Annual Report 2011 - QuamIR

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Notes to the Consolidated Financial StatementsFor the year ended 31 March 20113. Significant Accounting Policies (continued)Financial instruments (continued)Financial assets (continued)Financial assets at FVTPLFinancial assets are classified as at FVTPL when the financial asset is either held for trading or it isdesignated as at FVTPL.A financial asset is classified as held for trading if:• it has been acquired principally for the purpose of selling it in the near future; or• on initial recognition it is a part of a portfolio of identified financial instruments that the Groupmanages together and has a recent actual pattern of short-term profit-taking; or• it is a derivative that is not designated and effective as a hedging instrument.A financial asset other than a financial asset held for trading may be designated as at FVTPL uponinitial recognition if:• such designation eliminates or significantly reduces a measurement or recognition inconsistencythat would otherwise arise; or• the financial asset forms part of a group of financial assets or financial liabilities or both, whichis managed and its performance is evaluated on a fair value basis, in accordance with the Group’sdocumented risk management or investment strategy, and information about the grouping isprovided internally on that basis; or• it forms part of a contract containing one or more embedded derivatives, and HKAS 39 FinancialInstruments: Recognition and Measurement permits the entire combined contract (asset orliability) to be designated as at FVTPL.Financial assets at FVTPL are stated at fair value, with any gains or losses arising on remeasurementrecognized in profit or loss. The net gain or loss recognized in profit or loss incorporates any dividendor interest earned on the financial asset and is included in the consolidated statement of comprehensiveincome.Held-to-maturity investmentsHeld-to-maturity investments are non-derivative financial assets with fixed or determinable paymentsand fixed maturity date that the Group has the positive intention and ability to hold to maturity.Subsequent to initial recognition, held-to-maturity investments are measured at amortized cost usingthe effective interest method less any impairment (see the accounting policy in respect of impairmentlosses on financial assets below).Sino Prosper State Gold Resources Holdings Limited64
Notes to the Consolidated Financial StatementsFor the year ended 31 March 20113. Significant Accounting Policies (continued)Financial instruments (continued)Financial assets (continued)Available-for-sale financial assets (AFS financial assets)AFS financial assets are non-derivatives that are either designated as available-for-sale or are not classifiedas (a) loans and receivables, (b) held-to-maturity investments or (c) financial assets at FVTPL.AFS financial assets are measured at fair value at the end of the reporting period. Changes in fair value arerecognized in other comprehensive income and accumulated under the heading of investments revaluationreserve. Where the financial asset is disposed of or is determined to be impaired, the cumulative gainor loss previously accumulated in the investments revaluation reserve is reclassified to profit or loss(see the accounting policy in respect of impairment loss on financial assets below).AFS equity investments that do not have a quoted market price in an active market and whose fair valuecannot be reliably measured and derivatives that are linked to and must be settled by delivery of suchunquoted equity investments are measured at cost less any identified impairment losses at the end of thereporting period (see the accounting policy in respect of impairment loss on financial assets below).Loans and receivablesLoans and receivables are non-derivative financial assets with fixed or determinable payments that arenot quoted in an active market. Loans and receivables (including trade and other receivables, amount duefrom a non-controlling interest of a subsidiary and bank balances and cash) are measured at amortizedcost using the effective interest method, less any impairment.Interest income is recognized by applying the effective interest rate, except for short-term receivableswhen the recognition of interest would be immaterial.Impairment of financial assetsFinancial assets, other than those at FVTPL, are assessed for indicators of impairment at the end ofeach reporting period. Financial assets are considered to be impaired when there is objective evidencethat, as a result of one or more events that occurred after the initial recognition of the financial asset,the estimated future cash flows of the investment have been affected.For AFS equity investments, a significant or prolonged decline in the fair value of the security belowits cost is considered to be objective evidence of impairment.Annual Report 201165
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Sino Prosper State Gold Resources H
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Year in Review2010-2011April 2010HK
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Chairman’s MessageOver the course
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Chairman’s MessageFor its part, A
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Management Discussion & AnalysisAft
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Management Discussion & AnalysisInv
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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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