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FINANCIAL STATEMENTS, MANAGEMENT AND CORPORATE GOVERNANCE REPORT.
2011
4.18.2. Financial liabilities
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms, or the
terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition
of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is
recognised in the separate income statement.
4.19. Provisions and contingencies
Provisions are recognised in the consolidated statement of financial position where the Group has a present obligation
(either legal or tacit) as a result of a past event and it is probable that an outflow of resources embodying economic
benefits will be required to settle the obligation.Amounts recognised as provisions are the best estimate of the amounts
required to offset the current value of those obligations at the consolidated statement of financial position date.
Provisions are reviewed at each year end and adjusted to reflect the current best estimate of the liability.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects,
where appropriate, the risks specific to the liability.When discounting is used, the increase in the provision due to the
passage of time is recognised as an interest expense.
4.20. Income tax
The Parent, Mediaset España Comunicacióin, S.A., files consolidated income tax returns with the following subsidiaries:
• Grupo Editorial Tele 5, S.A.U.
• Telecinco Cinema, S.A.U.
• Atlas Media, S.A.U.
• MiCar tera Media, S.A.U.
• Publiespaña, S.A.U.
• Publimedia Gestión, S.A.U.
• Mediacinco Car tera, S.L.
• Conecta 5 Telecinco, S.A.U.
• Canal Factoría de Ficción, S.A.U.
• Sogecable Editorial, S.A.U.
• Sogecable Media, S.A.U.
The income tax expense for the year is recognised in the separate income statement, except in cases in which it relates
to items that are recognised directly in the statement of other comprehensive income or equity, in which case the
related tax is also recognised in equity.