FS Format NFRS
FS Format NFRS
FS Format NFRS
Ø
Investme
nt
property
is
measured
at fair
value.
Ø
Liabilities
for cash-
settled,
share-
based-
payment
arrangem
ents are
measured
at fair
value.
Ø
Biological
assets are
measured
at fair
value less
cost to
sell.
Ø
Available
for sale
financial
assets are
measured
at fair
value.
Ø
Investme
nts held-
for-trade
is
measured
at fair
value.
Ø
Derivative
financial
instrumen
ts are
measured
at fair
value.
Ø
Defined
benefit
schemes,
surpluses
and
deficits
are
measured
at fair
value.
Ø
Impairme
nt of
asset is
measured
at fair
value and
related
disposal
cost.
Ø Assets
acquired
&Liabilitie
s
assumed
in a
business
combinati
on are
recognize
d at fair
value.
2.2.3 Associates
another
entity, it
is
classified
as an
associate.
Associate
s are
initially
recognize
d in the
consolida
ted
statemen
t of
financial
position
at cost.
The
company'
s share of
post-
acquisitio
n profits
and losses
is
recognize
d in the
Consolida
ted
Income
Statemen
t, except
that
losses in
excess of
losses
arising on
transactio
ns
between
the
company
and its
associates
are
recognize
d only to
the
extent of
unrelated
investors'
interests
in the
associate.
The
investor's
share in
the
associate'
s profits
and losses
resulting
from
these
transactio
ns is
eliminate
d against
the
carrying
value of
the
of the
company'
s share of
the
identifiabl
e assets,
liabilities
and
contingen
t liabilities
acquired
is
capitalize
d and
included
in the
carrying
amount
of the
associate.
Where
there is
objective
evidence
that the
investme
nt in an
associate
has been
impaired
the
carrying
amount
of the
investme
nt is
tested for
2.2.6 Impairment of non- financial assets (excluding inventories, investment properties and deferred tax assets)
lives are
undertak
en
annually
at the
financial
year end.
Other
non-
financial
assets are
subject to
impairme
nt tests
whenever
events or
changes
in
circumsta
nces
indicate
that their
carrying
amount
may not
be
recoverab
le.
Where
the
carrying
value of
an asset
exceeds
its
recoverab
le amount
(i.e. the
le amount
of an
individual
asset, the
impairme
nt test is
carried
out on
the
smallest
parts of
assets to
which it
belongs
for which
there are
separatel
y
identifiabl
e cash
flows and
its cash
generatin
g units
(‘CGUs’).
Goodwill
is
allocated
on initial
recognitio
n to each
of the
company'
s CGUs
that are
expected
to benefit
Impairme
nt
charges
are
included
in profit
or loss,
except to
the
extent
they
reverse
gains
previously
recognise
d in other
comprehe
nsive
income.
An
impairme
nt loss
recognise
d for
goodwill
is not
reversed.
2.2.9 Depreciation
Freehold
land is
not
depreciat
ed.
Depreciati
on on
assets
under
constructi
on does
not
commenc
e until
they are
complete
and
available
for use.
Depreciati
on is
provided
on all
other
items of
property,
plant and
equipmen
t so as to
write-off
their
carrying
value
over the
expected
useful
economic
lives.
Depreciati
on has
been
computed
on SLM/
WDV
Method.
The
estimate
useful
lives for
the assets
are as
follows:
Freehold .............Y
Buildings ears
Plant and
Machiner .............Y
ears
y
Fixtures .............Y
and
Fittings ears
Computer
.............Y
Equipmen
ears
t
Motor .............Y
Vehicles ears
revalued
amount
of the
asset.
The
excess
depreciati
on on
revalued
freehold
buildings,
over the
amount
that
would
have
been
charged
on a
historical
cost basis,
is
transferre
d from
the
revaluatio
n reserve
to
retained
earnings
when
freehold
land and
buildings
are
expensed
through
the
Computer Software
Purchase
d
computer
software
licenses
are
capitalize
d on the
basis of
the costs
incurred
to acquire
and bring
to use the
software.
These
costs are
amortized
over the
estimated
useful
lives.
