2 BASIS OF PREPARATION
(continued)
2.5 Changes in accounting policies
(continued)
Joint Arrangements
(continued)
The Group has re-evaluated the rights and obligations of the parties to these joint
arrangements and has determined that the parties in these joint arrangements have rights
to the net assets of the joint arrangements. Accordingly, these joint arrangements have
been reclassified as joint ventures under FRS 111 and are accounted for using the equity
method. The quantitative impact of the change is as follows:
Impact on Statement of Financial Position – Group
As at 1 January 2013
As at 31 December 2013
As
previously
reported
Joint
arrangements
As
restated
As
previously
reported
Joint
arrangements
As
restated
$’000
$’000
$’000
$’000
$’000
$’000
Non-current assets
Plant and equipment
2,085
(83)
2,002
3,249
(1,039)
2,210
Investment properties 8,191,800 (1,160,800) 7,031,000 8,799,400 (1,523,400) 7,276,000
Investment properties
under development
336,027
(336,027)
–
–
–
–
Associate and joint
ventures
227,476
769,971 997,447 275,455
810,356 1,085,811
Financial derivative
–
–
–
4,530
–
4,530
8,757,388
(726,939) 8,030,449 9,082,634
(714,083) 8,368,551
Current assets
Inventories
218
(218)
–
244
(244)
–
Development property
for sale
–
–
–
91,106
(91,106)
–
Trade and other
receivables
12,845
8,223 21,068
10,828
10,718 21,546
Cash and cash
equivalents
1,118,270
(10,116) 1,108,154 832,687
(2,826)
829,861
1,131,333
(2,111) 1,129,222 934,865
(83,458)
851,407
Total assets
9,888,721
(729,050) 9,159,671 10,017,499
(797,541) 9,219,958
Current liabilities
Financial derivative
–
–
–
5,132
–
5,132
Trade and other
payables
235,135
(24,019)
211,116 169,973
(28,373)
141,600
Current portion of
security deposits
54,017
(5,638)
48,379
45,225
(4,107)
41,118
Interest-bearing
borrowings
300,000
– 300,000 150,000
– 150,000
Convertible bonds
105,188
– 105,188 348,349
– 348,349
Provision for taxation
45
–
45
494
–
494
694,385
(29,657)
664,728 719,173
(32,480)
686,693
Leading with Confidence | 151
