Finance leases

Finance leases
Leases of property, plant and gear whereby the Group has considerably all of the dangers and
rewards of possession are categorised as finance leases. Finance leases are capitalised on the lease’s
inception on the decrease of the truthful worth of the leased property, plant and gear and the current
worth of the minimal lease funds. Every lease cost is allotted between the legal responsibility and
finance prices in order to realize a relentless charge on the finance stability excellent. The
corresponding rental obligations, web of finance prices, are included in different long-term payables.
The curiosity factor of the finance value is charged to the revenue assertion over the lease interval
in order to supply a relentless periodic charge of curiosity on the remaining stability of the legal responsibility for
every interval. The property, plant and gear leased beneath a finance lease are depreciated over
the shorter of the lease time period and their helpful life.
(b) Working leases
Leases by which a good portion of the dangers and rewards of possession are retained by the
lessor are categorised as working leases. Funds made beneath working leases (web of any
incentives acquired from the lessor) are charged to the revenue assertion on a straight-line foundation
over the interval of the lease.
2.8. Goodwill
Goodwill is just not amortized however is examined for impairment yearly and at any time when there is a sign
that the goodwill could also be impaired. Goodwill acquired on a enterprise mixture is allotted to the
cash-generating items or teams of cash-generating items which are anticipated to profit from the
synergies of the mixture. Impairment is set by assessing the recoverable quantity of
the cash-generating items, that are associated to goodwill.
If the carrying quantity of the cash-generating unit, together with goodwill that has been allotted,
exceeds the recoverable quantity of the unit, impairment is acknowledged. The impairment loss is
acknowledged in revenue or loss and can’t be reversed.
Beneficial properties and losses on the disposal of a cash-generating unit to which goodwill has been allotted
embrace the carrying quantity of goodwill referring to the half offered. The quantity of goodwill
attributable to the half offered is set by the relative values of the half offered and the a part of
the cash-generating unit retained.
Goodwill on enterprise combos has been allotted and is monitored by the Group on the premise
of the cash-generating items which have been recognized in accordance with the provisions of IAS 36
“Impairment of Property”.
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Consolidated Monetary Statements in accordance with IFRS
31 December 2014
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2.9. Intangible property
The caption ‘intangible property’ consists of:
a) Laptop software program: Bought laptop software program is said at historic value much less subsequent
amortisation. Amortisation is calculated utilizing the straight-line technique over the helpful financial
lives, not exceeding a interval of 3-8 years. Prices related to creating or sustaining
laptop software program programmes are recognised as an expense as incurred. Prices which are instantly
related to identifiable and distinctive software program merchandise managed by the Group (internallygenerated software program), are recognised as a part of intangible property. Direct prices embrace supplies,
employees prices of the software program growth workforce and an acceptable portion of related overheads.
Internally-generated software program is amortised utilizing the straight-line technique over its helpful reside, not
exceeding a interval of 5-10 years.
b) Buyer relationships: they relate to quantities recognised on the acquisition from the
subsidiary firm Intrasoft Worldwide Scandinavia of compliance resolution enterprise unit of
WM-data Denmark A/S, amortised over a interval of 10 years and the acquisition of the shopper
record SAP of LAVISOFT SA within the 12 months 2009, amortised over a interval of 5 years respectively.
2.10. Impairment of non-financial property
Goodwill and different intangible property which have an indefinite helpful life aren’t topic to
amortisation and are examined for impairment yearly and at any time when occasions point out that the
carrying quantity will not be recoverable. Property which are topic to amortisation are reviewed for
impairment at every stability sheet date and are examined for impairment at any time when occasions or adjustments
in circumstances point out that the carrying quantity will not be recoverable. An impairment loss is
recognised, as expense instantly, for the quantity by which the asset’s carrying quantity exceeds
its recoverable quantity. The recoverable quantity is the upper of an asset’s truthful worth much less prices to
promote and worth in use. Truthful worth much less prices to promote is the worth that will be acquired to promote an asset
in an orderly transaction between market contributors on the measurement date, much less the prices of
disposal. Worth in use is the current worth of the long run money flows anticipated to be derived from an
asset. For the needs of assessing impairment, property are grouped on the lowest ranges for which
there are individually identifiable money flows (cash-generating items). Prior impairments of nonmonetary property (aside from goodwill) are reviewed for potential reversal at every reporting date.
