Eng - IOI Group

More documents

Recommendations

Info

Notes To The Financial Statements cont’d5. SIGNIFICANT ACCOUNTING POLICIES cont’d5.6 Leases cont’d5.6.1 Operating lease - the Group as LesseeLeases of assets under which all the risks and rewards incidental to ownership are retained by the lessor are classified asoperating leases. Payments made under operating leases are charged to the income statement on a straight-line basisover the period of the lease.5.6.2 Lease of land and buildingThe minimum lease payments including lump-sum upfront payments made to acquire the interest in the land and building,are allocated between land and building elements in proportion to the relative fair values of the leasehold interest in theland element and the building element at the inception of the lease.The lump-sum upfront lease payments made represent prepaid lease payments and are amortised over the lease term ona straight-line basis except for leasehold land that is classified as an investment property or an asset held under propertydevelopment.For leases of land and building in which the amount that would initially be recognised for land element is immaterial, theland and building is treated as a single unit for the purpose of lease classification and is accordingly classified as a financeor operating lease. In such a case, the economic life of the buildings is regarded as the economic life of the entire leasedasset.5.7 Property Development Activities5.7.1 Land held for property developmentLand held for property development consists of land where no development activities have been carried out or wheredevelopment activities are not expected to be completed within the normal operating cycle. Such land is classified withinnon-current assets and is stated at cost less any accumulated impairment losses.Land held for property development is reclassified as property development costs at the point when development activitieshave commenced and where it can be demonstrated that the development activities can be completed within the normaloperating cycle.5.7.2 Property development costProperty development costs comprise costs associated with the acquisition of land and all costs that are directly attributableto development activities or that can be allocated on a reasonable basis to such activities.Property development costs not recognised as an expense is recognised as an asset and is stated at the lower of cost andnet realisable value.The excess of revenue recognised in the income statement over billings to purchasers is shown as accrued billings undertrade and other receivables and the excess of billings to purchasers over revenue recognised in the income statement isshown as progress billings under trade and other payables.153ANNUAL REPORT 2007IOI Corporation Berhad
Notes To The Financial Statements cont’d5. SIGNIFICANT ACCOUNTING POLICIES cont’d5.8 Investment PropertiesInvestment properties are properties which are held either to earn rental income or for capital appreciation or for both. Suchproperties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment propertiesare stated at fair value. Fair value is arrived at by reference to market evidence of transaction prices for similar propertiesand is performed by registered independent valuers having an appropriate recognised professional qualification and recentexperience in the location and category of the properties being valued.Properties that are occupied by companies in the Group are accounted for as owner-occupied rather than as investmentproperties in the consolidated financial statements.Gains or losses arising from changes in the fair values of investment properties are recognised in the income statement in thefinancial year in which they arise.A property interest under an operating lease is classified and accounted for as an investment property on a property-bypropertybasis when the Group holds it to earn rentals or for capital appreciation or both. Any such property interest underan operating lease classified as an investment property is carried at fair value.Investment properties are derecognised when either they have been disposed off or when the investment property ispermanently withdrawn from use and no future economic benefit is expected from its disposal. The gain or losses arising fromthe retirement or disposal of investment property is determined as the difference between the net disposal proceeds, if any,and the carrying amount of the asset and is recognised in the income statement in the period of the retirement or disposal.5.9 Construction ContractsContract cost comprise cost related directly to the specific contract and those that are