Annual Report 2012 - ecoWise Holdings Limited

More documents

Recommendations

Info

70ecoWise Holdings Limitedannual report 201231 OCTOBER 2012NOTES TO THE FINANCIAL STATEMENTS2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)Intangible AssetsAn identifiable non-monetary asset without physical substance is recognised as an intangible asset atacquisition cost if it is probable that the expected future economic benefits that are attributable to the assetwill flow to the Group and cost of the asset can be measured reliably.After initial recognition, an intangible asset with finite useful life is carried at cost less any accumulatedamortisation and accumulated impairment losses. An intangible asset with an indefinite useful life is notamortised. An intangible asset is regarded as having an indefinite useful life when, based on an analysisof all of the relevant factors, there is no foreseeable limit to the period over which the asset is expected togenerate net cash inflows for the Group.Identifiable intangible assets acquired as part of a business combination are initially recognised separatelyfrom goodwill if the asset’s fair value can be measured reliably, irrespective of whether the asset had beenrecognised by the acquiree before the business combination. An intangible asset is considered identifiableonly if it is separable or if it arises from contractual or other legal rights, regardless of whether those rightsare transferable or separable from the Group or from other rights and obligations.The amortisable amount of an intangible asset with finite useful life is allocated on a systematic basis overthe best estimate of its useful life from the point at which the asset is ready for use.TrademarksTrademarks acquired in a business combination are recognised at fair value at the acquisition date.Trademarks have a finite useful life and are carried at cost less any accumulated amortisation andaccumulated impairment losses. Amortisation is calculated on a straight-line basis over the estimated usefullives of 10 to 25 years.Customer RelationshipsCustomer relationships acquired in a business combination are recognised at fair value at the acquisitiondate. The customer relationships are carried at cost less any accumulated amortisation and accumulatedimpairment losses. Amortisation is calculated on a straight-line basis over the expected life of the customerrelationships of 10 years.
ecoWise Holdings Limitedannual report 20127131 OCTOBER 2012NOTES TO THE FINANCIAL STATEMENTS2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)Intangible Assets (Continued)GoodwillGoodwill is recognised as of the acquisition date measured as the excess of (a) over (b) whereby (a) beingthe aggregate of (i) the consideration transferred measured at acquisition date fair value; (ii) the amount ofany non-controlling interests in the acquiree measured either at fair value or at the non-controlling interests’proportionate share of the acquiree’s net identifiable assets; and (iii) in a business combination achieved instages, the acquisition date fair value of the acquirer’s previously held equity interest in the acquiree; and(b) being the net of the identifiable assets acquired and the liabilities assumed measured at acquisition datefair values.After initial recognition, goodwill acquired in a business combination is measured at cost less anyaccumulated impairment losses. Goodwill is not amortised. Irrespective of whether there is any indicationof impairment, goodwill is tested for impairment at least annually. Impairment on goodwill is not reversedin any circumstances.For the purpose of impairment testing and since the acquisition date of the business combination, goodwill isallocated to each cash-generating unit, or groups of cash-generating units that are expected to benefit fromthe synergies of the business combination, irrespective of whether other assets or liabilities of the acquireewere assigned to those units or groups of units. Each unit or group of units to which the goodwill is allocatedrepresents the lowest level within the Group at which the goodwill is monitored for internal managementpurposes and is not larger than a segment.SubsidiariesA subsidiary is an entity including unincorporated and special purpose entity that is controlled by the Group.Control is the power to govern the financial and operating policies of an entity so as to obtain benefits fromits activities accompanying a shareholding of more than one half of the voting rights or the ability to appointor remove the majority of the members of the board of directors or to cast the majority of votes at meetingsof the board of directors. The existence and effect of potential voting rights that are currently exercisable orconvertible are considered when assessing whether the Group controls another entity.In the Company’s own separate financial statements, the investments in subsidiaries are stated at cost lessany allowance for impairment in value. Impairment loss recognised in the profit or loss for a subsidiary isreversed only if there has been a change in the estimates used to determine the asset’s recoverable amountsince the last impairment loss was recognised.
Page 1 and 2:
ANNUAL REPORT 2012PURSUINGSUSTAINAB
Page 3 and 4:
ecoWise Holdings Limitedannual repo
Page 5 and 6:
Page 7 and 8:
Page 9:
Page 13 and 14:
Page 15 and 16:
Page 17 and 18:
Page 19 and 20:
Page 21 and 22: ecoWise Holdings Limitedannual repo
Page 71: ecoWise Holdings Limitedannual repo
Page 123 and 124:
Page 125 and 126:
Page 127 and 128:
Page 129 and 130:
Page 131 and 132:
Page 133 and 134:
Page 135 and 136:
Page 137 and 138:
Page 139 and 140:
Page 141 and 142:
Page 143 and 144:
Page 145 and 146:
Page 147 and 148:
Page 149 and 150:
Page 151 and 152:
Page 153 and 154:
Page 155 and 156:
PROXY FORMIMPORTANT1. For investors
Page 157 and 158:
This page has been intentionally le
Page 159 and 160:
Designed and produced by(65) 6578 6
show all

Annual Report 2012 - ecoWise Holdings Limited

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

Delete template?

Save as template?