Experian 2016 Annual Report Download - page 174

172 Financial statements •Notes to the Company nancial statements
Notes to the Company financial statements
for the year ended 31 March 2016
A. Corporate information
Corporate information for Experian plc (the ‘Company’) is set out in note 1 to the Group financial statements, with further
information given in the Strategic report and the Corporate governance report.
B. Basis of preparation
The separate financial statements of the Company are presented voluntarily and are:
• prepared on a going concern basis under the historical cost convention and in accordance with UK accounting standards;
• presented in US dollars, the Company’s functional currency; and
• designed to include disclosures in line with those required by those parts of the UK Companies Act 2006 applicable to companies
reporting under UK accounting standards even though the Company is incorporated and registered in Jersey.
The Company’s previous financial statements were prepared in accordance with applicable UK accounting standards. Following
the requirements of Financial Reporting Standard (‘FRS’) 100 ‘Application of financial reporting requirements’ coming into effect,
the directors have opted to prepare these financial statements in accordance with FRS 101 ‘Reduced disclosure framework’.
That intention was communicated to the Company’s shareholders in June 2015. FRS 101 will also be used where appropriate by
the Company’s subsidiary undertakings. This will simplify external reporting requirements for the Company and its subsidiary
undertakings in the UK and Ireland.
FRS 101 allows certain exemptions from the requirements of International Financial Reporting Standards (‘IFRS’) to avoid the
duplication of information provided in the Group financial statements and to provide more concise financial reporting in entity
financial statements. The following exemptions have therefore been applied in the preparation of these financial statements:
• Paragraphs 45(b) and 46 to 52 of IFRS 2 ‘Share-based payment’, so exempting the Company from providing details of share
options and of how the fair value of services received was determined.
• IFRS 7 ‘Financial instruments: disclosures’.
• Paragraphs 91 to 99 of IFRS 13 ‘Fair value measurement’, so exempting the Company from disclosing valuation techniques and
inputs used for the measurement of assets and liabilities.
• Paragraph 38 of IAS 1 ‘Presentation of financial statements’, so exempting the Company from disclosing comparative information
required by:
– paragraph 79(a)(iv) of IAS 1 – shares outstanding at the beginning and at the end of that period; and
– paragraph 73(e) of IAS 16 ‘Property, plant and equipment’ – reconciliations between the carrying amount at the beginning and
end of that period.
• The following paragraphs of IAS 1:
– paragraphs 10(d) and 111, so exempting the Company from providing a cash flow statement and information;
– paragraph 16, so exempting the Company from providing a statement of compliance with all IFRS;
– paragraph 38A, so exempting the Company from the requirement for a minimum of two of each primary statement and the
related notes;
– paragraphs 38B to D, so exempting the Company from the requirement to provide additional comparative information;
– paragraphs 40A to D, so exempting the Company from the requirement to provide a third statement of financial position; and
– paragraphs 134 to 136, so exempting the Company from presenting capital management disclosures.
• IAS 7 ‘Statement of cash flows’.
• Paragraphs 30 and 31 of IAS 8 ‘Accounting policies, changes in accounting estimates and errors’, so exempting the Company
from disclosing information where it has not applied a new IFRS which has been issued but is not yet effective.
• Paragraph 17 of IAS 24 ‘Related party disclosures’, so exempting the Company from disclosing details of key management
compensation; and
• the requirements in IAS 24 ‘Related party disclosures’ to disclose related party transactions with wholly-owned members of
the Group.
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 Company financial
statements, are highlighted in note E.