Annual Report 2007 - Hmdatalink.com hm datalink

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Notes to the consolidated financial statementsfor the year ended 31 December 20074. SIGNIFICANT ACCOUNTING POLICIES (Continued)(f)Financial instrumentsFinancial assets and financial liabilities are recognised on the consolidated balance sheet when agroup entity becomes a party to the contractual provisions of the instrument. Financial assets andfinancial liabilities are initially measured at fair value. Transaction costs that are directly attributableto the acquisition or issue of financial assets and financial liabilities (other than financial assets andfinancial liabilities at fair value through profit or loss) are added to or deducted from the fair valueof the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costsdirectly attributable to the acquisition of financial assets or financial liabilities at fair value throughprofit or loss are recognised immediately in income statement.Loans and receivablesLoans and receivables are non-derivative financial assets with fixed or determinable payments thatare not quoted in an active market. Loans and receivables (including dividend receivables fromassociates and trade and other receivables) are initially recognised at fair value, and are subsequentlymeasured at amortised cost using the effective interest method less any identified impairment losses.An impairment loss is recognised in income statement when there is objective evidence that the assetis impaired, and is measured as the difference between the asset’s carrying amount and the presentvalue of the estimated future cash flows discounted at the original effective interest rate. Impairmentlosses are reversed in subsequent periods when an increase in the asset’s recoverable amount can berelated objectively to an event occurring after the impairment was recognised, subject to a restrictionthat the carrying amount of the asset at the date the impairment is reversed does not exceed what theamortised cost would have been had the impairment not been recognised.Financial assets at fair value through profit or lossFinancial assets at fair value through profit or loss has two subcategories, including financial assetsheld for trading and those designated as at financial assets at fair value through profit or loss on initialrecognition.A financial asset is classified as held for trading if:• it has been acquired principally for the purpose of selling in the near future; or• it is a part of an identified portfolio of financial instruments that the Group manages togetherand 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.GEELY AUTOMOBILE HOLDINGS LIMITED67ANNUAL REPORT 2 0 0 7
Notes to the consolidated financial statementsfor the year ended 31 December 20074. SIGNIFICANT ACCOUNTING POLICIES (Continued)(f)Financial instruments (Continued)Financial assets at fair value through profit or loss (Continued)A financial asset other than a financial asset held for trading may be designated as financial assets atfair value through profit or loss upon initial recognition if:• such designation eliminates or significantly reduces a measurement or recognitioninconsistency that would otherwise arise; or• the financial asset forms part of a group of financial assets or financial liabilities or both,which is managed and its performance is evaluated on a fair value basis, in accordance withthe Group’s documented risk management or investment strategy, and information about thegrouping is provided internally on that basis; or• it forms part of a contract containing one or more embedded derivatives, and HKAS 39 permitsthe entire combined contract (asset or liability) to be designated as financial assets at fair valuethrough profit or loss.At each balance sheet date subsequent to initial recognition, financial assets at fair value throughprofit or loss are measured at fair value, with changes in fair value recognised directly in the incomestatement in the period in which they arise. The net gain or loss recognised in the income statementincludes any dividend or interest earned on the financial assets.Financial liabilities and equity instrumentsFinancial liabilities and equity instruments issued by the Group are classified according to thesubstance of the contractual arrangements entered into and the definitions of a financial liability andan equity instrument.Other financial liabilitiesOther financial liabilities (including short-term bank borrowings, trade and other payables and amountdue to related parties) are initially recognised at their fair values, and are subsequently measured atamortised cost, using the effective interest method.GEELY AUTOMOBILE HOLDINGS LIMITED68ANNUAL REPORT 2 0 0 7
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Chairman’s StatementLi Shu Fu,Cha
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