BT Group Accounting Policies
* BT Groups financial statements are prepared under the historical const convention (1) on an ongoing basis (2) under following the Companies Act from 1985. * The companys’ Financial reports have to be prepared by the directors for the year ended on Week 13 (31 March)(1) * The Directors have to ensure that the financial report includes assumptions about the which may affect the reported amounts of assets and liabilities as well as the income and expenditure from that reported period(2)
* BT Group’s turnover as shown in the statement appears as a summary of the companies value of provided services and does not include value added tax and sale taxes (2) * The appearing total turnover will show the turnover made by the company as a whole by including all its share associates and ventures turnovers (2) * The company’s profit and loss account has to include the turnover from calls and rentals, provision of other services (installation & connection) and advertising revenue whereby the customers prepaid card sales are differed until the stored value of that card has been used.
* Using the straight-line basis the Company charges the operating lease rentals against the income statement over the lease period. Interest
* The company’s interest payable includes the financing of fixed assets as well as the amortised premiums and expenses on the issue of debt securities. Foreign currencies
* The translation of assets and liabilities of foreign undertakings have to be translated into sterling and will appear in the income statement. Appearing retranslated exchange differences will be motioned in the statement of recognized gains and losses VII Intangibles
* The arising goodwill is amortised and has a economic life with the maximum of 20 years using straight line method and will be mentioned in the profit and loss account.
They are an independent of the groups...
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