- 1. Basis of accounting
- 2. Accounting policies
- 3. Currency conversion
- 4. Operating costs and share of results of associates
- 5. Finance income and finance costs
2. Accounting policies
The unaudited condensed consolidated interim financial statements comply with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union and as issued by the International Accounting Standards Board (IASB), IAS 34 Interim Financial Reporting and with the accounting policies of the Group which were set out on pages 139 to 145 of the 2008 Annual Report and Accounts. No changes have been made to the Group’s accounting policies in the period to 30 June 2009 other than the adoption of IAS 1 (revised) Presentation of Financial Statements, IAS 23 (revised) Borrowing Costs and IFRS 8 Operating Segments. IAS 1 (revised) Presentation of Financial Statements requires the presentation of a statement of changes in equity as a primary statement. As a result, a condensed consolidated statement of changes in equity has been included in the primary interim statements, showing changes in each component of equity for each period presented.
The Group also adopted IFRS 8 Operating Segments during the period. The directors have reviewed the business segments identified under the previous standard (IAS 14 Segmental Reporting) and consider these reported segments remain appropriate under IFRS 8. The adoption of IAS 23 (revised) Borrowing Costs had no material impact on the Group.
Statutory Information and Independent Review
The unaudited condensed consolidated interim financial statements for the six months to 30 June 2009 and 30 June 2008 do not
constitute statutory accounts. The financial information for the year ended 31 December 2008 does not constitute statutory
accounts. The statutory accounts for the year ended 31 December 2008 have been delivered to the Jersey Registrar of Companies
and received an unqualified auditors’ report. The interim financial statements are unaudited but have been reviewed by the
auditors and their report is set out in the Independent review report
to WPP plc.
The announcement of the interim results was approved by the board of directors on 25 August 2009.