Accounting developments
Accounting standards and interpretations adopted in 2008/09
In preparing our consolidated financial statements, we have complied with International Financial Reporting Standards, International Accounting Standards and interpretations applicable for 2008/09. The following amendments to standards and interpretations were adopted during 2008/09, none of which resulted in a material change to our consolidated results, assets or liabilities in 2008/09 or in those of previous periods:
Amendments to standards
An amendment to IAS 39 that permits reclassification of financial assets in certain circumstances.
New interpretations
IFRIC 12 and IFRIC 14 contain guidance on accounting for service concession arrangements and pension assets and minimum funding.
Accounting developments
New accounting standards and interpretations which have been issued but not yet adopted by National Grid are discussed in the financial statements under adoption of new accounting standards.