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)2.21 Currency translation (cont’d)(2) Transactions and balances (cont’d)Exchange differences arising on the settlement of monetary items or on translating monetary itemsat the balance sheet date are recognised in the income statement except for exchange differencesarising on monetary items that form part of the Group’s net investment in foreign subsidiaries, whichare recognised initially in a separate component of equity as foreign currency translation reserve inthe consolidated balance sheet and recognised in the consolidated income statement on disposalof subsidiary. In the Company’s separate financial statements, such exchange differences arerecognised in the income statement.(3) Translation of Group entities’ financial statementsThe results and financial position of all the Group entities (none of which has the currency of ahyperinflationary economy) that have a functional currency different from the presentation currencyare translated into the presentation currency as follows:(i)(ii)(iii)Assets and liabilities are translated at the closing rate at the date of the balance sheet;Income and expenses are translated at the average exchange rate (unless this average is nota reasonable approximation of the cumulative effect of the rates prevailing on the transactiondates, in which case income and expenses are translated using the exchange rates at thedates of the transactions); andAll resulting exchange differences are taken to the foreign currency translation reserve withinequity.On disposal of a foreign subsidiary, the cumulative amount of exchange differences deferred in equityrelating to that foreign subsidiary is recognised in income statement as a component of the gain orloss on disposal.62ABTERRAAnnual Report 2008
Notes to the Financial Statements30 June 20082. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)2.22 Segment reportingA business segment is a distinguishable component of the Group engaged in providing products orservices that are subject to risks and returns that are different from those of other business segments.A geographical segment is a distinguishable component of the Group engaged in providing products orservices within a particular economic environment that is subject to risks and returns that are differentfrom those of segments operating in other economic environments.2.23 Financial guaranteesThe Company has issued corporate guarantees to banks for borrowings of its subsidiaries. Theseguarantees are financial guarantee contracts as they require the Company to reimburse the banks if thesubsidiaries fail to make principal or interest payments when due in accordance with the terms of theirborrowings.Financial guarantee contracts are initially recognised at their fair values plus transaction costs.Financial guarantee contracts are subsequently amortised to the income statement over the period ofthe subsidiaries’ borrowings, unless the Company has incurred an obligation to reimburse the bank foran amount higher than the unamortised amount. In this case, the financial guarantee contracts shall becarried at the expected amount payable to the bank.2.24 Non-current assets (or disposal groups) held for sale and discontinued operationsNon-current assets (or disposal groups) are classified as assets held for sale and carried at the lower ofcarrying amount and fair value less costs to sell if their carrying amount is recovered principally through asale transaction rather than through continuing use. The assets (including those that are part of disposalgroup) are not depreciated or amortised while they are classified as held for sale. Any impairment loss oninitial classification and subsequent measurement is recognised in the income statement. Any subsequentincrease in fair value less costs to sell up (not exceeding the accumulated impairment loss that has beenpreviously recognised) is recognised in the income statement.ABTERRAAnnual Report 200863
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Notes to the Financial Statements 30 June 2008 - Abterra

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