Group undertakings and details of the remuneration of all directors are given in the
audited part of the report on directors’ remuneration. The Company had two (2010: two) employees throughout the year.
F. Other operating charges
Nature of charges
Other operating charges principally comprise charges from other Group undertakings in respect of services provided to the Company during the year.
Fees payable to the Company’s auditor and its associates 2011
US$m
2010
US$m
Audit of the Group nancial statements 0.4 0.4
Audit of the Company nancial statements 0.1 0.1
Other services - -
0.5 0.5
G. Interest receivable and similar income
2011
US$m
2010
US$m
Foreign exchange gains 12.0 2.6
Interest receivable and similar income 12.0 2.6
D. Signicant accounting policies (continued)
Deferred tax
Deferred tax is provided in respect of timing differences that have originated but not reversed at the balance sheet date and is determined using
the tax rates that are expected to apply when the timing differences reverse. Deferred tax assets are recognised only to the extent that they are
expected to be recoverable.
Own shares
Treasury shares, purchased in connection with the Company’s share buyback programme, are shown as a deduction from total shareholders’
funds at cost. Contractual obligations to purchase such shares are recognised at the net present value of expected future payments. Gains and
losses in connection with such obligations are recognised in the prot and loss account.
The Group has a number of equity settled, share-based employee incentive plans and, in connection with these plans, shares in the Company
are held by The Experian plc Employee Share Trust and the Experian UK Approved All-Employee Share Plan. The assets, liabilities and expenses
of these separately administered trusts are included in the Company’s nancial statements as if they were the Company’s own. The assets of the
trusts mainly comprise shares in the Company and such shares are also shown as a deduction from total shareholders’ funds at cost. Gains and
losses in connection with contractual obligations to purchase such shares are recognised in the prot and loss account.
Share-based payments
The Group’s equity settled, share-based employee incentive plans include options and awards in respect of shares in the Company made at or
after demerger in October 2006 together with options and awards previously granted in respect of shares in GUS plc which were rolled over into
options and awards in respect of shares in the Company at demerger.
The fair value of such options and awards granted to employees of the Company is recognised after taking into account the Company’s best
estimate of the number of options and awards expected to vest. The Company revises the vesting estimate at each balance sheet date and non-
market performance conditions are included in the vesting estimates. Amounts are recognised over the vesting period. Fair value is measured
at the date of grant using whichever of the Black-Scholes model, Monte Carlo model and closing market price is most appropriate to the award.
Market based performance conditions are included in the fair value measurement on grant date and are not revised for actual performance.
Foreign currency
Transactions in foreign currencies are recorded at the rates in effect at the transaction date. Monetary assets and liabilities denominated in
foreign currencies are retranslated at the rates ruling at the balance sheet date. All differences are taken to the prot and loss account in the
year in which they arise.