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Notes to the

financial statements

for the year ended 30 September 2015


3.1. Changes in accounting policies and disclosures

The Company has adopted the following new and revised standards and interpretation for the first time for the current

year’s financial statements:

Amendments to HKFRSs

Annual Improvements to HKFRSs 2010-2012 Cycle

Amendments to HKFRSs

Annual Improvements to HKFRSs 2011-2013 Cycle

Amendments to HKFRS 10,

HKFRS 12 and HKAS 27 (2011)

Investment Entities

Amendments to HKAS 19

Defined Benefit Plans: Employee Contributions

Amendments to HKAS 32

Offsetting Financial Assets and Financial Liabilities

Amendments to HKAS 36

Recoverable Amount Disclosures for Non-Financial Assets

Amendments to HKAS 39

Novation of Derivatives and Continuation of Hedge Accounting

HK(IFRIC) - Int 21


The adoption of the new and revised HKFRSs in the

current year has had no material effect on the Company’s

financial performance and positions for the current year.

In addition, the requirements of Part 9, “Accounts and

Audit” of the Hong Kong Companies Ordinance (Cap.

622) came into effect for the first time, during the current

financial year. The main impact to the financial statements

is on the presentation and disclosure of certain

information in the financial statements.

3.2. Issued but not yet effective HKFRSs

The Company has not early applied any of the new and

revised HKFRSs that have been issued but are not yet

effective for the accounting year ended 30 September

2015, in these financial statements.

The Company is in the process of making an assessment

of the impact of these new and revised HKFRSs upon

initial application. So far, the Company considers these

new and revised HKFRSs are unlikely to have a significant

impact on the Company’s results of operations and

financial position.

4. Summary of significant accounting



A subsidiary is an entity (including a structured entity),

directly or indirectly, controlled by the Company. Control

is achieved when the Company is exposed, or has rights,

to variable returns from its involvement with the investee

and has the ability to affect those returns through its

power over the investee (i.e. existing rights that give the

Company the current ability to direct the relevant activities

of the investee).

When the Company has, directly or indirectly, less than

a majority of the voting or similar rights of an investee, the

Company considers all relevant facts and circumstances

in assessing whether it has power over an investee,


a. the contractual arrangement with the other vote

holders of the investee;

b. rights arising from other contractual arrangements;


c. the Company’s voting rights and potential voting


The results of subsidiaries are included in the Company’s

statement of profit or loss to the extent of dividends

received and receivable. The Company’s investments

in subsidiaries that are not classified as held for sale in

accordance with HKFRS 5 are stated at cost less any

impairment losses.

Fair value measurement

The Company measures its certain financial liability at fair

value at the end of each reporting period. Fair value is

the price that would be received to sell an asset or paid

to transfer a liability in an orderly transaction between

market participants at the measurement date.

All assets and liabilities for which fair value is measured

or disclosed in the financial statements are categorised

within the fair value hierarchy, described as follows, based

on the lowest level input that is significant to the fair value

measurement as a whole:

Level 1 – based on quoted prices (unadjusted) in active

markets for identical assets or liabilities

Level 2 – based on valuation techniques for which the

lowest level input that is significant to the fair value

measurement is observable, either directly or indirectly

Level 3 – based on valuation techniques for which the

lowest level input that is significant to the fair value

measurement is unobservable