Tiscali 2001 Annual Report Download - page 77
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69
CURRENCY Currency/EUR 1
Swiss franc 1.4822
Czech crown 32.0068
Danish crown 7.4736
Pound Sterling 0.6107
Norwegian crown 8.013
Swedish crown 9.3089
US dollar 0.886
South African rand 10.582
p) Staff severance indemnity reserve
The staff severance indemnity reserve covers the amounts payable and the reserves
pertaining to commitments, matured as of the closure of the financial year, due to
employees under current laws, employment contracts and any Company agreement
in force in each country in which the consolidated Companies operate.
q) Liabilities
Liabilities are reported at their nominal value.
r) Risks, commitments, guarantees
Commitments and guarantees are shown in the memorandum accounts at their
contractual value. The risks that are most likely to generate a liability are described
in the Notes and allocated to the risk funds according to criteria of congruity. Those
risks entailing only the possibility of a liability are described in the Notes, without
allocating a specific risk fund, according to reference accounting criteria. Remote
risks are not taken into consideration.
s) Revenues and earnings, expenses and charges
Revenues and earnings, expenses and charges are recorded in the financial
statements net of returns, discounts, rebates and prizes, and net of the taxes
directly linked to the sale of services. Financial earnings are posted on the basis of
the pro-tempore accounting principle.
t) Amounts in foreign currencies
Receivables and payables in foreign currencies are adjusted to the exchange rates
valid at the end of the financial year, taking into account the existence of coverage
agreements. Profits and losses deriving from exchange rate fluctuations are listed as
receivables or payables in the Profit and Loss Account.
Consolidated Financial Statements