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 (Cont’d)(f)Impairment (cont’d)(ii)Impairment of non-financial assetsThe carrying amounts of assets, other than those to which FRS 136 –Impairment of Assets does not apply, are reviewed at the end of each reportingperiod for impairment when there is an indication that the assets might beimpaired. Impairment is measured by comparing the carrying amounts of theassets with their recoverable amounts. The recoverable amount of the assets isthe higher of the assets’ fair value less costs to sell and their value-in-use,which is measured by reference to discounted future cash flow.An impairment loss is recognised in profit or loss immediately unless the assetis carried at its revalued amount. Any impairment loss of a revalued asset istreated as a revaluation decrease to the extent of a previously recognisedrevaluation surplus for the same asset.In respect of assets other than goodwill, and when there is a change in theestimates used to determine the recoverable amount, a subsequent increase inthe recoverable amount of an asset is treated as a reversal of the previousimpairment loss and is recognised to the extent of the carrying amount of theasset that would have been determined (net of amortisation and depreciation)had no impairment loss been recognised. The reversal is recognised in profit orloss immediately, unless the asset is carried at its revalued amount. A reversalof an impairment loss on a revalued asset is credited to other comprehensiveincome. However, to the extent that an impairment loss on the same revaluedasset was previously recognised as an expense in the statements ofcomprehensive income, a reversal of that impairment loss is recognised asincome in the statements of comprehensive income.Page 31
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)(g)InventoriesInventories are stated at the lower of cost and net realisable value. Cost isdetermined on the weighted average or first-in-first-out bases, as applicable.Layer, pullet and fishes inventories are stated at cost (determined on “weightedaverage” method) adjusted for amortisation (calculated based on their economiclives less net realisable value). Costs of layer, pullet and fishes inventories comprisethe original purchase price plus growing cost, which include costs of raw materials,direct labour and a proportion of farm overheads.Costs of eggs include costs of raw materials, direct labour and an appropriateproportion of farm overheads. Costs of egg trays and work-in-progress comprise thecosts of raw materials, direct labour and a proportion of factory overheads.Costs of poultry feeds, trading merchandise, raw materials (determined on “first-infirst-out”method), consumable supplies and medication (determined on “weightedaverage” method), comprise the original purchase price plus the costs incurred inbringing the inventories to their present location and condition.Net realisable value represents the estimated selling price in the ordinary course ofbusiness less selling and distribution costs and all other estimated costs tocompletion.Where necessary, due allowance is made for all damaged, obsolete and slowmoving items. The Group writes down its obsolete or slow moving inventories basedon assessment of the condition and the future demand for the inventories. Theseinventories are written down when events or changes in circumstances indicate thatthe carrying amounts may not be recovered.The Group writes down its obsolete or slow moving inventories based onassessment of the condition and the future demand for the inventories. Theseinventories are written down when events or changes in circumstances indicate thatthe carrying amounts may not be recovered.Page 32
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LEEKEE INDUSTRIES (M) SDN - teo seng capital berhad

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