Change - S P Setia Berhad

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92 Annual report 2008 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2008 1. SIGNIFICANT ACCOUNTING POLICIES (cont’d) (u) Foreign currencies (i) Functional currency Functional currency is the currency of the primary economic environment in which an entity operates. The financial statements of each entity within the Group are measured using their respective functional currency. (ii) Transactions and balances in foreign currencies Transactions in currencies other than the functional currency (“foreign currencies”) are translated to the functional currency at the rate of exchange ruling at the date of the transaction. Monetary items denominated in foreign currencies at the balance sheet date are translated at foreign exchange rates ruling at that date. Non-monetary items which are measured in terms of historical costs denominated in foreign currencies are translated at foreign exchange rates ruling at the date of the transaction. Non-monetary items which are measured at fair values denominated in foreign currencies are translated at the foreign exchange rates ruling at the date when the fair values were determined. Exchange differences arising on the settlement of monetary items and the translation of monetary items are included in the income statement for the period. When a gain or loss on a non-monetary item is recognised directly in equity, any corresponding exchange gain or loss is recognised directly in equity. When a gain or loss on a non-monetary item is recognised in the income statement, any corresponding exchange gain or loss is recognised in the income statement. (iii) Translation of foreign operations For consolidation purposes, all assets and liabilities of foreign operations that have a functional currency other than RM (including goodwill and fair value adjustments arising from the acquisition of the foreign operations) are translated at the exchange rates ruling at the balance sheet date. Income and expense items are translated at exchange rates approximating those ruling on transactions dates. All exchange differences arising from the translation of the financial statements of foreign operations are dealt with through the exchange translation reserve account within equity. On the disposal of a foreign operation, the exchange translation differences relating to that foreign operation are recognised in the income statement as part of the gain or loss on disposal. (v) Impairment of assets (i) Goodwill Goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate that the goodwill may be impaired. For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units that are expected to benefit from synergies of the business combination.
93 S P <strong>Setia</strong> <strong>Berhad</strong> Group NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2008 1. SIGNIFICANT ACCOUNTING POLICIES (cont’d) (v) Impairment of assets (cont’d) (i) Goodwill (cont’d) An impairment loss is recognised in the income statement when the carrying amount of the cash-generating unit, including the goodwill, exceeds the recoverable amount of the cash-generating unit. Recoverable amount of the cashgenerating unit is the higher of the cash-generating unit’s fair value less cost to sell and its value in use. The total impairment loss is allocated first to reduce the carrying amount of goodwill allocated to the cash-generating unit and then to the other assets of the cash-generating unit proportionately on the basis of the carrying amount of each asset in the cash-generating unit. Impairment loss recognised on goodwill is not reversed in the event of an increase in recoverable amount in subsequent periods. (ii) Property, plant and equipment, investment properties, land held for property development, investment in subsidiary companies, associated companies and jointly controlled entities Property, plant and equipment, investment properties, land held for property development, investment in subsidiary companies, associated companies and jointly controlled entities are assessed at each balance sheet date to determine whether there is any indication of impairment. If such an indication exists, the asset’s recoverable amount is estimated. The recoverable amount is the higher of an asset’s fair value less cost to sell and its value in use. Value in use is the present value of the future cash flows expected to be derived from the asset. Recoverable amounts are estimated for individual assets or, if it is not possible, for the cash-generating unit to which the asset belongs. An impairment loss is recognised whenever the carrying amount of an asset or a cash-generating unit exceeds its recoverable amount. Impairment losses are charged to the income statement. Any reversal of an impairment loss as a result of a subsequent increase in recoverable amount should not exceed the carrying amount that would have been determined (net of amortisation or depreciation, if applicable) had no impairment loss been previously recognised for the asset. (w) Employee benefits (i) Short-term employee benefits Wages, salaries, paid annual leave, paid sick leave, bonuses and non-monetary benefits are recognised as an expense in the period in which the associated services are rendered by employees other than those that are attributable to property development activities or construction contract in which case such expenses are recognised in the property development costs or contract costs. (ii) Post-employment benefits The Company and its Malaysian subsidiary companies pay monthly contributions to the Employees Provident Fund (“EPF”) which is a defined contribution plan. The legal or constructive obligation of the Company and its Malaysian subsidiary companies is limited to the amount that they agree to contribute to the EPF. The contributions to the EPF are charged to the income statement in the period to which they relate.
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embracing Change Annual Report 2008
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1 S P Setia Berhad Group Table of c
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23 S P Setia Berhad Group REVIEW OF
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Change - S P Setia Berhad

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