Annual Report - QuamIR

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Notes to the Consolidated Financial Statements (Continued) 2 Summary of significant accounting policies (Continued) 2.1 Basis of preparation (Continued) Changes in accounting policy and disclosures (Continued) (c) New standards, amendments and interpretations have been issued but are not effective for the financial year beginning 1 January 2011 and have not been early adopted (Continued) 2 2.1 (c) Effective for accounting periods beginning on or after HKAS 28 (Revised 2011) Investments in associates and joint ventures 1 January 2013 28 HKAS 1 (Amendment) Presentation of items of other comprehensive 1 July 2012 income 1 HKAS 12 (Amendment) Deferred tax: recovery of underlying assets 1 January 2012 12 HKAS 19 (Amendment) Employee benefits 1 January 2013 19 HKAS 32 (Amendment) Financial instruments: presentation 1 January 2014 – offsetting financial assets and financial liabilities 32 HK(IFRIC) – Int 20 Stripping costs in the production phase of 1 January 2013 a surface mine 20 The Group has not early adopted the new standards, amendments to standards and interpretations, which have been issued but are not effective for the financial year beginning 1 January 2011. The Group has commenced an assessment of the related impact but is not yet in a position to state whether any substantial changes to the Group’s accounting policies and presentation of the financial information will be resulted. 82 HKC (Holdings) Limited • <strong>Annual</strong> <strong>Report</strong> 2011
Notes to the Consolidated Financial Statements (Continued) 2 Summary of significant accounting policies (Continued) 2.2 Consolidation The consolidated financial statements include the financial statements of the Company and all its subsidiaries made up to 31 December. 2 2.2 (a) Subsidiaries Subsidiaries are all entities (including special purpose entities) over which the Group has the power to govern the financial and operating policies generally accompanying a shareholding of more than one half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases. (a) The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition- related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by- acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non- controlling interest’s proportionate share of the recognised amounts of acquiree’s identifiable net assets. The excess of 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 fair value of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in the statement of comprehensive income. • 83
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HKC (HOLDINGS) LIMITED (incorporat
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Contents 2 Corporate Information
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Corporate Information (Continued)
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Chairman’s Statement (Continued)
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Chairman’s Statement (Continued)
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Management Discussion and Analysis
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Corporate Governance Report (Contin
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Directors and Senior Management (Co
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Directors and Senior Management (Co
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Notes to the Consolidated Financial
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Principal Subsidiaries, Associated
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Five-Year Financial Summary 2011 2
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Schedule of Principal Properties (C
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HKC (HOLDINGS) LIMITED 9/F., Tower
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Annual Report - QuamIR

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