Accounting policies
Basis of preparation
The consolidated Group and Parent Company financial statements of IPF plc and its subsidiaries (IPF or the Group) have been prepared in accordance with EU endorsed International Financial Reporting Standards (IFRS), IFRIC interpretations and the Companies Act 1985 applicable to companies reporting under IFRS.
The following standards and interpretations were effective in the year:
IFRIC 14 ‘IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction’
The following interpretations were effective in the current financial year but were not relevant to the Group:
IFRIC 12 ‘Service concession arrangements’
IFRIC 13 ‘Customer loyalty programmes’
The following standards and interpretations, which were in issue but not yet effective, have not been early adopted by the Group:
IFRS 8 ‘Operating Segments’
IAS 1 (Revised) ‘Presentation of Financial Statements’
Amendment to IFRS 2 ‘Share-based payment – Vesting conditions and cancellations’
IFRS 3 (Revised) ‘Business Combinations’
Amendment to IAS 36 ‘Impairment of assets’ – impairment tests
Amendment to IAS 19 ‘Employee benefits’
Amendment to IAS 39 ‘Financial instruments: Recognition and measurement’
IFRIC 16 ‘Hedges of a net investment in a foreign operation’
IAS 23 (Revised) ‘Borrowing Costs’
Amendment to IAS 32 and IAS 1 ‘Puttable financial instruments and obligations arising on liquidation’
Amendment to IAS 28 and IAS 32 ‘investments in associates’
Amendment to IAS 38 ‘Intangible assets’
IAS 27 (Revised) ‘Consolidated and separate financial statements’
Amendment to IFRS 5 and IFRS 1 ‘Non-current assets held-for-sale and discontinued operations’
The standards and interpretations listed above are not expected to have a material impact on the financial statements.
Accounting convention
The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of derivative financial instruments at fair value. The principal accounting policies, which have been applied consistently, are set out in the following paragraphs.