Debtors:Short term debtors are measured at transaction price (which is usually the invoice price), less anyimpairment losses for bad and doubtful debts. Loans and other financial assets are initiallyrecognised at transaction price including any transaction costs and subsequently measured atamortised cost determined using the effective interest method, less any impairment losses for badand doubtful debts.Creditors:Short term creditors are measured at transaction price (which is usually the invoice price). Loansand other financial liabilities are initially recognised at transaction price net of any transaction costsand subsequently measured at amortised cost determined using the effective interest method.Taxation:A current tax liability is recognised for the tax payable on the taxable profit of the current and pastperiods. A current tax asset is recognised in respect of a tax loss that can be carried back torecover tax paid in a previous period. Deferred tax is recognised in respect of all timing differencesbetween the recognition of income and expenses in the financial statements and their inclusion intax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to theextent that it is probable that they will be recovered against the reversal of deferred tax liabilities orother future taxable profits. Deferred tax is measured using the tax rates and laws that have beenenacted or substantively enacted by the reporting date and that are expected to apply to thereversal of the timing difference, except for revalued land and investment property where the taxrate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities arenot discounted.Provisions:Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligationat the reporting date as a result of a past event, it is probable that economic benefit will betransferred to settle the obligation and the amount of the obligation can be estimated reliably.Pensions:Contributions to defined contribution plans are expensed in the period to which they relate.