Vision - Alibaba

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96 Annual Report 2007 Notes to the Financial Statements 1 GENERAL INFORMATION (Continued) 1.2 Basis of preparation (Continued) In addition, the following standards and interpretations to the existing IFRS are mandatory for accounting periods beginning on or after January 1, 2007: IFRIC-Int 7 Applying the Restatement Approach under IAS 29, Financial Reporting in Hyperinfl ationary Economies IFRIC-Int 8 Scope of IFRS 2 IFRIC-Int 9 Reassessment of Embedded Derivatives IFRIC-Int 10 Interim Financial Reporting and Impairment The adoption of these standards and interpretations did not have any impact on the Group’s fi nancial statements and has not led to any changes in the Group’s accounting policies. The preparation of fi nancial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are signifi cant to the fi nancial statements were disclosed in Note 4. Actual results may differ from these estimates. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 2.1 Consolidation Subsidiaries are all entities (including special purpose entities) over which the Group has the power to govern the fi nancial and operating policies generally accompanying a shareholding of more than one-half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases. The purchase method of accounting is used to account for the acquisition of subsidiaries of the Group, except for those acquisitions which qualify as business combinations under common control which are accounted for using merger accounting.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 2.1 Consolidation (Continued) Notes to the Financial Statements (i) Purchase method of accounting The cost of an acquisition is measured at the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Identifi able assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The excess of the cost of acquisition over the fair value of the Group’s share of the identifi able net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the income statement. (ii) Business combinations under common control The consolidated fi nancial statements incorporate the fi nancial statement items of the combining entities or business in which the common control combination occurs as if they had been consolidated from the date when the combining entities or businesses fi rst came under the control of the controlling party. The net assets of the combining entities or businesses are consolidated using the existing book values from the controlling parties’ perspective. No amount is recognized in respect of goodwill or excess of acquirer’s interest in the net fair value of the acquiree’s identifi able assets, liabilities and contingent liabilities over cost at the time of common control combination, to the extent of the contribution of the controlling party’s interest. All differences between the cost of acquisition (fair value of consideration paid) and the amounts at which the assets and liabilities are recorded have been recognized directly in equity as part of the capital reserve. The consolidated income statement includes the results of each of the combining entities or businesses from the earliest date presented or since the date when combining entities or business fi rst came under common control, where this is a shorter period, the date of the common control combination is disregarded. The comparative amounts in the consolidated fi nancial statements are presented as if the entities or business had been consolidated at the earliest balance sheet date presented or when they fi rst came under common control, whichever is the later. 97
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Financial and Operational Highlight
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orld’s leading nline marketplace
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CORPORATE HEADQUARTERS 6th Floor, C
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November Launched TradeManager inst
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Awards and Recognitions Awards and
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Global E-Commerce Leader Alibaba.co
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Along with other members of Alibaba
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2007 Financial highlights We achiev
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CEO’s Statement This mission star
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Global Trade Starts Here Alibaba.co
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BUSINESS ENVIRONMENT Buoyant China
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International marketplace operating
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localize user services and facilita
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selling branded advertisements main
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Management Discussion and Analysis
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provider and other related expenses
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expenses include a royalty fee paid
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Profi t attributable to equity owne
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such land to accommodate our growth
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Corporate Social Responsibility —
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Biographical Details of Directors a
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Biographical Details of Directors a
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Vision - Alibaba

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