Coca-Cola Amatil 2007 Annual Report
Next
Previous
Jump to content
Notes to the Financial Statements
Coca-Cola Amatil Limited and its subsidiaries
For the financial year ended 31 December 2007
Note 1. Summary of Significant Accounting Policies
Basis of financial report preparation
This general purpose financial report has been prepared in accordance with
Australian Accounting Standards, other authoritative pronouncements of the
Australian Accounting Standards Board and the Corporations Act 2001.
The financial report has been prepared on the basis of historical cost, except
for derivative financial instruments which have been measured at fair value.
The carrying values of recognised assets and liabilities that are hedged with
fair value hedges are adjusted to record changes in the fair values attributable
to the risks that are being hedged.
The financial report is presented in Australian Dollars and all values are
rounded to the nearest tenth of a million dollars, unless otherwise stated
under
the option available to the Company under ASIC Class Order No. 98/100. The
Company is an entity to which the class order applies.
a) Statement of compliance
Australian Accounting Standards include Australian equivalents to International
Financial Reporting Standards (AIFRS). Compliance with AIFRS ensures that
the financial statements and notes thereto, comply with International Financial
Reporting Standards (IFRS).
The Group has adopted AASB 7 “Financial Instruments: Disclosures” and AASB
101 “Amendments – Presentation of Financial Statements”. The adoption
of these standards has only affected the disclosure in the financial statements.
There has been no effect on profit and loss or the financial position of the
Group.
Australian Accounting Standards and Interpretations that have been issued
or amended but are not yet effective have not been early adopted by the Group
for the annual reporting period ended 31 December 2007. These are outlined
in the table below.
Application Impact on Group Application date
Reference Title Summary date of standard1 financial report for Group
AASB
Interpretation 11
AASB 2 Group and
Treasury Share Transactions
Requires arrangements
whereby the rights to an
entity’s equity instruments
to be accounted for as an
equity settled share based
payment and provides
guidance on how
subsidiaries should account
for such arrangements
whereby the employees
receive rights to equity
instruments of the
parent entity.
1 Mar 2007 No impact on the Group
as the Group’s accounting
policy is to account for
such arrangements as
equity settled share
based payments.
1 Jan 2008
AASB 2007 – 4 Amendments to Australian
Accounting Standards
Arising from ED 151
and Other Amendments
Removes the differences 1 Jul 2007
between AIFRS and IFRS,
other than those dealt with
in specific not-for-profit
entity paragraphs and
incorporates new accounting
policy options which includes
proportionate consolidation
for jointly controlled entities
and preparation of cash flow
statements using the
“indirect method”.
Unless the Group elects
to adopt the proportionate
consolidation method for
joint venture entities and
preparation of cash flow
statements using the
“indirect method”, these
amendments are not
expected to have any
impact on the Group’s
financial report.
1 Jan 2008
AASB
Interpretation 14
AASB 119 The Limit on
a Defined Benefit Asset,
Minimum Funding
Requirements and
their Interaction
Provides clarification on
the limit of assets in an
employer’s balance sheet
in respect of defined
benefit plans and how the
plan’s assets or liabilities
may be affected in
jurisdictions with minimum
funding requirements.
1 Jan 2008 No material impact on
the Group as the Group’s
defined benefit plans
have immaterial pension
assets and liabilities,
including those in
foreign operations.
1 Jan 2008
Refer to the following page for footnote details.
Go to top
