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ANNUAL REPORT 2013
NOTES TO THE FINANCIAL STATEMENTS
MARCH 31, 2013
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued
INVESTMENTS IN JOINT VENTURES - continued
Upon disposal of a jointly controlled entity that results in the Group losing joint control over that jointly controlled
entity, any retained investment is measured at fair value at that date and the fair value is regarded as its fair
value on initial recognition as a financial asset in accordance with IAS 39. The difference between the previous
carrying amount of the jointly controlled entity attributable to the retained interest and its fair value is included in the
determination of the gain or loss on disposal of the jointly controlled entity. In addition, the Group accounts for all
amounts previously recognised in other comprehensive income in relation to that jointly controlled entity on the same
basis as would be required if that jointly controlled entity had directly disposed of the related assets or liabilities.
Therefore, if a gain or loss previously recognised in other comprehensive income by that jointly controlled entity
would be reclassified to profit or loss on the disposal of the related assets or liabilities, the Group reclassifies the
gain or loss from equity to profit or loss (as a reclassification adjustment) when it loses joint control over that jointly
controlled entity.
When a group entity transacts with its jointly controlled entity, profits and losses resulting from the transactions with
the jointly controlled entity are recognised in the Group’s financial statements only to the extent of interests in the
jointly controlled entity that are not related to the Group.
REVENUE RECOGNITION
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable
for goods and services provided in the normal course of business, net of discounts and sales related taxes.
Sale of goods
Revenue from the sale of goods is recognised when the goods are delivered and titles have passed, at which time
all of the following conditions are satisfied:
• the Group has transferred to the buyer the significant risks and rewards of ownership of the goods;
• the Group retains neither continuing managerial involvement to the degree usually associated with ownership
nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Group; and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.