attributable to the contract activity ingeneral and can be allocated to the contract and such other cost that are specifically chargeable to the customer under theterms of the contract. Contract cost includes direct materials, expenses, labour and an appropriate proportion of constructionoverheads.The aggregate costs incurred and the profit or loss recognised on each contract is compared against the progress billingsup to the financial year end. Where costs incurred and recognised profits (less recognised losses) exceed progress billings,the balance is shown as amounts due from customers on contracts. Where progress billings exceed costs incurred plusrecognised profits (less recognised losses), the balance is shown as amounts due to customers on contracts.IOI Corporation BerhadANNUAL REPORT 2007 154
Page 3 and 4:
Our Vision... is to be a leading co
Page 5:
Chairman’s StatementDear Valued S
Page 12:
Responsibility“ Today, more than
Page 15:
Group Performance Highlights2007 20
Page 20 and 21:
Efficiency“The future belongs to
Page 22 and 23:
Management’s Discussion and Analy
Page 24 and 25:
Page 26 and 27:
Page 28 and 29:
Page 30 and 31:
PALM OIL BUSINESS STREAMManagement
Page 32 and 33:
Page 34 and 35:
Page 36 and 37:
Page 38 and 39:
Page 40 and 41:
CORPORATE SOCIAL RESPONSIBILITY (CS
Page 42 and 43:
Page 44 and 45:
Page 46 and 47:
Page 48 and 49:
Page 50 and 51:
Page 52 and 53:
Page 54 and 55:
Page 56 and 57:
Page 58 and 59:
KepongKLCCKL SentralPetaling JayaKu
Page 61 and 62:
Corporate InformationBOARD OF DIREC
Page 63 and 64:
Profile of Directors cont’dDATO
Page 65 and 66:
Profile of Directors cont’dDATUK
Page 68 and 69:
Excellence in ExecutionOur commitme
Page 70 and 71:
Audit Committee Report cont’dTERM
Page 72 and 73:
Audit Committee Report cont’dTERM
Page 74 and 75:
Corporate GovernanceINTRODUCTIONThe
Page 76 and 77:
Corporate Governance cont’dTHE BO
Page 78 and 79:
Corporate Governance cont’dTHE BO
Page 80 and 81:
Corporate Governance cont’dSHAREH
Page 82 and 83:
Statement on Internal ControlINTROD
Page 84 and 85:
Statement on Internal Control cont
Page 86 and 87:
Other InformationCOMPOSITION OF SHA
Page 88 and 89:
RECURRENT RELATED PARTY TRANSACTION
Page 90 and 91:
Other Information cont’dPENALTIES
Page 93 and 94:
Senior Management TeamGroup Chief E
Page 95 and 96:
Global PresenceNORTH AMERICA• USA
Page 97 and 98:
Location of Operations in MalaysiaP
Page 99 and 100:
Corporate CalendarNov 2006• IOI P
Page 101 and 102:
Corporate Calendar cont’dMarch200
Page 103 and 104:
Social ContributionSep 2006• Yaya
Page 105 and 106: Social Contributions cont’dMay 20
Page 107 and 108: Directors’ ReportThe Directors of
Page 109 and 110: Directors’ Report cont’dUSD310
Page 111 and 112: Directors’ Report cont’dExecuti
Page 113 and 114: Directors’ Report cont’dReserve
Page 115 and 116: Directors’ Report cont’dDirecto
Page 117 and 118: Directors’ Report cont’dStatuto
Page 119 and 120: Directors’ Report cont’dSignifi
Page 121 and 122: Directors’ Report cont’dSignifi
Page 123 and 124: Income Statementsfor the financial
Page 125 and 126: Balance Sheets cont’das at 30 Jun
Page 127 and 128: Statements Of Changes In Equity con
Page 129 and 130: Statements Of Changes In Equity con
Page 131 and 132: Cash Flow Statements cont’dfor th
Page 133 and 134: Cash Flow Statements cont’dfor th
Page 135 and 136: Notes To The Financial Statements c
Page 155: Notes To The Financial Statements c
Page 207 and 208:
Notes To The Financial Statements c
Page 209 and 210:
Page 211 and 212:
Page 213 and 214:
Page 215 and 216:
Page 217 and 218:
Page 219 and 220:
Page 221 and 222:
Page 223 and 224:
Page 225 and 226:
Page 227 and 228:
Page 229 and 230:
Page 231 and 232:
Page 233 and 234:
Page 235 and 236:
Page 237 and 238:
Page 239 and 240:
Page 241 and 242:
Page 243 and 244:
Page 245 and 246:
Page 247 and 248:
Page 249 and 250:
Page 251 and 252:
Page 253 and 254:
Page 255 and 256:
Page 257 and 258:
Page 259 and 260:
Statement By DirectorsIn the opinio
Page 261 and 262:
Group PropertiesA. PLANTATION ESTAT
Page 263 and 264:
Group Properties cont’dA. PLANTAT
Page 265 and 266:
Group Properties cont’dB. DEVELOP
Page 267 and 268:
Group Properties cont’dC. INVESTM
Page 269 and 270:
Group Properties cont’dD. INDUSTR
Page 271 and 272:
Group Properties cont’dE. OTHER P
Page 273 and 274:
Notice of Annual General MeetingNOT
Page 275 and 276:
Notice of Annual General Meeting co
Page 277 and 278:
Statement Accompanying Noticeof Ann
Page 279 and 280:
Shareholders Information cont’das
Page 281 and 282:
This page has been intentionally le
Page 283 and 284:
fold herestampThe Company Secretary
show all

Eng - IOI Group

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?