Annual Report 2009 - Greentown China Holdings Limited

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Notes to the Consolidated Financial Statements For The Year Ended 31 December 2009 3. PRINCIPAL ACCOUNTING POLICIES (Continued) Financial instruments (Continued) Impairment of financial assets (Continued) For certain categories of financial assets, such as trade and other receivables, assets that are assessed not to be impaired individually are subsequently assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include the Group’s past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period of 90 days, observable changes in national or local economic conditions that correlate with default on receivables. For financial assets carried at amortised cost, an impairment loss is recognised in profit or loss when there is objective evidence that the asset is impaired, and is measured as the difference between the asset’s carrying amount and the present value of the estimated future cash flows discounted at the original effective interest rate. For financial assets carried at cost, the amount of the impairment loss is measured as the difference between the asset’s carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods. The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade and other receivables, where the carrying amount is reduced through the use of an allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss. When a trade or other receivable is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited to profit or loss. For financial assets measured at amortised cost, if, in a subsequent period, the amount of impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment loss was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent that the carrying amount of the asset at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised. Financial liabilities and equity Financial liabilities and equity instruments issued by a group entity are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. The Group’s financial liabilities are generally classified into financial liabilities at FVTPL and other financial liabilities. Effective interest method The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period. Interest expense is recognised on an effective interest basis. 114 Greentown China Holdings Limited Annual Report 2009
Notes to the Consolidated Financial Statements For The Year Ended 31 December 2009 3. PRINCIPAL ACCOUNTING POLICIES (Continued) Financial instruments (Continued) Effective interest method (Continued) Financial liabilities at fair value through profit or loss Financial liabilities at FVTPL include financial liabilities held for trading. A financial liability is classified as held for trading if: • it has been incurred principally for the purpose of repurchasing in the near future; or • it is a part of an identified portfolio of financial instruments that the Group manages together and has a recent actual pattern of short-term profit-taking; or • it is a derivative that is not designated and effective as a hedging instrument. Financial liabilities at FVTPL are measured at fair value, with changes in fair value arising on remeasurement recognised directly in profit or loss in the period in which they arise. Other financial liabilities Other financial liabilities including bank and other borrowings, trade and other payables, amounts due to related parties and dividend payable are subsequently measured at amortised cost, using the effective interest method. Convertible bonds (i) Convertible bonds containing liability component, conversion option derivative and early redemption derivatives Convertible bonds issued by the Group that contain liability, conversion option and early redemption options (which are not closely related to the host liability component) are classified separately into respective items on initial recognition. Conversion option that will be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the Company’s own equity instruments is a conversion option derivative. At the date of issue, the liability, conversion option and redemption option components are recognised at fair value. In subsequent periods, the liability component of the convertible bonds is carried at amortised cost using the effective interest method. The conversion option and redemption option derivatives are measured at fair value with changes in fair value recognised in profit or loss. Transaction costs that relate to the issue of the convertible bonds are allocated to the liability, conversion option and redemption option components in proportion to their relative fair values. Transaction costs relating to the conversion option and redemption option derivatives are charged to profit or loss immediately. Transaction costs relating to the liability component are included in the carrying amount of the liability portion and amortised over the period of the convertible bonds using the effective interest method. Greentown China Holdings Limited Annual Report 2009 115
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eauties in life Start with a dream
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Contents Corporate Information 2 Co
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Corporate Information Registered Of
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Corporate Profile Greentown China H
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Villa Changsha Bamboo Garden Shangh
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Mansion Beijing Majestic Mansion Th
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Urban Complex
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Jinan National Games Project
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Thousand-Island Lake Resort Condo -
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Xinjiang 1.9% Proportion to total l
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Portfolio Property projects Type In
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Portfolio Completion schedule of pr
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Portfolio Wenzhou Lucheng Plaza Nin
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Portfolio Nanjing Rose Garden Prope
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Portfolio Qingdao Ideal City Jinan
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A romantic trip of timeless splendo
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Dear Shareholders, In early 2009, t
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CEO’s Review Sales of major proje
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CEO’s Review Maintaining the “e
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Management Discussion and Analysis
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58 Greentown China Holdings Limited
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Directors and Senior Management The
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Directors and Senior Management Boa
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Notes to the Consolidated Financial
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Five Years Financial Summary Consol
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Valuation Report and Analysis Metho
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Annual Report 2009 - Greentown China Holdings Limited

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