2. Summary of significant accounting policies (cont’d)
2.25 Hedge accounting (cont’d)
(b) Cash flow hedges (cont’d)
If the forecast transaction or firm commitment is no longer expected to occur, the
cumulative gain or loss recognised in other comprehensive income are transferred
to profit or loss. If the hedging instrument expires or is sold, terminated or exercised
without replacement or rollover, or if its designation as a hedge is revoked, any
cumulative gain or loss previously recognised in other comprehensive income
remains in other comprehensive income until the forecast transaction occurs or firm
commitment affects profit or loss.
The Group uses forward currency contracts as hedges of its exposure to foreign
currency risk in its future anticipated income and expenditure. Refer to the Note
12(i) for more details.
2.26 Segment reporting
For management purposes, the Group is organised into operating segments based on
their products and services. The segment results are regularly reviewed by management
in order to allocate resources to the segments and to assess the segment performance.
Additional disclosures on each of these segments are shown in Note 36, including the
factors used to identify the reportable segments and the measurement basis of segment
information.
2.27 Share capital and share issuance expenses
Proceeds from issuance of ordinary shares are recognised as share capital in equity.
Incremental costs directly attributable to the issuance of ordinary shares are deducted
against share capital.
2.28 Treasury shares
The Group’s own equity instruments, which are reacquired (treasury shares) are
recognised at cost and deducted from equity. No gain or loss is recognised in profit or
loss on the purchase, sale, issue or cancellation of the Group’s own equity instruments.
Any difference between the carrying amount of treasury shares and the consideration
received, if reissued, is recognised directly in equity. Voting rights related to treasury
shares are nullified for the Group and no dividends are allocated to them respectively.
2.29 Contingencies
A contingent liability is:
(a)
a possible obligation that arises from past events and whose existence will be
confirmed only by the occurrence or non-occurrence of one or more uncertain
future events not wholly within the control of the Group; or
NOTES TO THE FINANCIAL
STATEMENTS
For the financial year ended 30 June 2015
ASL Marine Holdings Ltd. /Annual Report 2015
100
