Notes 1-5
- 1. Changes in accounting policies
- 2. Acquisitions
- 3. Operating earnings
- 4. Unusual items
- 5. Discontinued operations
1. Changes in accounting policies
During the year, the group complied with amendments to NZ IAS 38, Intangible Assets. This standard requires the group to expense marketing stock, previously capitalised. A charge of $6 million has been recorded against opening equity to reflect this change.
The International Accounting Standards Board has issued a number of other standards, amendments and interpretations which are not yet effective. The group has not yet applied these in preparing these financial statements although the application of these standards, amendments and interpretations would require further disclosures, but they are not expected to have a material impact on the group's results.
There have been no other changes in accounting policies in the year ended 30 June 2010, however certain comparatives have been restated to conform with the current year's presentation.
Back to top 2. Acquisitions
During the 2010 year the group did not acquire any subsidiaries (2009: $3 million).
Back to top3. Operating earnings
3 Fees paid to the auditors during the year for other services are mainly with respect to the half year review, other assurance services and tax compliance work.
Back to top4. Unusual items – restructurings and impairments
The unusual expense consists of the following:
Back to top5. Discontinued operations
There were no discontinued operations in either the current or the comparative year.