DebtorsShort 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 forbad and doubtful debts.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 transactioncosts and subsequently measured at amortised cost determined using the effective interestmethod.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 timingdifferences between the recognition of income and expenses in the financial statements and theirinclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognisedonly to the extent that it is probable that they will be recovered against the reversal of deferred taxliabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws thathave been enacted or substantively enacted by the reporting date and that are expected to applyto the reversal of the timing difference, except for revalued land and investment property wherethe tax rate that applies to the sale of the asset is used. Current and deferred tax assets andliabilities are not discounted.ProvisionsProvisions (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.Leased assetsA lease is classified as a finance lease if it transfers substantially all the risks and rewardsincidental to ownership. All other leases are classified as operating leases. The rights of use andobligations under finance leases are initially recognised as assets and liabilities at amounts equalto the fair value of the leased assets or, if lower, the present value of the minimum leasepayments. Minimum lease payments are apportioned between the finance charge and thereduction in the outstanding liability using the effective interest rate method. The finance charge isallocated to each period during the lease so as to produce a constant periodic rate of interest onthe remaining balance of the liability. Leased assets are depreciated in accordance with thecompany's policy for tangible fixed assets. If there is no reasonable certainty that ownership willbe obtained at the end of the lease term, the asset is depreciated over the lower of the lease termand its useful life. Operating lease payments are recognised as an expense on a straight linebasis over the lease term.