Annual - Johnson Electric

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44. Effect of adopting new HKFRS (Cont’d) In accordance with the provisions of HKFRS 3: – The Group ceased amortisation of goodwill from 1st April 2005; NOTES TO THE ACCOUNTS – Accumulated amortisation as at 31st March 2005 has been eliminated with a corresponding decrease in the cost of goodwill; – From the year ending 31st March 2006 onwards, goodwill will be tested annually for impairment, as well as when there is indication of impairment. The Group has reassessed the useful lives of its intangible assets in accordance with the provisions of HKAS 38. No adjustment resulted from this reassessment. All changes in the accounting policies have been made in accordance with the transition provisions in the respective standards. All standards adopted by the Group require retrospective application other than: – HKAS 16 – the initial measurement of an item of properties, plant and equipment acquired in an exchange of assets transaction is accounted at fair value prospectively only to future transactions; – HKAS 21 – prospective accounting for goodwill and fair value adjustments as part of foreign operations; – HKAS 39 – does not permit to recognise, not recognise and measure financial assets and liabilities in accordance with this standard on a retrospective basis. The Group applied the previous SSAP 24 “Accounting for investments in securities” to investments securities and other investments and also to hedge relationships for the 2004/05 comparative information. The adjustments required for the accounting differences between SSAP 24 and HKAS 39 are determined and recognised at 1st April 2005; – HKAS 40 – since the Group has adopted the fair value model, there is no requirement for the Group to restate the comparative information, any adjustment should be made to the retained earnings as at 1st April 2005, including the reclassification of any amount held in revaluation surplus for investment property; – HKAS-Int 15 – does not require the recognition of incentives for leases beginning before 1st April 2005; – HKFRS 2 – only retrospective application for all equity instruments granted after 7th November 2002 and not vested at 1st April 2005; and – HKFRS 3 – prospectively after the adoption date. Johnson Electric Holdings Limited 111
NOTES TO THE ACCOUNTS 44. Effect of adopting new HKFRS (Cont’d) Effect of adopting HKAS 17, 19 (Amendment), 32, 39, 40 and HKFRS 2 on the Group’s condensed consolidated profit and loss account are as follows: 112 Johnson Electric Holdings Limited Year ended 31st March 2006 Amendment Year ended 31st March 2005 to HKAS 32 HKAS 1 HKAS 17 HKAS 19 & 39 HKAS 40 HKFRS 2 HKAS 1 HKAS 17 HKFRS 2 HKAS-Int 21 Decrease in cost of sales – – – 239 – – – – – – Increase in other gains, net (Increase) / decrease in selling – – – – 5,671 – – – – – and administrative expenses – 48 – 24 – 210 – 125 (544 ) – Effect of adopting HKAS 1, 17, 19 (Amendment), 32, 36, 38, 39, 40, HKFRS 2, 3 and HKAS-Int 21 on the Group’s condensed consolidated balance sheet are as follows: 31st March 2006 1st April 2005 31st March 2005 Amendment HKFRS 3, to HKAS 32 HKAS 36 HKAS- HKAS 1 HKAS 17 HKAS 19 & 39 HKAS 40 HKFRS 2 & 38 HKAS 1 HKAS 17 HKFRS 2 Int 21 Increase in intangibles – – – – – – 1,864 – – – – Decrease in employee benefit obligation – – (5,777 ) – – – – – – – – Decrease in properties, plant and equipment (17,202 ) (25,522 ) – – – – – (8,356 ) (28,092 ) – – Increase in investment properties 17,202 – – – – – – 8,356 – – – Increase in leasehold land – 25,355 – – – – – – 27,877 – – Increase in available-for-sale financial assets – – – 5,294 – – – – – – – Increase in trade and other receivables Increase in other financial assets through – – – 225 – – – – – – – profit or loss – – – 2,707 – – – – – – – Increase in bank loans and overdrafts Increase in derivative financial instruments – – – 225 – – – – – – – – Assets – – – 7,989 – – – – – – – – Liabilities – – – 579 – – – – – – – Increase in hedging reserve – – – 5,547 – – – – – – – Increase in deferred tax liability – – 1,058 1,177 – – – – – – 1,376 Increase in other reserve – – – 298 – – – – – – – Increase in share option reserve Decrease in investment properties – – – – – 681 – – – 891 – revaluation reserve – – – – (6,487 ) – – – – – (1,376 ) Increase / (decrease) in retained earnings – (167 ) 4,719 1,851 6,487 (681 ) 1,864 – (215 ) (891 ) –
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Annual Report 2006 Johnson Electric
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CORPORATE PROFILE CONTENTS 2 Johnso
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FINANCIAL HIGHLIGHTS FINANCIAL HIGH
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A MESSAGE FROM PATRICK WANG A MESSA
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A MESSAGE FROM PATRICK WANG The acq
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BUSINESS REVIEW AUTOMOTIVE MOTORS G
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BUSINESS REVIEW Power Tools Hand To
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BUSINESS REVIEW JOHNSON ELECTRIC CA
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FINANCIAL REVIEW FINANCIAL REVIEW O
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FINANCIAL REVIEW Group Turnover 18
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FINANCIAL REVIEW Other Gains Other
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FINANCIAL REVIEW Stocks and work in
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FINANCIAL REVIEW At the balance she
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CORPORATE GOVERNANCE REPORT CORPORA
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CORPORATE GOVERNANCE REPORT In addi
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CORPORATE GOVERNANCE REPORT INTERNA
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CORPORATE GOVERNANCE REPORT Neither
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REPORT OF THE DIRECTORS B SUBSTANTI
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REPORT OF THE DIRECTORS 5. Subscrip
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REPORT OF THE DIRECTORS Public Floa
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AUDITORS’ REPORT AUDITORS’ REPO
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CONSOLIDATED BALANCE SHEET (cont’
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CONSOLIDATED PROFIT AND LOSS ACCOUN
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Annual - Johnson Electric

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