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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.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by
definition, rarely equal the related actual results. To enhance the information content of the estimates, certain key
variables that are anticipated to have material impact to the Group’s results and financial position are tested for
sensitivity to changes in the underlying parameters. The estimates and assumptions that have a significant risk of
causing a material adjustment to the carrying amounts of assets and liabilities within the next year are mentioned
below.
(i) Estimated useful lives and residual values of property, plant and equipment
The Group reviews annually the estimated useful lives and residual values of property, plant and equipment
based on factors such as business plan and strategies, expected level of usage, future technological developments
and market prices.
Future results of operations could be materially affected by changes in these estimates brought about by changes
in the factors mentioned. A reduction in the estimated useful lives and residual values of property, plant and
equipment in particular the residual value of aircraft frames and engines, would increase the recorded
depreciation and decrease the property, plant and equipment.
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 > 109
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)
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS SCONT’DT
(ii) Taxation
(a) Income taxes
The Group is subject to income tax in numerous jurisdictions. Judgement is involved in determining the
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