Page 39 - Mantena Annual report 2019

face value minus any provision for expected losses. Loss provisions are made on the basis of an individual assessment of the specific receivables.
Cash in hand and at bank deposits
Cash in hand and at bank deposits includes cash, bank deposits and other means of payment with due dates less than three months from acquisition.
Warranties and service work
For sales, the whole of the sale price, including the part relating to future warranty and service work, is taken to income at the time of the sale.
A provision is made for future warranty and service work.
Pensions
As from 01.01.2019, a defined-contribution pension scheme has been implemented in the company. The company’s defined- contribution scheme is organised in accordance with the Norwegian Act on Defined-Contribution Pensions.
On 31.12.2018, the company implemented an occupational pension scheme for older employees who could not be enrolled in a private AFP scheme.
This relates to employees born before 1964. The occupational pension has a fixed term for the company, with payments due in the period 2019-2025. The effect of this was recognised on implementation at 31.12 2018.
Costs
As a general rule, costs are recognised in the same period as the corresponding income. In cases where there is no clear relationship between expenditure and income, the allocation is determined according to discretionary criteria.
Other exceptions to the matching principle are indicated where applicable.
Taxes
The tax expense is matched against the accounting profit before tax. Tax related to equity transactions is recognised
in equity. The tax expense consists of tax payable (tax on the year’s direct taxable income) and changes in net deferred tax.
Deferred tax and deferred tax assets are presented net in the balance sheet.
Accounting currency and presentation currency
All figures are reported thousands of Norwegian kroner (TNOK).
Mantena AS
Annual report 2019 39