42 Finsbury Food Group Annual Report & Accounts 2016
(continued)
An impairment loss would be recognised whenever the carrying amount of an intangible asset, goodwill or its cash generating unit exceeds
Calculation of Recoverable Amount The recoverable amount is the greater of the asset’s fair value less costs to sell and its value in use. In assessing an asset’s value in use, the estimated
Inventories incurred and attributable production overheads. Net realisable value is based upon estimated selling price allowing for all further costs of completion likely route for disposal of each particular item of stock.
and Loss and Other Comprehensive Income in accordance with IAS 19 (revised), with current and past service cost being recognised as an and Loss. The remeasurements are recognised in full in Other Comprehensive Income.
as an administrative expense in the period to which they relate.
Share Based Payment Transactions The value, as at the grant date, of options granted to employees is recognised as an employee expense, with a corresponding increase in equity, over the period in which the employees become unconditionally entitled to the options. The fair value of the options granted is measured using an option valuation model, taking into account the terms and conditions upon which the options were granted.
Revenue Revenue represents the amounts derived from the sale of bakery products. Revenue is the invoiced value of consideration received or receivable excluding value added tax, trade discounts, transactions with or between subsidiaries and less the cost of price promotions and sales related rebates known as over-riders. Revenue is recognised upon despatch of goods. The nature and timing of promotions and over-riders is typically known, accruals are established at the time of sale based on information available and management’s expectations of the amounts necessary to meet the claims of customers.
Segmental Reporting An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group’s other components. All segments’ operating results are reviewed regularly
Licence Fees over the life of the contract.
Finance Income and Cost in the fair value of interest rate swaps.
Taxation to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the period end date, and any adjustment to tax payable in respect of previous years.
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