曝光臺 注意防騙 網曝天貓店富美金盛家居專營店坑蒙拐騙欺詐消費者

The Group recognises separately the contingent liabilities of the acquirees as part of allocating the cost of a
business combination where their fair values can be measured reliably. Where the fair values cannot be measured
reliably, the resulting effect will be reflected in the goodwill arising from the acquisitions.
Subsequent to the initial recognition, the Group measures the contingent liabilities that are recognised separately
at the date of acquisition at the higher of the amount that would be recognised in accordance with the
provisions of FRS 137 ‘Provisions, Contingent Liabilities and Contingent Assets’ and the amount initially recognised
less, when appropriate, cumulative amortisation recognised in accordance with FRS 118 ‘Revenue’.
NOT E S TO T H E F I N A N C I A L S TAT EME N T S 30 June 2007 (cont’d)
AIRASIA BERHAD > annual report 2007 > 107
NOT E S TO T H E F I N A N C I A L S TAT EME N T S 30 June 2007 (cont’d)
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SCONT’DT
(s) Financial instruments
(i) Description
A financial instrument is any contract that gives rise to both a financial asset of one enterprise and a
financial liability or equity instrument of another enterprise.
A financial asset is any asset that is cash, a contractual right to receive cash or another financial asset from
another enterprise, a contractual right to exchange financial instruments with another enterprise under
conditions that are potentially favourable, or an equity instrument of another enterprise.
A financial liability is any liability that is a contractual obligation to deliver cash or another financial asset to
another enterprise, or to exchange financial instruments with another enterprise under conditions that are
potentially unfavourable.
(ii) Financial instruments recognised on the balance sheet
The particular recognition and measurement method for financial instruments recognised on the balance
sheet is disclosed in the individual accounting policy note associated with each item.
(iii) Financial instruments not recognised on the balance sheet
The Group is a party to financial instruments that comprise forward fuel contracts, foreign currency forward
contracts and interest rate swap contracts.
These instruments are not recognised in the financial statements on inception.
Fuel option contracts
The Group is a party to contracts to protect the Group from volatile movements in fuel prices. Gains and
losses arising from fuel options contracts are recognised in the income statement only upon delivery of fuel.
Foreign currency forward contracts
The Group enters into foreign currency forward contracts to protect the Group from movements in
exchange rates by establishing the rate at which a foreign currency asset or liability will be settled.
Exchange gains and losses on such contracts are recognised in the income statement when settled.
Interest rate swap contracts
The Group enters into interest rate swap contracts to protect the Group from any differential to be paid or
received on an interest rate swap contract, which is recognised as a component of interest income or
expense over the period of the contract. Gains and losses on early termination of interest rate swaps or on
repayment of the borrowing are taken to the income statement.
108 > AIRASIA BERHAD > annual report 2007
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SCONT’DT
(s) Financial instruments (cont’d)
(iv) Fair value estimation for disclosure purposes
The fair value of publicly traded derivatives and securities is based on quoted market prices at the balance
sheet date. The fair value of interest rate swaps is calculated as the present value of the estimated future
cash flows. The fair value of foreign exchange forward and fuel option contracts is determined using
forward exchange market rates at the balance sheet date.
In assessing the fair value of other derivatives and financial instruments, the Group uses a variety of methods
and makes assumptions that are based on market conditions existing at each balance sheet date. In
particular, the fair value of financial liabilities is estimated by discounting the future contractual cash flows at
the current market interest rate available to the Group for similar financial instruments.
The face values, less any estimated credit adjustments, for financial assets and liabilities with a maturity
period of less than one year are assumed to approximate their fair values.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
Estimates and judgements are continually evaluated by the Directors and are based on historical experience and other
factors, including expectations of future events that are believed to be reasonable under the circumstances.
　
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