Annual Report 2012 - ecoWise Holdings Limited

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72ecoWise Holdings Limitedannual report 201231 OCTOBER 2012NOTES TO THE FINANCIAL STATEMENTS2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)AssociatesAn associate is an entity including an unincorporated entity in which the Group has a substantial financialinterest (usually not less than 20% of the voting power), significant influence and that is neither a subsidiarynor a joint venture of the investor. Significant influence is the power to participate in the financial andoperating policy decisions of the investee but is not control or joint control over those policies.The investment in associate is accounted using the equity method of accounting. The investment in associateis carried in the consolidated statement of financial position at cost plus post-acquisition changes in theGroup’s share of net assets of the associate less any allowance for impairment in value. The profit or lossreflects the Group’s share of the results of operations of the associate. Losses of the associate in excessof the Group’s interests in the relevant associate are not recognised, except to the extent that the Grouphas an obligation. Profits and losses resulting from transactions between the Group and the associate arerecognised in the financial statements only to the extent of unrelated investors’ interests in the associate.Unrealised losses are eliminated in the consolidated financial statements unless the transaction providesevidence of an impairment of the asset transferred.Accounting policies of the associate are changed where necessary to ensure consistency with the policiesadopted by the Group.The Group discontinues the use of the equity method of accounting from the date that it ceases to havesignificant influence over the associate and accounts for the remaining investment as financial assets. Anygain or loss is recognised in the profit or loss. Any investment retained in the former associate is measuredat its fair value at the date that it ceases to be an associate.Business CombinationsA business combination is a transaction or other event which requires that the assets acquired and liabilitiesassumed to constitute a business. It is accounted for by using the acquisition method of accounting.The cost of a business combination includes the fair values of assets given, liabilities incurred or assumed,and equity instruments issued by the acquirer at the acquisition date. The acquisition related costs areexpensed in the periods in which the costs are incurred and the services are received, except for any costsincurred to issue debts or equity securities are recognised in accordance with FRS 32 – Financial Instruments:Presentation and FRS 39 – Financial Instruments: Recognition and Measurement.
ecoWise Holdings Limitedannual report 20127331 OCTOBER 2012NOTES TO THE FINANCIAL STATEMENTS2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)Business Combinations (Continued)At acquisition date, the acquirer recognises, separately from goodwill, the identifiable assets acquired, theliabilities assumed and any non-controlling interests in the acquiree measured at acquisition date fair valuesas defined in and that meet the conditions for recognition under FRS 103 – Business Combinations.Goodwill is an asset representing the future economic benefits arising from other assets acquired in abusiness combination that are not individually identified and separately recognised. If the acquirer has madea gain from a bargain purchase, that gain is recognised in the profit or loss. For gain on bargain purchase, areassessment is made of the identification and measurement of the acquiree’s identifiable assets, liabilitiesand contingent liabilities and the measurement of the cost of the business combination and any excessremaining after this reassessment is recognised immediately in the profit or loss.For business combinations achieved in stages, any equity interest held in the acquiree is remeasuredimmediately before achieving control at its acquisition date fair value and any resulting gain or loss isrecognised in the profit or loss.Goodwill and fair value adjustments resulting from the application of acquisition method of accounting atthe date of acquisition are treated as assets and liabilities of the acquired entity and are recorded at theexchange rates prevailing at the acquisition date and are subsequently translated at the exchange ratesruling at the end of the reporting year.Where the fair values are estimated on a provisional basis, they are finalised within one year from theacquisition date with consequent retrospective changes to the amounts recognised at the acquisition dateto reflect new information obtained about facts and circumstances that existed as of the acquisition dateand, if known, would have affected the measurement of the amounts recognised as of that date.
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