Supercuts 2010 Annual Report Download - page 173
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PROVALLIANCE SAS
CONSOLIDATED FINANCIAL STATEMETS
DECEMBER 31, 2009 AND 2008
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(INFORMATION AS OF DECEMBER 31, 2009 AND FOR THE YEAR THEN ENDED NOT
COVERED BY AUDITORS' REPORT INCLUDED HEREIN)
1.1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
• average estimated rate of future salary increases: 3%
• discount rate: 5.25%
• payroll tax rate: 40%
• life expectancy based on the TM 04-06 mortality table
• collective bargaining agreements applicable within the Group:
• Hairdressing
• Syntec
• Advertising
Actuarial gains and losses arising as a result of changes in assumptions are recognized directly in the income statement.
1.1.15 Other employee benefit obligations—statutory training entitlement and long-service awards
The Group did not record a provision at December 31, 2009 for its estimated obligation related to training hours accrued by employees
under their statutory entitlement as the amount involved was not material. This was due to (i) the number of training courses already provided;
and (ii) the low probability of a specific request being made to use these statutory training hours. The measurement of this obligation may be
reviewed in future based on training requests actually received over the coming years, and if necessary a provision may be recorded.
The collective bargaining agreements in force within the Group's companies do not contain any specific clauses concerning long-service
awards. In addition, no specific agreements relating to such awards have been signed within any of the Group's subsidiaries.
1.1.16 Provisions for liabilities and charges
In accordance with IAS 37, a provision is recognized when the Group has a present obligation (legal or constructive) as a result of a past
event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation.
Unused provisions are reversed through profit and an explanatory note is provided in the consolidated financial statements.
Long-term provisions are discounted when the effect of discounting is material.
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