Annual Report 2012 - singapore land limited

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50 Singapore Land Limited - Annual Report 2012 NOTES TO THE FINANCIAL STATEMENTS For the fi nancial year ended 31 December 2012 2. SIGNIFICANT ACCOUNTING POLICIES (continued) 2.3 Group accounting (continued) (a) Subsidiary companies (continued) (ii) Acquisitions (continued) On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree at the date of acquisition either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s identifi able net assets. The excess of (i) the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the (ii) fair value of the identifi able net assets acquired is recorded as goodwill. If those amounts are less than the fair value of the identifi able net assets of the subsidiary company acquired and the measurement of all amounts have been reviewed, the difference is recognised directly in the income statement as a bargain purchase. Please refer to the paragraph “Goodwill on acquisitions” for the subsequent accounting policy on goodwill. (iii) Disposals When a change in the Group ownership interest in a subsidiary company results in a loss of control over the subsidiary company, the assets and liabilities of the subsidiary company including any goodwill are derecognised. Amounts previously recognised in other comprehensive income in respect of that entity are also reclassifi ed to the income statement or transferred directly to retained earnings if required by a specifi c Standard. Any retained equity interest in the entity is remeasured at fair value. The difference between the carrying amount of the retained interest at the date when control is lost and its fair value is recognised in the income statement. Please refer to the paragraph “Investments in subsidiary and associated companies, and joint ventures” for the accounting policy on investments in subsidiary companies in the separate fi nancial statements of the Company.
Singapore Land Limited - Annual Report 2012 51 NOTES TO THE FINANCIAL STATEMENTS For the fi nancial year ended 31 December 2012 2. SIGNIFICANT ACCOUNTING POLICIES (continued) 2.3 Group accounting (continued) (b) Transactions with non-controlling interests Changes in the Group’s ownership interest in a subsidiary company that do not result in a loss of control over the subsidiary company are accounted for as transactions with equity owners of the Company. Any difference between the change in the carrying amounts of the non-controlling interest and the fair value of the consideration paid or received is recognised in retained earnings within equity attributable to the equity holders of the Company. (c) Associated companies and joint ventures Associated companies are entities over which the Group has signifi cant infl uence, but not control, generally accompanied by a shareholding giving rise to voting rights of 20% and above but not exceeding 50%. Joint ventures are entities over which the Group has contractual arrangements to jointly share control over the economic activity of the entities with one or more parties. Investments in associated companies and joint ventures are accounted for in the consolidated fi nancial statements using the equity method of accounting less impairment losses, if any. (i) Acquisitions Investments in associated companies and joint ventures are initially recognised at cost. The cost of an acquisition is measured at the fair value of the assets given, equity instruments issued or liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Goodwill on associated companies and joint ventures represents the excess of the cost of acquisition of the associate/joint venture over the Group’s share of the fair value of the identifi able net assets of the associate/joint venture and is included in the carrying amount of the investments.
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SINGAPORE LAND LIMITED Company Regi
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Incorporated in the Republic of Sin
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