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قديم 06-12-2013, 04:01 PM
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تاريخ التسجيل: Jan 2013
المشاركات: 7,194
افتراضي Summary of significant accounting polices



Accounts receivable
Trade receivables are stated at original invoice amount
less any allowance for any uncollectible amounts. An
estimate for doubtful debts is made when collection of
the full amount is no longer probable. Bad debts are
written off when identified.
Inventories
Inventories are valued at the lower of cost and net realizable
value. Costs are those expenses incurred in bringing
each item to its present location and condition and is
determined using the weighted average method.


Interest bearing loans and bonds
All loans and bonds are initially recognized at the fair
value of the consideration received less directly
attributable transaction costs.
After initial recognition, interest bearing loans and bonds
are subsequently measured at amortised cost using the
effective interest rate method.
Gains and losses are recognised in the income
statement when liabilities are derecognised as well as
through the amortisation proceeds.


Available-for-sale investments
Available for sale investments are recorded at cost at
acquisition and measured subsequently at fair value.
Gains and losses resulted from revaluating the
investment at fair value are reported as a separate
component of equity until the investment is
derecognized or determined to be impaired. On
derecognition or impairment the cumulative gain or loss
previously reported in equity is recognized in the income
statement for the year.


Intangible assets
Intangible assets acquired separately are measured on
initial recognition at cost. The cost of intangible assets
acquired in a business combination is fair value as at the
date of acquisition. Following initial recognition, intangible
assets are carried at cost less any accumulated
amortization and any accumulated impairment losses.
The useful lives of these intangible assets are assessed
to be either finite or indefinite. Intangible assets with finite
lives are amortized over the useful economic life and
assessed for impairment whenever there is an indication
that the intangible asset may be impaired.
The amortization period and the amortization method for
an intangible assets with a finite useful life is reviewed at
least at each financial year end.
Intangible assets with indefinite useful lives are tested for
impairment annually, such intangibles are not amortized.

Trade and other payables
Liabilities are recognized for amounts to be paid in the
future for goods received or services rendered, whether
billed by the supplier or not.


Employees' end of service indemnities
The company provides end of service indemnities to its
employees. The entitlement to these indemnities is
based upon the employees’ final salary and length of
service, subject to the completion of a minimum service
period in accordance with the company’s internal
policies. The expected costs of these indemnities are
accrued over the period of employment. Actuarial gains
and losses are recognized as income or expense and
where material is amortized over the expected average
remaining working lives of the employees.
Taxation
Current income tax:
Current income tax assets and liabilities for the current
and prior periods are measured at the amount expected
to be recovered from or paid to taxation authorities. The
tax rates and tax laws used are those that are enacted or
substantially enacted by the balance sheet.
Deferred income tax:
Deferred income tax is provided, using the liability
method, on all temporary differences at the balance
sheet date between the tax bases of assets and liabilities
and their carrying amounts for financial reporting
purposes. Deferred income tax assets are recognized for
all deductible temporary differences, carry-forward of
unused tax assets and unused tax losses, to the extent
that it is probable that taxable profit will be available
against which the deductible temporary differences,
carry-forward of unused tax assets and unused tax
losses can be utilized.
The carrying amount of deferred income tax assets is
reviewed at each balance sheet date and reduced to the
extent that it is no longer probable that sufficient taxable
profit will be available to allow all or part of the deferred
income tax asset to be utilized.
Deferred income tax assets and liabilities are measured
at the tax rates that are expected to apply to the period
when the asset is realised or the liability is settled, based
on tax rates (and tax laws) that have been enacted or
substantively enacted at the balance sheet date.
Sales tax
Revenues, expenses and assets are recognised net of
the amount of sales tax except:
• where the sales tax incurred on a purchase of assets or
services is not recoverable from the taxation authority, in
which case the sales tax is recognised as part of the cost
of acquisition of the asset or as part of the expense item
as applicable; and receivables and payables that are
stated with the amount of sales tax included.
• The net amount of sales tax recoverable from, or
payable to, the taxation authority is included as part of
receivables or payables in the balance sheet.
Business combinations and Goodwill
Business combinations are accounted for using the
purchase method.
Goodwill is initially measured at cost being the excess of
the cost of the business combination over the
Company’s share in the net fair value of the acquiree’s
identifiable assets, liabilities and contingent liabilities.
After initial recognition, goodwill is measured at cost less
any accumulated impairment losses. For the purpose of
impairment testing, goodwill acquired in a business
combination is, from the acquisition date, allocated to
each of the Company’s cash generating units that are
expected to benefit from the synergies of the
combination, irrespective of whether other assets or
liabilities of the acquiree are assigned to those units.
The company assesses whether there are any indicators
that goodwill is impaired at each reporting date. Goodwill
is tested for impairment, annually and when circumstances
indicate that the carrying value may be impaired.
Impairment is determined for goodwill by assessing the
recoverable amount of the cash-generating units, to
which the goodwill relates. Where the recoverable
amount of the cash-generated units is less than their
carrying amount an impairment loss is recognized.
Impairment losses relating to goodwill cannot be
reversed in future periods.
Impairment and unrecoverability of financial assets
The company at each balance sheet date assesses
whether there is an indication that a financial asset or
group of financial asset may be impaired. If such
indications exists, the estimated recoverable amount of
that asset is determined and any losses resulted from the
impairment is calculated as the difference between the
recoverable amount and the carrying amount. Impairment
losses are recognized in the statement of income.
Provisions
Provisions are recognized when the company has an
obligation (legal or constructive) arising from a past
event, and the costs to settle the obligation are both
probable and able to be reliably measured.
Equipment sales:
Revenues from equipment sales are recognized when
the significant risks and rewards of ownership are
transferred to the buyer.
When the equipment is sold by a third-party retailer
(indirect distribution channel) who purchases it from the
company and receives a commission for signing up the
customer, the related revenue is recognized when the
equipment is sold to the end-customer in an amount
reflecting the company’s best estimate of the retail price


