Basis of preparation. 2.1 Basis for the preparation of interim financial statements These interim financial statements are prepared in accordance with Thai Accounting Standard No. 34 Interim Financial Reporting, with the Group choosing to present condensed interim financial statements. However, the Group has presented the statements of financial position, statement of comprehensive income, changes in shareholders' equity, and cash flows in the same format as that used for the annual financial statements. The interim financial statements are intended to provide information additional to that included in the latest annual financial statements. Accordingly, they focus on new activities, events and circumstances so as not to duplicate information previously reported. These interim financial statements should therefore be read in conjunction with the latest annual financial statements. The interim financial statements in Thai language are the official statutory financial statements of the Company. The interim financial statements in English language have been translated from the Thai language financial statements.
Basis of preparation. The financial statements of the Authority are prepared on the accrual basis under historical cost convention and are in accordance with International Accounting Standards. The reporting currency is Cayman Islands Dollars.
Basis of preparation. 1.1 Corporate information and going concern The Company’s condensed consolidated interim financial statements have been prepared on a going concern basis which assumes that the Company will continue operating until at least June 30, 2022 and will be able to realize its assets and discharge its liabilities in the normal course of operations as they come due. However, in order to continue as a going concern, the Company must generate sufficient operating cash flows, secure additional capital or otherwise pursue a strategic restructuring, refinancing or other transactions to provide it with additional liquidity. Several adverse conditions and material uncertainties cast significant doubt upon the Company’s ability to continue as a going concern and the going concern assumption used in the preparation of the Company’s condensed interim consolidated financial statements. The Company had a deficiency in assets of $70,592 as at June 30, 2021 as compared to a deficiency in assets of $76,237 as at December 31, 2020 while the working capital deficiency (excess current liabilities over current assets) was $35,338 as at June 30, 2021 as compared to a working capital deficiency of $217,607 as at December 31, 2020. Included in the working capital deficiency as at June 30, 2021 are significant obligations, mainly comprising of trade and other payables of $68,791, which includes the unpaid taxes of $24,069 that are repayable on demand to the MTA. The Company may not be able to settle all trade and other payables on a timely basis, and as a result, any continuing postponement in settling certain trade and other payables owed to suppliers and creditors may impact the mining operations of the Company and may result in potential lawsuits and/ or bankruptcy proceedings being filed against the Company. Except as disclosed elsewhere in these condensed consolidated interim financial statements, no such lawsuits or proceedings were pending as at August 13, 2021. There are significant uncertainties as to the outcomes of the above events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern and, therefore, the Company may be unable to realize its assets and discharge its liabilities in the normal course of business. Should the use of the going concern basis in preparation of the condensed consolidated interim financial statements be determined to be not appropriate, adjustments would have to be made to write down the carrying amounts o...
Basis of preparation. (Continued) IC Interpretation 20 is not applicable to the Group and the Bank as it is not relevant to the Group's operations. Government Loans (Amendments to MFRS 1) has no financial impact to the Group and the Bank as the Group and the Bank do not hold any government grants or receive any government assistance. The adoption of all the other MFRSs and amendments to MFRSs did not have any financial impact to the Group and the Bank. With effect from 1 January 2013, the Group and the Bank have adopted the Bank Negara Malaysia's Capital Adequacy Framework (Capital Components and Basel II - Risk-weighted Assets) ("the Framework") issued on 28 November 2012. This Framework outlines the general requirements on regulatory capital adequacy ratios, the components of eligible regulatory capital as well as the levels of those ratios at which banking institutions are required to operate. The Framework has been developed based on internationally agreed standards on capital adequacy promulgated by the Basel Committee on Banking Supervision. Under the Framework, the minimum capital adequacy ratios are progressively increased from 1 January 2013 to 1 January 2019, and includes a phased introduction of a new capital conservation buffer of 2.5%. Additional capital requirements, including a new counter-cyclical buffer ranging from 0% to 2.5% will be detailed out at a later stage. On 28 June 2013, Bank Negara Malaysia issued policy documents on Financial Reporting and Financial Reporting for Islamic Banking Institutions (“Policy Documents”) to replace the Guidelines on Financial Reporting for Banking Institutions and Guidelines on Financial Reporting for Islamic Banking Institutions (BNM/GP8-i) respectively. The Policy Documents set minimum expectations for the application of the MFRSs and aim to ensure adequate disclosures in the financial statements of banking institutions. The Bank and the Domestic banking subsidiaries of the Group have adopted the Policy Documents with effect from 30 June 2013. There is no financial impact from the adoption of the Policy Documents. Since the adoption of the Policy Documents only affect disclosures in the financial statements, there is no impact on the financial results of the Group and the Bank. The following MFRSs and Amendments to MFRSs have been issued by the MASB but are not yet effective to the Group and the Bank: Effective for annual periods commencing on or after 1 January 2014 Offsetting Financial Assets and Financial Liabilities (...
