Annual Report 2011 - QuamIR

Notes to the Consolidated Financial StatementsFor the year ended 31 March 20111. GeneralSino Prosper State Gold Resources Holdings Limited (the “Company”) was incorporated in the CaymanIslands as an exempted company with limited liability and its shares are listed on The Stock Exchangeof Hong Kong Limited (the “Stock Exchange”). The addresses of the registered office and principal placeof business of the Company are disclosed in the corporate information section of the annual report.The principal activities of the Company and its subsidiaries (the “Group”) are investment holding,investment in energy and natural resources (including precious metals) related projects in the People’sRepublic of China (the “PRC”).The consolidated financial statements are presented in Hong Kong dollars, which is the same as thefunctional currency of the Company and all values are rounded to the nearest thousand except whenotherwise indicated.2. Application of New and Revised Hong Kong Financial ReportingStandards (“HKFRSs”)In the current year, the Group has applied the following new and revised standards, amendments andinterpretations (hereinafter collectively referred to as “new and revised HKFRSs”) issued by the HongKong Institute of Certified Public Accountants (“HKICPA”) that are effective for the Group’s financialyear beginning 1 April 2010.HKFRSs (Amendments) Improvements to HKFRSs issued in 2009HKFRSs (Amendments)Amendments to HKFRS 5 as part of improvements toHKFRSs issued in 2008HKAS 27 (as revised in 2008)Consolidated and Separate Financial StatementsHKAS 32 (Amendments)Classification of Rights IssuesHKAS 39 (Amendments)Eligible Hedged ItemsHKFRS 2 (Amendment)Group Cash-settled Share-based Payment TransactionsHKFRS 3 (as revised in 2008)Business CombinationsHK(IFRIC)-Int 17Distributions of Non-cash Assets to OwnersHK-Int 5Presentation of Financial Statements – Classification by the Borrower ofa Term Loan that Contains a Repayment on Demand ClauseAnnual Report 201143