LEEKEE INDUSTRIES (M) SDN - teo seng capital berhad

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TEO SENG CAPITAL BERHAD(Incorporated In Malaysia)Company No : 732762 - TNOTES TO THE FINANCIAL STATEMENTSFOR THE FINANCIAL PERIOD FROM 1 APRIL 2012 TO 31 DECEMBER 20124. ACCOUNTING POLICIES AND STANDARDS (CONT’D)4.2 Summary of Significant Accounting Policies(a)Subsidiaries and basis of consolidation(i)SubsidiariesSubsidiaries are entities over which the Group has the ability to control thefinancial and operating policies so as to obtain benefits from their activities. Theexistence and effect of potential voting rights that are currently exercisable orconvertible are considered when assessing whether the Group has such powerover another entity.In the Company’s separate financial statements, investments in subsidiariesare stated at cost less impairment losses. On disposal of such investments, thedifference between net disposal proceeds and their carrying amounts isrecognised in profit or loss.(ii)Basis of consolidationThe consolidated financial statements include the financial statements of theCompany and its subsidiaries made up to 31 December 2012.Subsidiaries are consolidated from the date on which control is transferred tothe Group up to the effective date on which control ceases, as appropriate.Intragroup transactions, balances, income and expenses are eliminated onconsolidation. Where necessary, adjustments are made to the financialstatements of subsidiaries to ensure consistency of accounting policies withthose of the Group.Non-controlling interests are presented within equity in the consolidatedstatement of financial position, separately from the equity attributable to ownersof the Company. Transactions with non-controlling interests are accounted foras transactions with owners and are recognised directly in equity. Profit or lossand each component of other comprehensive income are attributed to theowners of the parent and to the non-controlling interests. Total comprehensiveincome is attributed to non-controlling interests even if this results in the noncontrollinginterests having a deficit balance.At the end of each reporting period, the carrying amount of non-controllinginterests is the amount of those interests at initial recognition plus the noncontrollinginterests’ share of subsequent changes in equity.Page 23
TEO SENG CAPITAL BERHAD(Incorporated In Malaysia)Company No : 732762 - TNOTES TO THE FINANCIAL STATEMENTSFOR THE FINANCIAL PERIOD FROM 1 APRIL 2012 TO 31 DECEMBER 20124. ACCOUNTING POLICIES AND STANDARDS (CONT’D)4.2 Summary of Significant Accounting Policies (Cont’d)(a)Subsidiaries and basis of consolidation (cont’d)(ii) Basis of consolidation (cont’d)All changes in the parent’s ownership interest in a subsidiary that do not resultin a loss of control are accounted for as equity transactions. Any differencebetween the amount by which the non-controlling interest is adjusted and thefair value of consideration paid or received is recognised directly in equity andattributed to owners of the parent.Upon loss of control of a subsidiary, the profit or loss on disposal is calculatedas the difference between :(i)the aggregate of the fair value of the consideration received and the fairvalue of any retained interest in the former subsidiary ; and(ii) the previous carrying amount of the assets (including goodwill), andliabilities of the former subsidiary and any non-controlling interests.Amounts previously recognised in other comprehensive income in relation to theformer subsidiary are accounted for (i.e. reclassified to profit or loss ortransferred directly to retained profits) in the same manner as would be requiredif the relevant assets or liabilities were disposed of. The fair value of anyinvestments retained in the former subsidiary at the date when control is lost isregarded as the fair value on initial recognition for subsequent accounting underFRS 139 or, when applicable, the cost on initial recognition of an investment inan associate or a jointly controlled entity.Business combinations from 1 April 2011 onwardsAcquisitions of businesses are accounted for using the acquisition method.Under the acquisition method, the consideration transferred for acquisition of asubsidiary is the fair value of the assets transferred, liabilities incurred and theequity interests issued by the Group at the acquisition date. The considerationtransferred includes the fair value of any asset or liability resulting from acontingent consideration arrangement. Acquisition-related costs, other than thecosts to issue debt or equity securities, are recognised in profit or loss whenincurred.Page 24
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LEEKEE INDUSTRIES (M) SDN - teo seng capital berhad

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