Experian 2014 Annual Report Download - page 114

Financial statements • Notes to the Group financial statements110
Notes to the Group financial statements
for the year ended 31 March 2014
1. Corporate information
Experian plc (the ‘Company’), the ultimate parent company of the Experian group of companies (‘Experian’ or the ‘Group’), is
incorporated and registered in Jersey as a public company limited by shares and is resident in Ireland. The Company’s registered
office is at 22 Grenville Street, St Helier, Jersey JE4 8PX. The Company’s ordinary shares are traded on the London Stock Exchange’s
Regulated Market (Premium Listing). Experian is the leading global information services group.
There has been no change in this information since the annual report for the year ended 31 March 2013.
2. Basis of preparation
These financial statements are:
• prepared in accordance with International Financial Reporting Standards (‘IFRS’ or ‘IFRSs’) as adopted for use in the European
Union (the ‘EU’) and IFRS Interpretations Committee interpretations (together ‘EU-IFRS’);
• prepared on a going concern basis and under the historical cost convention, as modified for the revaluation of available-for-sale
financial assets and certain other financial assets and financial liabilities including derivatives;
• presented in US dollars, the most representative currency of the Group’s operations, and generally rounded to the nearest million;
• prepared using the principal exchange rates set out in note 10; and
• designed to include disclosures to comply with those parts of the UK Companies Act 2006 applicable to companies reporting
under IFRS.
The use of critical accounting estimates and management judgment is required in applying the accounting policies. Areas involving
a higher degree of judgment or complexity, or where assumptions and estimates are significant to the Group financial statements,
are highlighted in note 6.
There has been no change in this information since the annual report for the year ended 31 March 2013. The Company’s own
financial statements are again prepared under UK accounting standards and set out on pages 164 to 169.
3. Changes in accounting standards
Accounting standards, amendments or interpretations effective for the first time in the year ended 31 March 2014 which had a
material impact on these financial statements are detailed below.
(a) Amendment to IAS 1 ‘Financial statements presentation’
In accordance with this amendment, amounts reported in the Group statement of comprehensive income are now grouped to
separately report items that will not be reclassified to profit or loss and items that may be reclassified subsequently to profit or loss.
Comparative figures have been re-presented in the appropriate grouping.
(b) IAS 19 (revised) ‘Employee benefits’
Experian adopted IAS 19 (revised) with effect from 1 April 2013. This revision requires the use of the discount rate to determine both
the interest income on pension assets and the interest expense on post-employment benefit obligations. The resulting net interest is
reported within interest income or expense as appropriate. Pension plan administration costs are now required to be reported within
operating profit rather than as a deduction from the return on pension assets.
Comparative figures have been re-presented accordingly. The effect is to reduce Profit before tax and Benchmark profit before tax for
the year ended 31 March 2013 by US$6m. Operating profit is reduced by pension plan administration costs of US$2m, recognised in
the Central Activities segment, and net finance costs are increased by US$4m. Remeasurement losses on post-employment benefit
assets and obligations recognised in the Group statement of comprehensive income have been reduced by US$5m, including a tax
effect of US$1m. There is no effect on the Group balance sheet at 31 March 2013 nor on amounts in the Group cash flow statement
for the year then ended.
(c) Amendment to IFRS 7 ‘Financial instruments: disclosures’
Experian has provided the additional disclosures required within these financial statements.
(d) IFRS 13 ‘Fair value measurement’
IFRS 13 establishes a single source of guidance for all fair value measurements but its application has not materially affected the
Group’s fair value measurements. In accordance with the transitional provisions of IFRS 13, Experian has applied the new fair value
measurement guidance prospectively. Additional disclosures required by IFRS 13 are included in notes 29 and 30.