Leases
Leases where the lessor retains substantially all the risks
and benefits of ownership of the asset are classified as
operating leases. Operating lease payments are
recognized as an expense in the consolidated income
statement on a straight-line basis over the lease term.
Foreign currencies
Transactions in foreign currencies are recorded at the
rate ruling at the date of the transactions. Monetary
assets and liabilities denominated in foreign currencies
are retranslated at the rate of exchange ruling at the
balance sheet date. All differences resulted from the
retranslation are taken to the income statement.

Credit risk
It is the risk that other parties will fail to discharge their
obligations to the Company. The Company manages
the credit risk with its customers by establishing credit
limits for customers' balances and also disconnect the
service for customers exceeding certain limits for certain
period of time. Also, the diversity of the Company’s
customers base (residential, corporate, government
agencies) limits the credit risk.
The Company has also credit department that
continuously monitors the credit status of the
Company’s customers.
The Company also deposits its cash balances with
number of major high rated financial institutions and has
policy of limiting its balances deposited with each
institution.
Liquidity risk
The Company limits its liquidity risk by ensuring bank facilities are available. The Company’s terms of sales require
amounts to be paid within 30 days of the date of sale.
The table below summarises the maturities of the Company’s undiscounted financial liabilities at 31 December 2007,
based on contractual payment dates and current market interest rates.
Currency risk
Most of the Company's transactions are in Jordanian
Dinars and U.S. Dollars. The Jordanian Dinars exchange
rate is fixed against the U.S. Dollar (US $ 1.41 for JD 1),
accordingly the company is not exposed to significant
currency risk.
During 2007 the company invested in Light speed
(Bahraini company), accordingly the consolidated
financial statements might be affected with changes in
Bahraini Dinar exchange rate against Jordanian Dinars.
Management believes that the effect will be immaterial
since the total assets of Light speed represent less than
0.5% of the company total assets.
The company has loans payable in Euro and short term
deposits in Euro. Changes in Euro exchange rates might
significantly affect loans values.
The table below indicates the Company’s foreign
currency exposure at 31 December, as a result of its
monetary assets and liabilities. The analysis calculates
the effect of a reasonably possible movement of the
JD currency rate against the Euro, with all other
variables held constant, on the income statement (due
to the fair value of currency sensitive monetary assets
and liabilities).
Fair values of financial instruments
Financial instruments comprise of financial assets,
financial liabilities and derivatives.
Financial assets consist of cash and bank balances and
receivables. Financial liabilities consist of bank
overdrafts, term loans, obligations under finance leases,
and payables. Derivatives consist of foreign exchange
contracts.
The fair values of financial instruments, with the
exception of certain available-for-sale investments
carried at cost, are not materially different from their
carrying values.

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