Annual Report 2011/12 - International Entertainment Corporation

Notes to the Consolidated Financial StatementsFor the year ended 31 March 20121. GENERALThe Company is a public listed company incorporated in the Cayman Islands. In September 2010, the Companytransferred the listing of its shares from the Growth Enterprise Market (“GEM”) of The Stock Exchange of Hong KongLimited (the “Stock Exchange”) to the Main Board of The Stock Exchange (“Main Board”). Dealings in the Company’sshares on the Main Board commenced on 27 September 2010. Its immediate parent is Mediastar International Limited(incorporated in the British Virgin Islands (“BVI”)). Its intermediate parent and ultimate parent are Chow Tai FookEnterprises Limited (“CTF”) (incorporated in Hong Kong) and Chow Tai Fook Capital Limited (“CTF Capital”) (incorporatedin BVI) respectively. The address of the registered office and the principal place of business of the Company in HongKong are disclosed in the “Corporate Information” section to this annual report.The functional currency of the Company is Philippine Peso (“Peso”), the currency of the primary economic environmentin which the Company’s major subsidiaries operate. The consolidated financial statements are presented in HongKong dollars (“HK$”) as the directors of the Company (the “Directors”) consider that it is an appropriate presentationfor a company listed in Hong Kong and for the convenience of the shareholders of the Company.The Company is an investment holding company. Details of the principal activities of the principal subsidiaries are setout in note 36.2. 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 and interpretations(“new and revised HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (the “HKICPA”).HKFRSs (Amendments) Improvements to HKFRSs issued in 2010HKAS 24 (as revised in 2009) Related party disclosuresHK(IFRIC) – INT 14 (Amendments) Prepayments of a minimum funding requirementHK(IFRIC) – INT 19Extinguishing financial liabilities with equity instrumentsInternational Entertainment Corporation - Annual Report 2011/12 35