Interim Report 2012 - TodayIR.com

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Notes to Financial Statements30 June 20122.1 BASIS OF PREPARATION (Continued)Basis of consolidation (Continued)If the Group loses control over a subsidiary, it derecognises (i) the assets (including goodwill) and liabilities of the subsidiary, (ii) thecarrying amount of any non-controlling interest and (iii) the cumulative translation differences recorded in equity; and recognises (i)the fair value of the consideration received, (ii) the fair value of any investment retained and (iii) any resulting surplus or deficit inprofit or loss. The Group’s share of components previously recognised in other comprehensive income is reclassified to profit or loss orretained profits, as appropriate.2.2 CHANGES IN ACCOUNTING POLICY AND DISCLOSURESThe Group has adopted, at the beginning of the financial periods presented, all IFRSs that have been issued and effective for thefinancial periods presented.2.3 ISSUED BUT NOT YET EFFECTIVE INTERNATIONAL FINANCIAL REPORTINGSTANDARDSThe Group has not applied the following new and revised IFRSs that have been issued but are not yet effective, in these financialstatements:IFRS 1 AmendmentsAmendments to IFRS1 First-time Adoption of International FinancialReporting Standards– Government Loans 2IFRS 7 AmendmentsAmendments to IFRS 7 Financial Instruments: Disclosures – OffsettingFinancial Assets and Financial Liabilities 2IFRS 9 Financial Instruments 4IFRS 10 Consolidated Financial Statements 2IFRS 11 Joint Arrangements 2IFRS 12 Disclosure of Interests in Other Entities 2IFRS 13 Fair Value Measurement 2IFRS 10, IFRS 11 And IFRS 12 Amendments Amendments to IFRS 10, IFRS 11 and IFRS 12: Transition Guidance 2IAS 1 AmendmentsAmendments to IAS1 Presentation of FinancialStatements – Presentationof Items of Other Comprehensive Income 1IAS 19 (2011) Employee Benefits 2IAS 27 (2011) Separate Financial Statements 2IAS 28 (2011) Investments in Associates and Joint Ventures 2IAS 32 AmendmentsAmendments to IAS 32 Financial Instruments Presentation – OffsettingFinancial Assets and Financial Liabilities 3IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine 2Annual Improvements to IFRSs 2009-2011 Cycle Amendments to a number of IFRSs issued in May 2012 21Effective for annual periods beginning on or after 1 July 20122Effective for annual periods beginning on or after 1 January 20133Effective for annual periods beginning on or after 1 January 20144Effective for annual periods beginning on or after 1 January 2015The Group is in the process of making an assessment of the impact of these new and revised IFRSs upon initial application. So far, theGroup considers that these new and revised IFRSs are unlikely to have a significant impact on the Group’s results of operations andfinancial position.INTERIM REPORT 2012 25
Notes to Financial Statements30 June 20122.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESSubsidiariesA subsidiary is an entity whose financial and operating policies the Company controls, directly or indirectly, so as to obtain benefitsfrom its activities.The results of subsidiaries are included in the Company’s income statement to the extent of dividends received and receivable. TheCompany’s investments in subsidiaries that are not classified as held for sale in accordance with IFRS 5 are stated at cost less anyimpairment losses.Business combinations and goodwillBusiness combinations are accounted for using the acquisition method. The consideration transferred is measured at the acquisitiondate fair value which is the sum of the acquisition date fair values of assets transferred by the Group, liabilities assumed by the Groupto the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. For eachbusiness combination, the Group elects whether it measures the non-controlling interests in the acquiree that are present ownershipinterests and entitle their holders to a proportionate share of net assets in the event of liquidation either at fair value or at theproportionate share of the acquiree’s identifiable net assets. All other components of non-controlling interests are measured at fairvalue. Acquisition costs are expensed as incurred.When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification anddesignation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date.This includes the separation of embedded derivatives in host contracts by the acquiree.If the business combination is achieved in stages, the acquisition date fair value of the acquirer’s previously held equity interest in theacquiree is remeasured to fair value as at the acquisition date through profit or loss.Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition date. Subsequent changesto the fair value of the contingent consideration which is deemed to be an asset or liability will be recognised in accordance with IAS39 either in profit or loss or as a change to other comprehensive income. If the contingent consideration is classified as equity, it willnot be remeasured. Subsequent settlement is accounted for within equity. In instances where the contingent consideration does notfall within the scope of IAS 39, it is measured in accordance with the appropriate IFRS.Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount recognised fornon-controlling interests and any fair value of the Group’s previously held equity interests in the acquiree over the identifiable netassets acquired and liabilities assumed. If the sum of this consideration and other items is lower than the fair value of the net assets ofthe subsidiary acquired, the difference is, after reassessment, recognised in profit or loss as a gain on bargain purchase.After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is tested for impairmentannually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. The Groupperforms its annual impairment test of goodwill as at 31 December. For the purpose of impairment testing, goodwill acquired ina business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units, or groups of cashgeneratingunits, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilitiesof the Group are assigned to those units or groups of units.26XIAO NAN GUO RESTAURANTS HOLDINGS LIMITED
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Page 5 and 6: Management Discussion and AnalysisI
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