Eng - IOI Group

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Notes To The Financial Statements cont’d5. SIGNIFICANT ACCOUNTING POLICIES cont’d5.1 Basis of Consolidation cont’d5.1.1 Subsidiaries cont’dSubsidiaries are consolidated from the date of acquisition, being the date on which the Group obtains control, and continueto consolidate until the date that such control ceases.Intragroup balances, transactions and unrealised gains and losses on intragroup transactions are eliminated in full. Intragrouplosses may indicate an impairment that requires recognition in the consolidated financial statements. If a subsidiary usesaccounting policies other than those adopted in the consolidated financial statements for like transactions and events insimilar circumstance, appropriate adjustments are made to its financial statements in preparing the consolidated financialstatements.The gain or loss on disposal of a subsidiary, which is the difference between the net disposal proceeds and the Group’sshare of its net assets as of the date of disposal including the carrying amount of goodwill and the cumulative amount of anyexchange differences that relate to the subsidiary, is recognised in the consolidated income statements.Minority interests at the balance sheet date, are the portion of the net assets of subsidiaries attributable to equity intereststhat are not owned by the Company, whether directly or indirectly through subsidiaries. The minority interests are presentedin the consolidated balance sheets and statements of changes in equity within equity, separately from equity attributableto the equity shareholders of the Company. Minority interests’ share of results of the Group is presented on the face of theconsolidated income statements as an allocation of the total profit or loss for the financial year between minority interests andthe equity holders of the Company.Where losses applicable to the minority in a subsidiary exceed the minority interests in the equity of that subsidiary, theexcess, and any further losses applicable to the minority, are allocated against the Group’s interest except to the extentthat the minority has a binding obligation and is able to make additional investment to cover the losses. If the subsidiarysubsequently reports profits, such profits are allocated to the Group’s interest until the minority’s share of losses previouslyabsorbed by the Group has been recovered.When the Group purchases a subsidiary’s equity from minority interests for cash consideration and the purchase price isestablished at fair value, the accretion of the Group’s interest in the subsidiary is treated as purchases of equity interest forwhich the acquisition method of accounting is applied.However, the changes of the Group’s interest in a subsidiary that does not satisfy the conditions of cash and fair value asdescribed in the preceding paragraph are treated as equity transactions. Any difference between the Group’s share of netassets before and after the change, and any consideration received or paid is adjusted to or against group reserves.147ANNUAL REPORT 2007IOI Corporation Berhad
Notes To The Financial Statements cont’d5. SIGNIFICANT ACCOUNTING POLICIES cont’d5.1 Basis of Consolidation cont’d5.1.2 AssociatesAssociates are entities in which the Group has significant influence, but not control, over the financial and operatingpolicies.In the Company’s separate financial statements, investments in associates are stated at cost less impairment losses, if any.On disposal of such investments, the difference between net disposal proceeds and their carrying amounts is included in theincome statement.Investments in associates are accounted for in the consolidated financial statements using the equity method of accountingbased on the latest financial statements of the associates concerned, from the date significant influence commences until thedate the Group ceases to have significant influence over the associates. The investment in associates in the consolidatedbalance sheets are initially recognised at cost and adjusted thereafter for the post acquisition changes in the Group’s shareof net assets of the investments.The excess of the cost of investment over the Group’s share of the net fair value of net assets of the associates’ identifiableassets, liabilities and contingent liabilities at the date of acquisition represent goodwill. Goodwill relating to the associate isincluded in the carrying amount of the investment and is not amortised. The excess of the Group’s share of the net fair valueof net assets of the associates’ identifiable assets, liabilities and contingent liabilities over the cost of investment at the date ofacquisition is recognised in the consolidated income statements.The Group’s share of results of the associates during the financial year is recognised in the consolidated income statements.Distributions received from the associates reduce the carrying amount of the investments. Adjustments to the carrying amountmay also be necessary for changes in the Group’s proportionate interest in the associate arising from changes in theassociate’s equity that have not been recognised in the associate’s income statement. Such changes include those arisingfrom the revaluation of property, plant and equipment and from foreign currency translation differences. The Group’s shareof those changes is recognised directly in equity of the Group.When the Group’s share of losses exceeds its interest in the associate, the carrying amount of that interest is reduced to niland the Group does not recognise further losses unless it has incurred legal or construction obligations or made paymentson its behalf.IOI Corporation BerhadANNUAL REPORT 2007 148
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Our Vision... is to be a leading co
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Chairman’s StatementDear Valued S
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Responsibility“ Today, more than
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Group Performance Highlights2007 20
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Efficiency“The future belongs to
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Management’s Discussion and Analy
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PALM OIL BUSINESS STREAMManagement
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KepongKLCCKL SentralPetaling JayaKu
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Corporate InformationBOARD OF DIREC
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Profile of Directors cont’dDATO
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Profile of Directors cont’dDATUK
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Excellence in ExecutionOur commitme
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Audit Committee Report cont’dTERM
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Audit Committee Report cont’dTERM
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Corporate GovernanceINTRODUCTIONThe
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Corporate Governance cont’dTHE BO
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Corporate Governance cont’dTHE BO
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Corporate Governance cont’dSHAREH
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Statement on Internal ControlINTROD
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Statement on Internal Control cont
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Other InformationCOMPOSITION OF SHA
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RECURRENT RELATED PARTY TRANSACTION
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Other Information cont’dPENALTIES
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Senior Management TeamGroup Chief E
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Global PresenceNORTH AMERICA• USA
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Location of Operations in MalaysiaP
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Statement By DirectorsIn the opinio
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Group PropertiesA. PLANTATION ESTAT
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Group Properties cont’dA. PLANTAT
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Group Properties cont’dB. DEVELOP
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Group Properties cont’dC. INVESTM
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Group Properties cont’dD. INDUSTR
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Group Properties cont’dE. OTHER P
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Notice of Annual General MeetingNOT
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Notice of Annual General Meeting co
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Statement Accompanying Noticeof Ann
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Shareholders Information cont’das
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fold herestampThe Company Secretary
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