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appropriate adjustments are made to the financial statements of the associates to ensure consistency of
accounting policies with those of the Group.
(c) Goodwill
Goodwill represents the excess of the cost of acquisition of subsidiaries, jointly controlled entities and associates
over the Group’s share of the fair value of the identifiable net assets including contingent liabilities of subsidiaries,
jointly controlled entities and associates at the date of acquisition.
Goodwill is carried at cost less accumulated impairment losses. Goodwill is tested for impairment at least annually,
or when events or circumstances occur indicating that an impairment may exist. Impairment of goodwill is
charged to the consolidated income statement as and when it arises. Impairment losses on goodwill are not
reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the
entity disposed.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. Each cash-generating unit or
a group of cash-generating units represents the lowest level within the Group at which goodwill is monitored for
internal management purposes and which are expected to benefit from the synergies of the combination.
Goodwill on acquisition of jointly controlled entities and associates is included in the investments in jointly
controlled entities and associates respectively. Such goodwill is tested for impairment as part of the overall
investment amount.
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 > 101
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
(d) Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses.
Depreciation is calculated using the straight-line method to write-off the cost of the assets to their residual values
over their estimated useful lives. The useful lives for this purpose are:
Aircraft
– engine 7 – 25 years
– airframe 7 – 25 years
– service potential 7 – 13 years
Aircraft spares 10 years
Aircraft fixtures and fittings Useful life or, remaining lease
term of aircrafts, whichever is shorter
Buildings 25 – 50 years
Motor vehicles 5 years
Office equipment, furniture and fittings 5 years
Office renovation 5 years
Simulator equipment 25 years
Operating plant and ground equipment 5 years
Kitchen equipment 5 years
Residual values, where applicable, are reviewed annually against prevailing market rates at the balance sheet date
for equivalent aged assets and depreciation rates are adjusted accordingly on a prospective basis. The estimated
residual value for aircraft airframes and engines is 10% of their cost.
Assets not yet in operation are stated at cost and are not depreciated until the assets are ready for their intended
use.
An element of the cost of an acquired aircraft is attributed on acquisition to its service potential reflecting the
maintenance condition of its engines and airframe. This cost, which can equate to a substantial element of the
total aircraft cost, is amortised over the shorter of the period to the next checks or the remaining life of the
aircraft.
The cost of subsequent major airframe and engine maintenance checks as well as upgrades to leased assets are
capitalised and amortised over the shorter of the period to the next check or the remaining life of the aircraft.
At each balance sheet date, the Group assesses whether there is any indication of impairment. If such an
indication exists, an analysis is performed to assess whether the carrying amount of the asset is fully recoverable.
A write down is made if the carrying amount exceeds the recoverable amount. See accounting policy Note 2(f )
on impairment of assets.
Gains and losses on disposals are determined by comparing proceeds with carrying amount and are included in
profit/(loss) from operations.
Advance payments and option payments made in respect of aircraft purchase commitments and options to
acquire aircraft where the balance is expected to be funded by mortgage financing are recorded at cost. On
acquisition of the related aircraft, these payments are included as part of the cost of aircraft and are depreciated
from that date. Where the balance of payment is expected to be funded by lease financing, the advance
payments are classified as deposits.
102 > AIRASIA BERHAD > annual report 2007
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SCONT’DT
(e) Investments
Investments in subsidiaries, jointly controlled entities and associates are stated at cost less accumulated
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AirAsia Berhad annual report 2007 FINANCIAL STATEMENTS(10)