2.2.13 Investments
Investments in debt and equity securities
fair value,
with any
resultant
gain or
loss
recognise
d in the
income
statemen
t. Where
the
company
has intent
and
ability to
hold
governme
nt bonds
to
maturity,
they are
stated at
amortised
cost less
impairme
nt losses.
Other
investme
nts held
by the
company
are
classified
as being
available-
for-sale
and are
stated at
The fair
value of
investme
nts held
for
trading
and
investme
nts
available-
for-sale is
their
quoted
bid price
at the
reporting
date/bala
nce sheet
date.
2.2.15 Inventories
Inventori
es are
initially
recognise
d at cost,
and
subseque
ntly at the
lower of
cost and
net
realisable
value.
Net
realisable
value is
the
estimated
selling
price in
the
ordinary
course of
business,
less the
variable
selling
expenses.
first-out
(FIFO)
method
or
weighted
average
method
and
includes
expenditu
re
incurred
in
acquiring
the
inventorie
s and
bringing
them to
their
present
location
and
condition.
In the
case of
manufact
ured
inventorie
s and
work-in-
progress,
cost
includes
an
appropria
te share
of
2.2.17 Impairment
sheet
date to
determin
e whether
there is
any
indication
of
impairme
nt. If any
such
indication
exists, the
asset’s
recoverab
le amount
is
estimated
.
Intangible
assets
that are
not yet
available
for use,
the
recoverab
le amount
are
estimated
at each
balance
sheet
date. An
impairme
nt loss is
recognise
d when
Non-
current
assets
and
disposals
are
classified
as held
for sale
when:
Ø They
are
available
for
immediat
e sale
Ø
Managem
ent is
committe
d to a
plan to
sell
Ø It is
unlikely
that
significant
changes
to the
plan will
be made
or the
plan will
be
withdraw
n;
Ø Active
program
me to
locate a
buyer has
been
initiated;
Ø Asset
or
disposal
company
is being
marketed
at a
reasonabl
e price in
relation
to its fair
value and
Ø Sale is
expected
to
complete
within 12
months
from the
date of
classificati
on.
Non-
current
assets
and
disposals
classified
as held
for sale
are
measured
at the
lower of:
Ø Their
carrying
amount
immediat
ely prior
to being
classified
as held
for sale in
accordanc
e with the
Company'
s
accountin
g policy;
and Ø
Fair value
less costs
to sell.
After
their
classificati
on as held
for sale,
non-
current
assets
(including
those in a
disposal
company)
are not
depreciat
ed. The
results of
operation
s
disposed
during
the year
are
included
in the
statemen
t of
comprehe
nsive
income
up to the
date of
disposal.
ued
operation
is a
compone
nt of the
company'
s business
that
represent
s a
separate
major line
of
business
or
geographi
cal area
of
operation
s or is a
subsidiary
acquired
exclusivel
y with a
view to
resale,
that has
been
disposed
of has
been
discontin
ued or
that
meets the
criteria to
be
classified
presented
in the
statemen
t of
comprehe
nsive
income as
a single
line which
comprises
the post-
tax profit
or loss of
the
discontin
ued
operation
along
with the
post-tax
gain or
loss
recognise
d on the
re-
measure
ment to
fair value
less costs
to sell or
on
disposal
of the
assets or
disposal
company’
s
Trade and
other
payables
are stated
at their
cost.
2.2.28 Provisions
amount
include
those for
onerous
leases,
warranty
claims,
leasehold
dilapidati
ons and
legal
disputes.
The
provision
is
measured
at the
best
estimate
of the
expenditu
re
required
to settle
the
obligation
at the
reporting
date,
discounte
d at a pre-
tax rate
reflecting
current
market
assessme
nts of the
2.2.29 Revenue
Where
the buyer
has a
right of
return,
the
company
defers
recognitio
n of
revenue
until the
right to
return
has
lapsed.
However,
where
high
volumes
of sales
are made
to
establishe
d
wholesale
customer
s,
revenue
is
recognise
d in the
period
where the
goods are
delivered
less an
2.2.30 Expenses