Goldis Berhad Annual Report 2009

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2009 C PROPERTY, PLANT AND EQUIPMENT (CONTINUED) Depreciation on assets under construction commences where the assets are ready for their intended use. Other property, plant and equipment are depreciated on a straight-line basis to write-off the cost of the assets to their residual values over their estimated useful lives, as summarised below: Buildings Plant and machinery Hatchery Furniture, fixtures, fittings and equipment Motor vehicles Gymnasium and electrical equipment Renovation 20 to 50 years 8 to10 years 8 years 3 to 12.5 years 5 years 5 years 5 to 10 years The residual values and useful lives of property, plant and equipment are reviewed, and adjusted as appropriate, at each balance sheet date. The effects of any revision of the residual values and useful lives are included in the income statement for the financial year in which the changes arise. At each balance sheet date, the Group assesses whether there is any indication of impairment. Where an indication of impairment exists, the carrying amount of the asset is assessed and written down immediately to its recoverable amount (see accounting policy H on impairment of assets). Gains and losses on disposals are determined by comparing proceeds with carrying amounts and are included in the income statement. D PREPAID LEASEHOLD RENTALS Leasehold land that normally has an definite economic life and title is not expected to pass to the lessee by the end of the lease term is treated as an operating lease. Prepaid leasehold rentals are carried at cost or surrogate carrying amount and are amortised on a straight line basis over the lease terms in accordance with the pattern of benefits provided. The Directors have applied the transitional provisions of FRS 117 “Leases” for the lease of land previously carried at revalued amount. Where the Group had previously revalued the leasehold land, the Group will retain the unamortised revalued amount as the surrogate carrying amount of prepaid lease rentals, which is amortised over the lease terms. Prepaid leasehold rentals are amortised over the remaining period of the respective leases ranging from 35 to 97 years. E INTANGIBLE ASSETS (a) Goodwill Goodwill represents the excess of the cost of acquisition of subsidiaries and associates over the fair value of the Group’s share of the identifiable net assets at the date of acquisition. Goodwill on acquisition of subsidiaries is included in the balance sheet as intangible assets. Goodwill is tested annually for impairment and is carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. 46 Goldis Berhad (515802-U) annual report 2009
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2009 E INTANGIBLE ASSETS (CONTINUED) (a) Goodwill (continued) Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the synergies of the business combination in which the goodwill arose. The Group allocates goodwill to each business segment in each country in which it operates. See accounting policy H on impairment of assets. Goodwill on acquisitions of associates is included in investments in associates. Such goodwill is tested for impairment as part of the overall balance. (b) Research and development Research expenditure is recognised as an expense when incurred. Costs incurred on development projects (relating to the design and testing of new or improved products) are recognised as intangible assets when the following criteria are fulfilled: (i) It is technically feasible to complete the intangible asset so that it will be available for use or sale; (ii) It can be demonstrated that the intangible asset will generate probable future economic benefits; (iii) Adequate technical, financial and other resources to complete the development and to use or sell the intangible asset are available; and (iv) The expenditure attributable to the intangible asset during its development can be reliably measured. other development expenditures that do not meet these criteria are recognised as an expense when incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use on a straight-line basis over its useful life, not exceeding five years. Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. See accounting policy H on impairment of assets. (c) Licenses, rights and technological know-how Acquired licenses, rights and technological know-how are shown at cost. Licenses, rights and technological knowhow have a finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost of the acquired licenses, rights and technological know-how over their estimated useful lives, as summarised below: Licenses and technological know-how Rights to operate as a mobile gateway provider 10 to 50 years 10 years (d) Software Acquired software is capitalised on the basis of the costs incurred to acquire and bring to use the specific software. This cost is amortised over the estimated useful life. Costs associated with developing and maintaining software programmes are recognised as an expense when incurred. Goldis Berhad (515802-U) annual report 2009 47
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Goldis Berhad Annual Report 2009

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