SIGNIFICANT ACCOUNTING POLICIES. The interim financial statements are prepared by using the same accounting policies and methods of computation as were used for the financial statements for the year ended December 31, 2019, except the changes in accounting policies as follows.
SIGNIFICANT ACCOUNTING POLICIES. The Group prepared the interim financial statements with the same accounting policies and methods of computation as were used for the financial statements for the year ended December 31, 2020.
SIGNIFICANT ACCOUNTING POLICIES. The significant accounting policies used in preparing the interim financial statements are the same accounting policies used in the preparation of the annual financial statements for the year ended December 31, 2020.
SIGNIFICANT ACCOUNTING POLICIES. The significant accounting policies used in preparing the interim financial statements are the same accounting policies used in the preparation of the annual financial statements for the year ended December 31, 2019, except for the change in accounting policies according to the Company and its subsidiaries have adopted TFRS 9, Financial Instruments and group of financial reporting standards relate to financial instruments and TFRS 16 Leases which are effective on 1 January 2020, as follows:
SIGNIFICANT ACCOUNTING POLICIES. The financial statements of the CIDB have been prepared in accordance with International Accounting Standards under the historical cost convention. The significant accounting policies adopted by the Bank are as follows:
SIGNIFICANT ACCOUNTING POLICIES. The Company and its subsidiaries prepared the interim financial statements with the same accounting policies used in the preparation of the annual financial statements for the year ended December 31, 2018 except that the Company and its subsidiaries has adopted all the new and revised Thai Financial Reporting Standards (“TFRS”) that are effective for annual periods beginning on or after January 1, 2019.
SIGNIFICANT ACCOUNTING POLICIES. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results may differ from these estimates. The following summarizes the significant accounting policies of the Funds:
SIGNIFICANT ACCOUNTING POLICIES. Basis of preparation The financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The financial statements have been presented in US Dollars. The financial statements are prepared on a historical cost basis. Changes in accounting policies The accounting policies adopted are consistent with those of the previous financial year, except for the following amendments to IFRS effective as of 1 January 2014: • Recoverable Amount Disclosures for Non-Financial Assets – Amendments to IAS 36 • Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27) • Offsetting Financial Assets and Financial Liabilities - Amendments to IAS 32 • Novation of Derivatives and Continuation of Hedge Accounting – Amendments to IAS 39 The adoption of the above new standard and amendments to standards did not impact the financial position or performance of the Company. Income tax Taxes are accrued for in accordance with the Lebanese Income Tax Law. Cash and cash equivalents Cash and cash equivalents comprise of cash on hand and bank balances and short-term deposits with an original maturity of three months or less. Accounts payable and accruals Liabilities are recognized for amounts to be paid in the future for goods or services received, whether billed by the supplier or not. Accounts receivable Accounts receivable are stated at original invoice amount less a provision for any uncollectible amounts. An estimate for doubtful debts is made when collection of the full amount is no longer probable. Bad debts are written off when there is no possibility of recovery. COLONY CAPITAL (OFFSHORE) XXX NOTES TO THE FINANCIAL STATEMENTS 31 December 2014 3 SIGNIFICANT ACCOUNTING POLICIES (continued) Foreign currency transactions Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the statement of financial position date. All differences are taken to the statement of comprehensive income. Fair values The fair value of interest-bearing items is estimated based on discounted cash flows using interest rates for items with similar terms and risk characteristics. 4 GENERAL AND ADMINISTRATIVE EXPENSES 2014 US$ 2013 US$ Salaries and related benefits 73,259 — Office rent 55,001 — Professional fees 18,220 2,860 Tra...
SIGNIFICANT ACCOUNTING POLICIES a) Critical Accounting Judgments and Estimates The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting period. Actual outcomes could differ from these estimates. The financial statements include estimates which, by their nature, are uncertain. The impacts of such estimates are pervasive throughout the financial statements, and may require accounting adjustments based on future occurrences. Revisions to accounting estimates are recognized in the period in which the estimate is revised and may affect both the period of revision and future periods. HYDRO POWER TECHNOLOGIES INC. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEARS ENDED June 30, 2018 and 2017 (Expressed in Canadian dollars)
SIGNIFICANT ACCOUNTING POLICIES. Principles of Consolidation: The accompanying consolidated financial statements for the period ended December 31, 2009 include the accounts of the Company and its wholly owned subsidiaries The Digital Experience Limited (a Hong Kong corporation) and ASI Audio Technologies L.L.C. The Digital Experience Limited was disposed on November 11, 2009, accordingly, the subsidiary’s operating results for the period ending December 31, 2009 only reflect the indicated period and the balance sheet at December 31, 2009 does not include The Digital Experience Limited. All material inter-company accounts have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the combined financial statements and disclosures made in the accompanying notes. Actual results could differ from those estimates. Foreign currency translation The reporting currency is the U.S. dollar. The functional currency of the Company is the local currency, the Hong Kong Dollar (“HKD”). The financial statements of the Company are translated into United States dollars in accordance with Statement of Financial Accounts Standards (“SFAS”) No. 52 (ASC830), “Foreign Currency Translation”, using year-end rates of exchange for assets and liabilities, and average rates of exchange for the period for revenues, costs, and expenses and historical rates for the equity. Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining comprehensive income. At December 31, 2009 and 2008, the cumulative translation adjustment of $1,063 and $448, respectively, was classified as an item of other comprehensive income in the stockholders’ deficit section of the consolidated balance sheet. For the years ended December 31, 2009 and 2008, accumulated other comprehensive income (loss) was $615 and $448, respectively.
