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NOTES TO THE FINANCIAL STATEMENTS 31 March 2010 2.3 ISSUED BUT NOT YET EFFECTIVE HONG KONG FINANCIAL REPORTING STANDARDS (continued) HK(IFRIC)-Int 17 HK(IFRIC)-Int 19 Distributions of Non-cash Assets to Owners 1 Extinguishing Financial Liabilities with Equity Instruments 4 Amendments to HKFRS 5 Amendments to HKFRS 5 included in Improvements Non-current Assets Held for Sale to HKFRSs issued in and Discontinued Operations – October 2008 Plan to sell the controlling interest in a subsidiary 1 HK Interpretation 4 (Revised in December 2009) Leases – Determination of the Length of Lease Term in respect of Hong Kong Land Leases 2 Apart from the above, the HKICPA has issued Improvements to HKFRSs 2009 and 2010 which sets out amendments to a number of HKFRSs primarily with a view to removing inconsistencies and clarifying wording. The amendments to HKFRS 2, HKAS 38, HK(IFRIC)-Int 9 and HK(IFRIC)-Int 16 are effective for annual periods beginning on or after 1 July 2009 while the amendments to HKFRS 5, HKFRS 8, HKAS 1, HKAS 7, HKAS 17, HKAS 36 and HKAS 39 are effective for annual periods beginning on or after 1 January 2010 although there are separate transitional provisions for each standard or interpretation. The amendments to HKFRS 3 and transition requirements for amendments arising as a result of HKAS 27 are effective for annual periods beginning on or after 1 July 2010 while the amendments to HKFRS 1, HKFRS 7, HKAS 1, HKAS 34 and HK(IFRIC)-Int 13 are effective for annual periods beginning on or after 1 January 2011. 2.3 17 19 5 4 1 4 5 1 2 2 38 9 16 5 81 717 3639 3 27 1 71 34 13 TEXWINCA HOLDINGS LIMITED ANNUAL REPORT 2010 51
NOTES TO THE FINANCIAL STATEMENTS 31 March 2010 TEXWINCA HOLDINGS LIMITED ANNUAL REPORT 2010 2.3 ISSUED BUT NOT YET EFFECTIVE HONG KONG FINANCIAL REPORTING STANDARDS (continued) 1 Effective for annual periods beginning on or after 1 July 2009 2 Effective for annual periods beginning on or after 1 January 2010 3 Effective for annual periods beginning on or after 1 February 2010 4 Effective for annual periods beginning on or after 1 July 2010 5 Effective for annual periods beginning on or after 1 January 2011 6 Effective for annual periods beginning on or after 1 January 2013 The Group is in the process of making an assessment of the impact of these new and revised HKFRSs upon initial application. So far, the Group considers that these new and revised HKFRSs are unlikely to have a significant impact on the Group’s results of operations and financial position. 2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Subsidiaries A subsidiary is an entity whose financial and operating policies the Company controls, directly or indirectly, so as to obtain benefits from its activities. The results of subsidiaries are included in the Company’s income statement to the extent of dividends received and receivable. The Company’s interests in subsidiaries are stated at cost less any impairment losses. Associates An associate is an entity, not being a subsidiary, in which the Group has a long term interest of generally not less than 20% of the equity voting rights and over which it is in a position to exercise significant influence. The Group’s share of the post-acquisition results and reserves of an associate is included in the consolidated income statement and consolidated reserves, respectively. The Group’s interest in an associate is stated in the consolidated statement of financial position at the Group’s share of net assets under the equity method of accounting, less any impairment losses. Unrealised gains and losses resulting from transactions between the Group and its associate is eliminated to the extent of the Group’s interests in the associate, except where unrealised losses provide evidence of an impairment of the asset transferred. Adjustments are made to bring into line any dissimilar accounting policies that may exist. 2.3 1 2 3 4 5 6 2.4 20% 52
Page 2 and 3: CONTENTS 02 Corporate Information
Page 4 and 5: CORPORATE INFORMATION HEAD OFFICE
Page 6 and 7: FINANCIAL AND OPERATIONAL HIGHLIGHT
Page 8 and 9: MANAGEMENT’S DISCUSSION AND ANALY
Page 14 and 15: REPORT OF THE DIRECTORS The board
Page 16 and 17: REPORT OF THE DIRECTORS SHARE CAPI
Page 18 and 19: REPORT OF THE DIRECTORS BIOGRAPHIC
Page 20 and 21: REPORT OF THE DIRECTORS DIRECTORS
Page 22 and 23: REPORT OF THE DIRECTORS SHARE OPTI
Page 24 and 25: REPORT OF THE DIRECTORS SHARE OPTI
Page 26 and 27: REPORT OF THE DIRECTORS SUBSTANTIA
Page 28 and 29: REPORT OF THE DIRECTORS CONTINUING
Page 30 and 31: CORPORATE GOVERNANCE REPORT INDEPE
Page 32 and 33: CORPORATE GOVERNANCE REPORT NOMINA
Page 34 and 35: CORPORATE GOVERNANCE REPORT INVEST
Page 36 and 37: INDEPENDENT AUDITORS’ REPORT An
Page 38 and 39: CONSOLIDATED STATEMENT OF COMPREHEN
Page 40 and 41: CONSOLIDATED STATEMENT OF FINANCIAL
Page 42 and 43: CONSOLIDATED STATEMENT OF CHANGES I
Page 44 and 45: CONSOLIDATED STATEMENT OF CASH FLOW
Page 46 and 47: COMPANY STATEMENT OF FINANCIAL POSI
Page 48 and 49: NOTES TO THE FINANCIAL STATEMENTS
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