2.11. Monetary property
Classification
The group classifies its monetary property within the following classes. The classification relies on
the aim for which the monetary property have been acquired. Administration determines the
classification of its monetary property at preliminary recognition and reassesses the classification at every
reporting date.
(a) Monetary property at truthful worth by revenue or loss
This class refers to monetary property acquired principally for the aim of promoting within the brief
time period or if that’s the case designated by Administration. Derivatives are additionally categorised as held for buying and selling
until they’re designated as hedges. If these property are both held for buying and selling or are anticipated to
be realised inside 12 months of the stability sheet date these property are categorised as present
property.
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Consolidated Monetary Statements in accordance with IFRS
31 December 2014
Web page 43 of 89
(b) Loans and receivables
These are non-derivative monetary property with mounted or determinable funds that aren’t quoted
in an lively market. They’re included in present property, aside from maturities better than 12
months after the stability sheet date, that are categorised as non-current property.
Loans and receivables are carried at amortised value utilizing the efficient curiosity technique.
(c) Held-to-maturity investments
These are non-derivative monetary property with mounted or determinable funds that aren’t quoted
in an lively market. They’re included in present property, aside from maturities better than 12
months after the stability sheet date, that are categorised as non-current property.
(d) Obtainable-for-sale monetary property
These are non-derivatives which are both designated on this class or not categorised in any of the
different classes. They’re included in non-current property until administration intends to get rid of
the funding inside 12 months of the stability sheet date.
Recognition and measurement
Purchases and gross sales of investments are recognised on commerce date, which is the date on which the
Group commits to buy or promote the asset. Investments are initially recognised at truthful worth plus
transaction prices for all monetary property not carried at truthful worth by revenue or loss. Monetary
property carried at truthful worth by revenue or loss are initially recognised at truthful worth, and
transaction prices are expensed in revenue or loss. Investments are derecognised when the rights to
obtain money flows from the investments have expired or have been transferred and the Group has
transferred considerably all dangers and rewards of possession.
Obtainable-for-sale monetary property and monetary property at truthful worth by revenue or loss are
subsequently carried at truthful worth. Unrealised good points and losses arising from adjustments within the truthful
worth of investments categorised as available-for-sale are recognised in different complete revenue.
When investments categorised as available-for-sale are offered or impaired, the amassed truthful worth
changes are included within the revenue assertion as good points and losses from funding securities.
Impairment losses recognised in revenue or loss aren’t reversed by revenue or loss.
Beneficial properties or losses arising from adjustments within the truthful worth of the ‘monetary property at truthful worth by
revenue or loss’ class are included in revenue or loss within the interval by which they come up.
The truthful values of quoted investments are primarily based on year-end bid costs. If the marketplace for a
monetary asset is just not lively (and for unlisted securities), the Group establishes truthful worth through the use of
valuation methods. These embrace using current arm’s size transactions, reference to different
devices which are considerably the identical, discounted money circulation evaluation, and choice pricing
fashions refined to replicate the issuer’s particular circumstances. In circumstances the place the truthful worth can not
be measured reliably, investments are measured at value much less impairment.
INTRASOFT INTERNATIONAL
Consolidated Monetary Statements in accordance with IFRS
31 December 2014
Web page 44 of 89
2.12. Offsetting monetary devices
Monetary property and liabilities are offset and the online quantity reported within the stability sheet when
there’s a legally enforceable proper to offset the recognised quantities and there’s an intention to
decide on a web foundation or realise the asset and settle the legal responsibility concurrently.
2.13. Impairment of economic property
The Group assesses on the finish of every reporting interval whether or not there’s goal proof {that a}
monetary asset or group of economic property is impaired.
The monetary property which are reviewed for impairment (supplied that the relative indications exist)
are property said at value (investments in subsidiaries and associates within the stability sheet of the
father or mother firm), property measured at amortised value primarily based on the efficient rate of interest technique
(non-current receivables) and accessible on the market investments.
The recoverable quantity of investments in subsidiaries and associates is set in the identical
manner as for non-financial property.
For the needs of impairment testing of the opposite monetary property the recoverable quantity is
decided primarily based on the current worth of future money flows, discounted utilizing the unique assetparticular charge or a charge of the same monetary asset. Any ensuing impairment losses are recognised
in revenue or loss.
