Notes to the consolidated financial statements Associates are all entities over which the Group has significant influence but not control. This is generally evidenced when the Group owns 20% to 50% of the voting rights or potential voting rights of the company. Investments in associates are accounted for using the equity method and are initially recognized at cost. Balances and transactions with associates that result in unrealized income are eliminated to the extent of the Replica Rolex Day-Date Group's interest in the associate.
Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group. The Group's interests in jointly controlled entities (joint ventures) are also reported using the equity method. At the end of 2008,cartier love ring replica, the Group's consolidated financial statements included 161 legal entities (compared with 161 in the previous year), of which one was a joint venture (one in 2007) and seven were associates (five in 2007). A full list of consolidated companies is provided in Note 32. The Replica Breitling Bentley Group has adopted those new/revised IAS/IFRS standards, amendments and interpretations mandatory for financial years beginning on or after 1 January 2008. The principal effects of these changes in policies are described below. IAS 39 / IFRS 7 Reclassification amendments The IAS 39,cartier love necklace, «Financial Instruments: Recognition and Measurement» amendment on reclassification of financial assets permits reclassification of certain financial assets out of the held-for-trading and available-for-sale categories if specified conditions are met. The related amendment to IFRS 7, «Financial Instruments: Disclosures» introduces disclosure requirements with respect to financial assets reclassified out of the held-for-trading and available-for-sale categories. The amendment is effective prospectively from 1 July 2008. The Replica Breitling Navitimer Swatch Group did not reclassify any financial instruments in connection with this amendment. IFRIC 11 IFRS 2 - Group and treasury share transactions This interpretation provides guidance on whether share-based transactions involving treasury shares or involving Group entities should be accounted for as equity-settled or cash-settled share-based payment transactions in the stand-alone accounts of the parent and Group companies. This interpretation does not have an impact on the Group's financial statements.
IFRIC 14 IAS 19 - The limit on a defined benefit asset, minimum funding requirements and their interaction This new interpretation provides guidance on assessing the limit in IAS 19 on the amount of the surplus that can be recognized as an asset. It also explains how the pension asset or liability may be affected by a statutory or contractual minimum funding requirement. The Replica Hublot big bang Group has assessed the application of this interpretation and concluded that it does not have any impact on the Group's financial statements. The new IFRIC 12 «Service concession arrangements» and IFRIC 13 «Customer loyalty programmes» are not relevant to the Group's operations. Standards, interpretations and amendments to existing standards that are not yet effective Certain new standards, interpretations and amendments to existing standards have been published that are mandatory for the Group's accounting periods beginning on or after 1 January 2009 or later periods, but which the Group has not early adopted.
The principal expected effects of these changes are as follows: IFRS 3 Business combinations (revised) and IAS 27 Consolidated and separate financial statements (revised) The Replica Panerai Luminor revised standards were issued in January 2008 and become effective for financial years beginning on or after 1 July 2009. IFRS 3 introduces a number of changes in the accounting for business combinations that will impact the amount of goodwill recognized, the reported results in the period of acquisition and future reported results. IAS 27 requires that a change in the ownership interest of a subsidiary (without loss of control) is accounted for as an equity transaction. Furthermore, the revised standard changes the accounting for losses incurred by the subsidiary as well as the loss of control of a subsidiary. The changes will affect future acquisitions or loss of control and transactions with minority interests. Notes to the consolidated financial statements IFRS 8 Operating segments The IASB issued IFRS 8 in November 2006 which replaces IAS 14 Segment Reporting. The Group will adopt the new standard as of 1 January 2009. The Replica Cartier Santos operating segments determined in accordance with IFRS 8 will be the same as the business segments currently identified under IAS 14. The changes will give rise to additional disclosures.
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