Experian 2016 Annual Report Download - page 120

118 Financial statements •Notes to the Group nancial statements
Notes to the Group financial statements
for the year ended 31 March 2016
1. Corporate information
Experian plc (the ‘Company’) is the ultimate parent company of the Experian group of companies (‘Experian’ or the ‘Group’).
Experian is the leading global information services group.
The Company 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).
There has been no change in this information since the annual report for the year ended 31 March 2015.
2. Basis of preparation
The Group financial statements are:
• prepared in accordance with the Companies (Jersey) Law 1991 and 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;
• 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 9; and
• designed to voluntarily include disclosures in line with those parts of the UK Companies Act 2006 applicable to companies
reporting under IFRS.
There has been no change in the above information since the annual report for the year ended 31 March 2015.
The Company’s own financial statements are prepared under UK accounting standards in accordance with FRS 101 ‘Reduced
disclosure framework’.
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 5.
The going concern basis continues to be adopted in preparing these financial statements as the Board formed a judgment, at the
time of approving these financial statements, that there was a reasonable expectation that the Group had adequate resources to
continue in operational existence. In arriving at this conclusion, the Board took account of:
• current and forecast trading performance, which is the subject of detailed comment in the Strategic report section of this
Annual Report;
• current and anticipated levels of borrowings and the availability of committed borrowing facilities; and
• exposures to and management of financial risks, which are detailed in the notes to these financial statements.
3. Recent accounting developments
There have been no accounting standards, amendments and interpretations effective for the first time in these financial statements
and which have had a material impact on the financial statements.
There are a number of new standards and amendments to existing standards currently in issue but not yet effective, including three
significant standards:
• IFRS 9 ‘Financial instruments’;
• IFRS 15 ‘Revenue from contracts with customers’; and
• IFRS 16 ‘Leases’.