57
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2014
2.
Significant accounting policies
(continued)
2.5 Property, plant and equipment
(continued)
(b)
Depreciation
(continued)
No depreciation is provided on construction-in-progress.
The residual values, estimated useful lives and depreciation method of property, plant and
equipment are reviewed, and adjusted as appropriate, at each balance sheet date. The effects
of any revision are recognised in profit or loss when the changes arise.
(c)
Subsequent expenditure
Subsequent expenditure relating to property, plant and equipment that has already been
recognised is added to the carrying amount of the asset only when it is probable that future
economic benefits associated with the item will flow to the entity and the cost of the item can
be measured reliably. All other repair and maintenance expenses are recognised in profit or
loss when incurred.
(d)
Disposal
On disposal of an item of property, plant and equipment, the difference between the disposal
proceeds and its carrying amount is recognised in profit or loss within ‘Other gains – net’.
2.6 Club memberships
Club memberships are stated at cost less impairment loss, if any.
2.7 Intangible assets
Goodwill on acquisitions
Goodwill on acquisitions of subsidiaries and businesses on or after 1 January 2010 represents the
excess of (a) the aggregate of the consideration transferred, the amount of any non-controlling
interest in the acquiree and the acquisition-date fair value of any previously-held equity interest in
the acquiree over (b) the fair value of the identifiable net assets acquired.
Goodwill on acquisition of subsidiaries and businesses prior to 1 January 2010 represents the
excess of the cost of the acquisition over the fair value of the Group’s share of the identifiable net
assets acquired.
Goodwill on joint venture is included in the carrying amount of the investment.
Goodwill on subsidiaries is recognised separately as intangible assets and carried at cost less
accumulated impairment losses.
Gains and losses on the disposal of subsidiaries and joint venture include the carrying amount of
goodwill relating to the entity sold.