Within the case of fairness investments categorised as accessible on the market, a big or extended decline
within the truthful worth of the safety under its value can also be proof that the property are impaired. If any
such proof exists for available-for-sale monetary property, the cumulative loss – measured because the
distinction between the acquisition value and the present truthful worth, much less any impairment loss on that
monetary asset beforehand recognised in revenue or loss – is faraway from fairness and recognised in
revenue or loss. Impairment losses recognised within the consolidated revenue assertion on fairness
devices aren’t reversed by the consolidated revenue assertion.
2.14. Inventories
Inventories are said on the decrease of value and web realisable worth. Price is set utilizing the
weighted common technique. The price of completed and semi-finished items, by-products and work in
progress includes design prices, uncooked supplies, direct labour, different direct prices and associated
manufacturing overheads. Internet realisable worth is the estimated promoting value within the peculiar course of
enterprise, much less relevant variable promoting bills and in case of work-in-progress estimated prices
to completion.
Provisions for slow-moving or out of date inventories are fashioned when obligatory.
2.15. Commerce receivables
Inventories are said on the decrease of value and web realisable worth. Price is set utilizing the
weighted common technique. The price of completed and semi-finished items, by-products and work in
progress includes design prices, uncooked supplies, direct labour, different direct prices and associated
manufacturing overheads. Internet realisable worth is the estimated promoting value within the peculiar course of
enterprise, much less relevant variable promoting bills and in case of work-in-progress estimated prices
to completion. Provisions for slow-moving or out of date inventories are fashioned when obligatory.
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Consolidated Monetary Statements in accordance with IFRS
31 December 2014
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2.16. Factoring
Commerce and different receivables are diminished by the quantities which have been acquired upfront beneath
factoring agreements with out recourse.
2.17. Money and money equivalents
Money and money equivalents consists of money in hand, deposits held at name with banks and different brieftime period extremely liquid investments with unique maturities of three months or much less.
2.18. Non-current property held on the market and discontinued operations
The Group classifies a non-current asset (or disposal group) as held on the market if its carrying quantity
might be recovered principally by a sale transaction moderately than by persevering with use.
The fundamental standards to categorise a non-current asset (or disposal group) as held on the market are that it
should be accessible for fast sale in its current situation topic solely to phrases which are normal
and customary on the market of such property and its sale should be extremely possible.
For the sale to be extremely possible:
the suitable stage of administration should be dedicated to a plan to promote the asset (or disposal
group)
an lively programme to find a purchaser and full the plan should have been initiated
the asset (or disposal group) should be actively marketed on the market at a value that’s cheap in
relation to its present truthful worth
the sale ought to be anticipated to be accomplished inside one 12 months from the date of classification
the actions required to finish the plan ought to point out that it’s unlikely that vital
adjustments to the plan might be made or that the plan might be withdrawn.
Instantly previous to preliminary classification of a non present asset (or disposal group) as held on the market,
the asset (or the property and liabilities included within the disposal group) might be measured in
accordance with the relevant IFRSs.
Non-current property (or disposal teams) which are categorised as property held on the market are said on the
decrease of carrying quantity and truthful worth much less prices to promote and any potential ensuing impairment
losses are recognised in revenue or loss. Any subsequent enhance in truthful worth might be recognised in
revenue or loss, however not in extra of the cumulative impairment loss which was beforehand
recognised.
Whereas a non-current asset (or non-current property which are included in a disposal group) is assessed
as held on the market, it shouldn’t be depreciated or amortised.
2.19. Share capital
Strange shares are categorised as fairness.
Incremental prices instantly attributable to the difficulty of recent shares are proven after the discount of
the relative revenue tax in discount to the product of challenge. Incremental prices instantly attributable
INTRASOFT INTERNATIONAL
Consolidated Monetary Statements in accordance with IFRS
31 December 2014
Web page 46 of 89
to the difficulty of recent shares for the acquisition of different entities are proven in discount to the
product of challenge.
The place any Group firm purchases the Firm’s fairness share capital (treasury shares), the
consideration paid, together with any instantly attributable incremental prices (web of revenue taxes), is
deducted from fairness attributable to the Firm’s fairness holders till the shares are cancelled,
reissued or disposed of. The place such shares are subsequently offered or reissued, any consideration
acquired, web of any instantly attributable incremental transaction prices and the associated revenue tax
results, is included in fairness attributable to the Firm’s fairness holders.
