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ANNUAL REPORT 2011
b) Rendering of services
Rendering of services is recognised in the
accounting period in which the services are
rendered, in reference to the transaction end
date on the consolidated statement of financial
position date.
c) Interest
Interest is recognised taking into account the
proportion of the time elapsed and the asset’s
effective income. When an account receivable
is under impairment, the group reduces its
accounting value to the recoverable value,
which is equal to the current value of estimated
future cash flows discounted at the asset’s
original effective interest rate. The discount
remains recognised as financial income.
d) Royalties
Royalties are recognised according to the
accrual policy, according to the content of the
relevant agreements.
e) Dividends
Dividends are recognised when the
shareholders’ right to receive dividends is
determined.
2.17. Leasing
Leasing is classified as an operating lease
if a significant part of the risks and benefits
inherent to the possession remain the lessor’s
responsibility. Payments in operating leases
(minus any incentives received from the lessor)
are included in the consolidated statement of
comprehensive income by the equal annual
amounts method during the leasing period.
Leasing of tangible assets where the group is
substantially responsible for all the property’s
risks and benefits are classified as a financial
lease. Financial leasing is capitalised at the
start of the lease by the lowest amount
between the fair value of the leased asset
and the current value of the minimum leasing
values. Leasing obligations, net of financial
charges, are included in other non-current
liabilities, except for the respective short-term
component. The interest parcel is entered in
financial expenses during the leasing period,
thereby producing a constant periodic interest
rate on the remaining debt in each period.
Tangible assets acquired through financial
leasing are depreciated by the lowest amount
between the asset’s lifetime and the leasing
period.