USE OF ESTIMATES

USE OF ESTIMATES

The preparation of financial statements requires estimates to be made that have an effect on the values of assets and liabilities and related disclosures. Actual results may differ from these estimates. Estimates are reviewed periodically and the effects of changes in estimates, where not resulting from faulty estimates, are recognised in the profit and loss account for the year in which the changes occur, if they affect only that year, and in subsequent years if the changes affect both the current and subsequent years.