Basis of preparation. The forecast financial statements have been prepared in accordance with International Accounting Standards (IASs) using the accrual basis of accounting. The measurement base applied is historical cost adjusted for revaluations of certain assets. The forecast financial statements have been prepared on a going concern basis and the accounting policies have been applied consistently.
Basis of preparation. The Accounts have been prepared:
Basis of preparation. (continued) The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and further periods if the review affects both current and future periods.
Basis of preparation. The financial statements of the Authority are prepared in accordance with International Financial Reporting Standards, on the accrual basis under historical cost convention. Foreign Currency The reporting currency is Cayman Islands Dollars. Foreign currency transactions are recorded at the exchange rates prevailing on the date of the transactions. Gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income. Assets and liabilities are translated at the exchange rate in effect at the date of these financial statements Use of Estimates. The preparation of financial statements, in conformity with IFRS, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Basis of preparation. The Completion Accounts shall:
Basis of preparation. The annual financial statements of Sovello AG (“Sovello” or “the Company”) were prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and in effect at the reporting date, applying the Interpretations of the International Financial Reporting Interpretations Committee (IFRIC) and the former Standing Interpretations Committee (SIC). These annual financial statements were prepared on a voluntary basis. References to the IFRSs in these notes are to be understood as references to the IFRSs and the International Accounting Standards (IASs) still in effect. The following standards and Interpretations were required to be applied by Sovello for the first time in 2009: Amendments to IAS 1 (2007) Presentation of financial statements: A revised presentation Amendments to IAS 23 Borrowing costs Amendments to IFRS 7 Improving disclosures about financial instruments Various standards Improvements to IFRSs (May 2008). The adoption of the amended IAS 1 affects the presentation of financial statements, particularly regarding the presentation of components of profit or loss and of other comprehensive income in the Statement of comprehensive income. With adoption of the amended IAS 23 the IASB declared the alternative acceptable method of capitalization of external capital costs as the only permitted method of accounting for external capital costs in connection with qualified assets. Since Sovello used this alternative acceptable method prior to the amendment of IAS 23, the adoption did not have an effect on the financial statements of the Company. The initial application of other amendments had no material effect on the annual financial statements with regard to the Company’s financial position, cash flows and liquidity or results of operations. Annex 1.5 / 1 The following standards and interpretations were also required to be applied for the first time in the business year 2009. However, they did not have an impact on the financial statements of the Company: IFRS 1 (revised) First-time adoption of IFRSs Amendments to IAS 32 and IAS 1 Puttable financial instruments and obligations arising on liquidation Amendments to IFRS 1 and IAS 27 Cost of an investment in a subsidiary, jointly-controlled entity or associate Amendments to IFRS 2 (2008) Share-based payment: vesting conditions and cancellations IFRS 8 Operating segments Amendments to IFRIC 9 and IAS 39 Embedded derivatives IFRIC 12 Ser...