2.20. Borrowings
Borrowings are recognised initially at truthful worth, web of transaction prices incurred. Borrowings are
subsequently said at amortised value. Any distinction between the proceeds (web of transaction
prices) and the redemption worth is recognised in revenue or loss over the interval of the borrowings
utilizing the efficient curiosity technique.
2.21. Borrowing prices
Borrowing prices instantly attributable to the development of qualifying property are added to the fee
of these property till such time because the property are considerably prepared for his or her meant use or sale.
All different borrowing prices are acknowledged in revenue or loss within the interval by which they’re incurred.
2.22. Present and deferred revenue tax
The tax expense for the interval includes present and deferred tax. Tax is acknowledged within the
revenue assertion, besides to the extent that it pertains to gadgets acknowledged in different complete
revenue or instantly in fairness. On this case, the tax can also be acknowledged in different complete revenue
or instantly in fairness, respectively.
Present revenue tax is computed primarily based on the separate monetary statements of every of the entities
included within the consolidated monetary statements, in accordance with the tax guidelines in power in
Greece and different tax jurisdictions by which international subsidiaries function. Present revenue tax
expense consists of revenue taxes for the present 12 months primarily based on every entity’s income as adjusted in
its tax returns and extra revenue taxes to cowl potential tax assessments that are prone to
happen from tax audits by the tax authorities, utilizing the enacted tax charges.
Deferred revenue tax is supplied in full, utilizing the legal responsibility technique, on short-term variations arising
between the tax bases of property and liabilities and their carrying quantities within the consolidated
monetary statements. The deferred revenue tax is just not accounted for if it arises from preliminary
recognition of an asset or legal responsibility in a transaction, aside from a enterprise mixture, that on the
time of the transaction impacts neither accounting nor taxable revenue or loss.
Deferred revenue tax property are recognised to the extent that it’s possible that future taxable
revenue might be accessible in opposition to which the short-term variations might be utilised.
Deferred revenue tax liabilities are supplied on taxable short-term variations arising on
investments in subsidiaries and associates, aside from deferred revenue tax legal responsibility the place the
timing of the reversal of the short-term distinction is managed by the Group and it’s possible that
the short-term distinction is not going to reverse within the foreseeable future. Deferred revenue tax property are
recognised on deductible short-term variations arising from investments in subsidiaries and
associates solely to the extent that it’s possible the short-term distinction will reverse sooner or later
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Consolidated Monetary Statements in accordance with IFRS
31 December 2014
Web page 47 of 89
and there’s ample taxable revenue accessible in opposition to which the short-term distinction might be
utilised.
Deferred revenue tax is set utilizing tax charges (and legal guidelines) which have been enacted or
considerably enacted by the stability sheet date and are anticipated to use when the associated
deferred revenue tax asset is realised or the deferred tax legal responsibility is settled.
2.23. Commerce payables
Commerce payables are acknowledged initially at truthful worth and subsequently measured at amortised value
utilizing the efficient curiosity technique.
2.24. Worker advantages
(a) Pension obligations
The Group contributes to each outlined profit and outlined contribution plans.
The common contributions for outlined contribution plans represent web periodic prices for the 12 months in
which they’re due and as such are included in employees prices.
The legal responsibility in respect of outlined profit pension or retirement plans is the current worth of the
outlined profit obligation on the stability sheet date. Unbiased actuaries utilizing the projected
unit credit score technique calculate the outlined profit obligation yearly.
Actuarial good points and losses arising from expertise changes and adjustments in actuarial
assumptions are charged or credited to fairness in different complete revenue within the interval in
which they come up. Previous-service prices are recognised instantly in revenue or loss.
(b) Termination advantages
Termination advantages are payable when employment is terminated earlier than the conventional retirement
date, or when an worker accepts voluntary redundancy in trade for these advantages. The
Group recognises termination advantages when it’s demonstrably dedicated to both: terminating
the employment of present staff in accordance with an in depth formal plan with out chance of
withdrawal; or offering termination advantages on account of a suggestion made to encourage voluntary
redundancy. Advantages falling due greater than 12 months after stability sheet date are discounted to
current worth.
The place there’s uncertainty concerning the variety of staff who will settle for a suggestion of termination
advantages, the Group discloses details about the contingent legal responsibility.

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