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The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates and
assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of
income and expenses during the reporting period. Although these estimates are based on management’s best knowledge of the amount,
events or actions may mean that actual results ultimately differ from those estimates, and these differences may be material.
The following two accounting policies are considered critical accounting policies as they require a significant amount of management judgement
and the results are material to easyJet’s financial statements.
Aircraft maintenance provisions
easyJet incurs liabilities for maintenance costs in respect of its aircraft leased under operating leases during the term of the lease. These arise
from legal and constructive contractual obligations relating to the condition of the aircraft when it is returned to the lessor. To discharge
these obligations, easyJet will also normally need to carry out one heavy maintenance check on each of the engines and the airframe during
the lease term.
A charge is made in the income statement based on hours or cycles flown to provide for the cost of these obligations. Estimates required
include the likely utilisation of the aircraft, the expected cost of the heavy maintenance check at the time it is expected to occur, the condition
of the aircraft and the lifespan of life-limited parts.
The bases of all estimates are reviewed once each year, and also when information becomes available that is capable of causing a material
change to an estimate, such as renegotiation of end of lease return conditions, increased or decreased utilisation, or unanticipated changes
in the cost of heavy maintenance services.
Corporation tax
In drawing up the financial statements, estimates are made of current and deferred corporation tax assets and liabilities for each jurisdiction
in which easyJet operates. These estimates are affected by transactions and calculations where the ultimate tax determination was uncertain
at the time the financial statements were finalised. The issues involved are often complex and may take an extended period to resolve.
Basis of consolidation
The consolidated financial statements incorporate those of easyJet plc and its subsidiaries for the years, made up to 30 September 2006
and 2007, together with the attributable share of results and reserves of associates, adjusted where appropriate to conform with easyJet’s
accounting policies.
A subsidiary is an entity controlled by easyJet. Control exists when the Company has the power, directly or indirectly, to govern the financial
and operating policies of an entity so as to benefit from its activities. A minority interest is the portion of the profit or loss and net assets of
a subsidiary attributable to equity interests that are not owned, directly or indirectly through subsidiaries, by the Company.
Associates are those entities in which easyJet has significant influence, but not control over the financial and operating policies. They are
accounted for using the equity method.
Intragroup balances, transactions and any unrealised gains and losses arising from intragroup transactions are eliminated in preparing the
consolidated financial statements.
Revenue recognition
Revenues comprise the invoiced value of airline services, net of air passenger duty, VAT and discounts, plus ancillary and advertising revenue.
Passenger revenue arises from the sale of flight seats and is recognised in the period in which the service is provided. Unearned revenue
represents flight seats sold but not yet flown and is included in trade and other payables.
Ancillary revenue includes: credit card fees, baggage charges, speedy boarding fees, sporting equipment fees, infant fees, change fees and rescue
fees; profit share from in flight sales of food, beverages and boutique items; commissions received from products and services sold such as hotel
and car hire bookings, and travel insurance, less chargebacks. These are recognised on the date that the right to receive consideration occurs.
Amounts paid by “no-show” customers are recognised as revenue in the period in which the booked service is provided as such customers are
not generally entitled to change flights or seek refunds once a flight has departed.
Notes to the financial statements
63 easyJet plc
Annual report and accounts 2007
Financial instruments
Financial assets and financial liabilities are recognised when easyJet becomes a party to the contractual provisions of the relevant instrument and
derecognised when it ceases to be a party to such provisions.
　
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本文鏈接地址：EasyJet-2007-年報(42)