Tiscali 2001 Annual Report Download - page 123
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115
and their estimated market value.
i) Receivables
Receivables are listed at their estimated realizable value. This value is obtained by
direct devaluation of the receivables carried out. Receivables also include amounts
pertaining to invoices still to be issued for services rendered in Financial Year 2001.
k) Investments other than non-current assets
Securities are valued at their purchase price, or, if lower, at their realisable value
calculated on the basis of stock market trends in the case of listed securities.
l) Accruals and deferrals
Accruals and deferrals are calculated in accordance with the matching principle.
m) Reserves for risks and future liabilities
Risk funds are allocated and shown as liabilities in the Balance Sheet, with the aim
of covering potential Company liabilities, which are forecast as likely to take place
on the basis of a realistic estimate of their definition.
n) Income taxes
In the financial year in question, the Company incurred no tax liability, since it
generated no taxable income.
o) Staff severance indemnity reserve
The provision corresponds to all amounts due to employees under current laws.
p) Liabilities
Liabilities are posted at their nominal value.
q) Risks, commitments, guarantees
Commitments and guarantees are shown in the memorandum accounts at their
contractual value.
The guarantees issued are in the form of surety bonds issued in favor of third parties
in execution of contract terms.
Commitments refer to obligations resulting from stipulated agreements which have
not as been yet executed, and from leasing and operating lease charges to be
posted in future financial years.
Parent Company Financial Statements