Annual Report 2011 - QuamIR

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Notes to the Consolidated Financial StatementsFor the year ended 31 March 20113. Significant Accounting Policies (continued)Business combinations (continued)Business combinations that took place on or after 1 April 2010 (continued)At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognized attheir fair value at the acquisition date, except that:• deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangementsare recognized and measured in accordance with HKAS 12 Income Taxes and HKAS 19 EmployeeBenefits respectively;• liabilities or equity instruments related to share-based payment transactions of the acquiree orthe replacement of an acquiree’s share-based payment transactions with share-based paymenttransactions of the Group are measured in accordance with HKFRS 2 Share-based Payment atthe acquisition date; and• assets (or disposal groups) that are classified as held for sale in accordance with HKFRS 5 NoncurrentAssets Held for Sale and Discontinued Operations are measured in accordance with thatstandard.Goodwill is measured as the excess of the sum of the consideration transferred, the amount of anynon-controlling interests in the acquiree, and the fair value of the acquirer’s previously held equityinterest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assetsacquired and the liabilities assumed. If, after assessment, the net of the acquisition-date amounts of theidentifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, theamount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previouslyheld interest in the acquiree (if any), the excess is recognized immediately in profit or loss as a bargainpurchase gain.Non-controlling interests may be initially measured either at fair value or at the non-controlling interests’proportionate share of the acquiree’s identifiable net assets. The choice of measurement basis is madeon a transaction-by-transaction basis.Where the consideration the Group transfers in a business combination includes assets or liabilitiesresulting from a contingent consideration arrangement, the contingent consideration is measured atits acquisition-date fair value and considered as part of the consideration transferred in a businesscombination. Changes in the fair value of the contingent consideration that qualify as measurementperiod adjustments are adjusted retrospectively, with the corresponding adjustments being made againstgoodwill or gain on bargain purchase. Measurement period adjustments are adjustments that arise fromadditional information obtained during the measurement period about facts and circumstances that existedas of the acquisition date. Measurement period does not exceed one year from the acquisition date.Sino Prosper State Gold Resources Holdings Limited50
Notes to the Consolidated Financial StatementsFor the year ended 31 March 20113. Significant Accounting Policies (continued)Business combinations (continued)Business combinations that took place on or after 1 April 2010 (continued)The subsequent accounting for changes in the fair value of the contingent consideration that do notqualify as measurement period adjustments depends on how the contingent consideration is classified.Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates andits subsequent settlement is accounted for within equity. Contingent consideration that is classified as anasset or a liability is remeasured at subsequent reporting dates in accordance with HKAS 39, or HKAS37 Provisions, Contingent Liabilities and Contingent Assets, as appropriate, with the correspondinggain or loss being recognized in profit or loss.When a business combination is achieved in stages, the Group’s previously held equity interest in theacquiree is remeasured to fair value at the acquisition date (i.e. the date when the Group obtainscontrol), and the resulting gain or loss, if any, is recognized in profit or loss. Amounts arising frominterests in the acquiree prior to the acquisition date that have previously been recognized in othercomprehensive income are reclassified to profit or loss where such treatment would be appropriate ifthat interest were disposed of.Changes in the value of the previously held equity interest recognized in other comprehensive incomeand accumulated in equity before the acquisition date are reclassified to profit or loss when the Groupobtains control over the acquiree.If the initial accounting for a business combination is incomplete by the end of the reporting periodin which the combination occurs, the Group reports provisional amounts for the items for which theaccounting is incomplete. Those provisional amounts are adjusted during the measurement period (seeabove), or additional assets or liabilities are recognized, to reflect new information obtained aboutfacts and circumstances that existed as of the acquisition date that, if known, would have affected theamounts recognized as of that date.Business combinations that took place prior to 1 April 2010Acquisition of businesses was accounted for using the purchase method. The cost of the acquisition wasmeasured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurredor assumed, and equity instruments issued by the Group in exchange for control of the acquiree, plusany costs directly attributable to the business combination. The acquiree’s identifiable assets, liabilitiesand contingent liabilities that met the relevant conditions for recognition were generally recognized attheir fair value at the acquisition date.Goodwill arising on acquisition was recognized as an asset and initially measured at cost, being the excessof the cost of the acquisition over the Group’s interest in the recognized amounts of the identifiableassets, liabilities and contingent liabilities recognized. If, after assessment, the Group’s interest in therecognized amounts of the acquiree’s identifiable assets, liabilities and contingent liabilities exceededthe cost of the acquisition, the excess was recognized immediately in profit or loss.Annual Report 201151
Page 1: Sino Prosper State Gold Resources H
Page 4 and 5: Year in Review2010-2011April 2010HK
Page 7 and 8: Chairman’s MessageOver the course
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Page 11 and 12: Management Discussion & AnalysisAft
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Page 21 and 22: Directors’ and Management Profile
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Notes to the Consolidated Financial
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Financial SummaryFor the year ended
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Annual Report 2011 - QuamIR

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