Annual Report 2012 - ecoWise Holdings Limited

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74ecoWise Holdings Limitedannual report 201231 OCTOBER 2012NOTES TO THE FINANCIAL STATEMENTS2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)Non-Controlling InterestsOn an acquisition-by-acquisition basis, the Group recognises any non-controlling interests in the acquireeeither at fair value or at the non-controlling interests’ proportionate share of the acquiree’s net assets. Wherethe non-controlling interests are measured at fair value, the valuation techniques and key model inputs usedare disclosed in the relevant note. Profit or loss and each component of other comprehensive income areattributed to the owners of the Company and to the non-controlling interests. Total comprehensive incomeis attributed to the owners of the Company and to the non-controlling interests even if this results in thenon-controlling interests having a deficit balance.The non-controlling interests in the net assets and net results of a consolidated subsidiary are shownseparately in the appropriate components of the consolidated financial statements.The Group treats transactions with non-controlling interests as transactions with equity owners of the Group.For acquisitions of non-controlling interests, the difference between any consideration paid and the relevantshare of the carrying amount of net assets of the subsidiary acquired is recorded in equity. Gains or losseson disposals without loss of control are also recorded in equity.Impairment of Non-Financial AssetsThe carrying amounts of non-financial assets are reviewed at each end of the reporting year for indicationsof impairment.The impairment loss is the excess of the carrying amount over the recoverable amount and is recognisedin the profit or loss. The recoverable amount of an asset or a cash-generating unit is the higher of its fairvalue less costs to sell and its value in use. In assessing value in use, the estimated future cash flows arediscounted to their present value using a pre-tax discount rate that reflects current market assessments ofthe time value of money and the risks specific to the asset. For the purposes of assessing impairment, assetsare grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units).At the end of each reporting year, non-financial assets, other than goodwill, with impairment loss recognisedin prior periods are assessed for possible reversal of the impairment. An impairment loss is reversed onlyto the extent that the asset’s carrying amount does not exceed the carrying amount that would have beendetermined, net of depreciation or amortisation, if no impairment loss had been recognised.
ecoWise Holdings Limitedannual report 20127531 OCTOBER 2012NOTES TO THE FINANCIAL STATEMENTS2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)InventoriesInventories are measured at the lower of cost and net realisable value. The costs of raw materials,work-in-progress and finished goods are measured using the first-in-first-out method and the costs ofconsumables are measured using the weighted average method.Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the inventoriesto their present location and condition.Net realisable value is the estimated selling price in the ordinary course of business less the estimated costsof completion and the estimated costs necessary to make the sale. A write down on inventories is madewhere the cost is not recoverable or if the selling prices have declined.Non-Derivative Financial AssetsThe Group initially recognises loans and receivables and deposits on the date that they are originated. Allother financial assets (including assets designated at fair value through profit or loss) are recognised initiallyon the trade date, which is the date that the Group becomes a party to the contractual provisions of theinstrument.The Group derecognises a financial asset when the contractual rights to the cash flows from the assetexpire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction inwhich substantially all the risks and rewards of ownership of the financial asset are transferred. Any interestin transferred financial assets that is created or retained by the Group is recognised as a separate asset orliability.Financial assets and liabilities are offset and the net amount presented in the statement of financial positionwhen, and only when, the Group has a legal right to offset the amounts and intends either to settle on a netbasis or to realise the asset and settle the liability simultaneously.The Group has three classes of non-derivative financial assets, as follows: financial assets at fair value throughprofit or loss, loans and receivables and available-for-sale financial assets.
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Annual Report 2012 - ecoWise Holdings Limited

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