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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
equity.
(ii) Share issue costs
Incremental external costs directly attributable to the issuance of new shares or options are shown in equity
as a deduction, net of tax, from the proceeds.
(iii) Dividends to shareholders of the Company
Dividends are recognised as a liability in the period in which they are declared.
(m) Borrowings
Borrowings are initially recognised based on the proceeds received, net of transaction costs incurred. The finance
costs which represent the difference between the net proceeds and the total amount of the payments of these
borrowings are allocated to periods over the term of the borrowings at a constant rate on the carrying amount
and are charged to the income statement.
Interest, dividends, losses and gains relating to a financial instrument, or a component part, classified as a liability
is reported within finance cost in the income statement.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of
the liability for at least twelve months after the balance sheet date.
(n) Income taxes
Current tax expense is determined according to the tax laws of each jurisdiction in which the Group operates
and include all taxes based upon the taxable profits, including withholding taxes payable by foreign subsidiaries,
jointly controlled entities or associates on distributions of retained earnings to companies in the Group, and real
property gains taxes payable on disposal of properties.
Deferred tax is recognised in full, using the liability method, on temporary differences arising between the
amounts attributed to assets and liabilities for tax purposes and their carrying amounts in the financial
statements.
Deferred tax assets are recognised for the carryforward of unused tax losses and tax credits (including Investment
tax allowances) to the extent that it is probable that taxable profit will be available against which the unutilised
tax losses and unused tax credits can be utilised.
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 > 105
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
(n) Income taxes (cont’d)
Deferred tax is recognised on temporary differences arising on investments in subsidiaries, jointly controlled
entities and associates except where the timing of the reversal of the temporary difference can be controlled and
it is probable that the temporary difference will not reverse in the foreseeable future.
The Group’s share of income taxes of jointly controlled entities and associates are included in the Group’s share of
results of jointly controlled entities and associates.
Deferred tax is determined using tax rates (and tax laws) that have been enacted or substantially enacted by the
balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax
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AirAsia Berhad annual report 2007 FINANCIAL STATEMENTS(12)
