Telstra 2008 Annual Report Download - page 136
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Telstra Corporation Limited and controlled entities
133
Notes to the Financial Statements (continued)
(b) Income statement items requiring specific disclosure
The separate disclosure of the following material items is relevant in
explaining our financial performance.
Our profit for the year has been calculated after charging specific
expense items as detailed below:
)
(i) In fiscal 2007, the profit before income tax expense of the Telstra
Group included an impairment loss of $110 million relating to
impairment of the Trading Post mastheads. Refer to note 21 for further
details regarding impairment.
(ii) The profit before income tax expense of the Telstra Entity included
an expense of $31 million (2007: $49 million) in relation to an
impairment of the value of one controlled entity (2007: two controlled
entities). This balance was eliminated on consolidation for Telstra
Group reporting purposes.
Each fiscal year, we review the value of our investment in controlled
entities. As a result, we have incurred an impairment loss by assessing
the carrying value of our controlled entity with its recoverable
amount. We review our recoverable amount by reference to its value
in use.
(iii) The profit before income tax expense of the Telstra Entity included
an impairment loss of $247 million (2007: $173 million) relating to the
movement in allowance for amounts owed by three controlled
entities. These balances are eliminated on consolidation for Telstra
Group reporting purposes.
7. Profit from continuing operations (continued)
Telstra Group Telstra Entity
Year ended 30 June Year ended 30 June
2008 2007 2008 2007
Note $m $m $m $m
Other
- impairment in value of intangibles (i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14 -110 --
- impairment in value of controlled entities (ii) . . . . . . . . . . . . . . . . . . . . . . . . . --31 49
- impairment in amounts owed by controlled entities (iii) . . . . . . . . . . . . . . . . .29 --247 173
Total expense items. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -110 278 222