Notes to the Financial Statements 30 June 2008 - Abterra

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Notes to the Financial Statements30 June 20082. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)2.17 Impairment of financial assetsThe Group assesses at each balance sheet date whether there is any objective evidence that a financialasset is impaired.(i) Assets carried at amortised costIf there is objective evidence that an impairment loss on a financial asset carried at amortised costhas been incurred, the amount of the loss is measured as the difference between the asset’s carryingamount and the present value of estimated future cash flows discounted at the financial asset’soriginal effective interest rate. The carrying amount of the asset is reduced through the use of anallowance account. The impairment loss is recognised in the income statement.When the assets becomes uncollectible, the carrying amount of the impaired financial asset is reduceddirectly or if an amount was charged to the allowance account, the amounts charged to allowancesaccount are written off against the carrying value of the financial assets.To determine whether there is an objective evidence that an impairment loss on financial assets hasbeen incurred, the Group consider factors such as the probability of insolvency or significant financialdifficulties of the debtor and default or significant delay of the payments.If in the subsequent period, the amount of impairment loss decrease and the decrease can be relatedobjectively to an event occurring after the impairment was recognised, the previously recognisedimpairment loss is reversed to the extent that the carrying amount of the financial asset does notexceed the amortised cost at the reversal date. The amount of reversal is recognised in the incomestatement.(ii) Financial assets, available-for-saleSignificant or prolonged decline in fair value below cost, significant financial difficulties of the issuer orobligor, and the disappearance of an active trading market are considerations to determine whetherthere is any objective evidence that investment securities classified as financial assets, available-forsaleare impaired.58ABTERRAAnnual Report 2008
Notes to the Financial Statements30 June 20082. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)2.17 Impairment of financial assets (cont’d)(ii) Available-for-sale financial assets (cont’d)If a financial asset, available-for-sale is impaired, an amount comprising the difference between itscost (net of any principal payment and amortisation) and its current fair value, less any impairmentloss previously recognised in the income statement, is transferred from equity to income statement.Reversals of impairment losses in respect of equity instruments are not recognised in the incomestatement. Reversals of impairment losses on debt instruments are recognised in income statement ifthe increase in fair value of the debt instrument can be objectively related to an event occurring afterthe impairment loss was recognised in the income statement.2.18 Income Taxes(1) Current income taxCurrent income tax liabilities and assets for current and prior periods are recognised at the amountsexpected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that havebeen enacted or substantially enacted by the balance sheet date.(2) Deferred income taxDeferred income tax assets/liabilities are recognised for all deductible taxable temporary differencesarising between the tax bases of assets and liabilities and their carrying amounts in the financialstatements except when the deferred income tax assets/liabilities arise from the initial recognition ofan asset or liability in a transaction that is not a business combination and at the time of the transaction,affects neither accounting nor taxable profit or loss.Deferred income tax liability is recognised on temporary differences arising on investments insubsidiaries, associated companies and joint ventures, except where the Group is able to control thetiming of the reversal of the temporary difference and it is probable that the temporary difference willnot reverse in the foreseeable future.Deferred income tax asset is recognised to the extent that it is probable that future taxable profit willbe available against which the temporary differences can be recognised.ABTERRAAnnual Report 200859
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Notes to the Financial Statements 30 June 2008 - Abterra

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