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case it is charged to the revaluation surplus. Any subsequent increase in recoverable amount is recognised in the
income statement unless it reverses an impairment loss on a revalued asset in which case it is taken to
revaluation surplus.
(g) Maintenance and overhaul
Owned aircraft
The accounting for the cost of providing major airframe and certain engine maintenance checks for own aircraft
is described in the accounting policy for property, plant and equipment.
Leased aircraft
Where the Company has a commitment to maintain aircraft held under operating leases, provision is made
during the lease term for the rectification obligations contained within the lease agreements. The provisions are
based on estimated future costs of major airframe, certain engine maintenance checks and one-off costs incurred
at the end of the lease by making appropriate charges to the income statement calculated by reference to the
number of hours or cycles operated during the year.
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 > 103
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
(h) Leases
Finance leases
Leases of property, plant and equipment where the Group assumes substantially all the benefits and risks of
ownership are classified as finance leases.
Finance leases are capitalised at the estimated present value of the underlying lease payments at the date of
inception. Each lease payment is allocated between the liability and finance charges so as to achieve a periodic
constant rate of interest on the balance outstanding. The corresponding rental obligations, net of finance
charges, are included in payables. The interest element of the finance charge is charged to the income
statement over the lease period so as to produce a constant periodic rate of interest on the remaining balance of
the liability for each period.
Property, plant and equipment acquired under finance lease contracts are depreciated over the estimated useful
life of the asset, in accordance with the annual rates stated in Note 2(d) above. Where there is no reasonable
certainty that the ownership will be transferred to the Group, the asset is depreciated over the shorter of the
lease term and its useful life.
Operating leases
Leases of assets where significant portion of the risks and rewards of ownership are retained by the lessor are
classified as operating leases. Payments made under operating leases (net of incentives received from the lessor)
are charged to the income statement on a straight-line basis over the lease period.
Assets leased out by the Company under operating leases are included in property, plant and equipment in the
balance sheet. They are depreciated over their expected useful lives on a basis consistent with similar owned
property, plant and equipment. Rental income (net of any incentives given to lessees) is recognised on the
straight line basis over the lease term.
(i) Inventories
Inventories comprising spares and consumables used internally for repairs and maintenance are stated at the
lower of cost and net realisable value.
Cost is determined on the weighted average basis, and comprises the purchase price and incidentals incurred in
bringing the inventories to their present location and condition.
Net realisable value represents the estimated selling price in the ordinary course of business, less all estimated
costs to completion and applicable variable selling expenses. In arriving at net realisable value, due allowance is
made for all damaged, obsolete and slow-moving items.
(j) Receivables
Receivables are carried at invoiced amount less an allowance for doubtful debts based on general and specific
review of all outstanding amounts at the financial year end. Bad debts are written off during the financial year in
which they are identified.
104 > AIRASIA BERHAD > annual report 2007
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SCONT’DT
(k) Cash and cash equivalents
For the purpose of the cash flow statements, cash and cash equivalents comprise cash on hand, bank balances,
demand deposits, bank overdrafts and other short term, highly liquid investments with original maturities of three
months or less. Deposits held as pledged securities for term loans granted are not included as cash and cash
equivalents.
(l) Share capital
(i) Classification
Ordinary shares with discretionary dividends are classified as equity. Other shares are classified as equity
and/or liability according to the economic substance of the particular instrument.
Distributions to holders of a financial instrument classified as an equity instrument are charged directly to
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