Derecognition. A financial asset is derecognised when the Civil Aviation Authority realises the rights to the benefits specified in the contract or loses control over any right that comprise that asset. A financial liability is derecognised when it is extinguished, that is when the obligation is discharged, cancelled, or expires.
Derecognition. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derecognition. A financial asset is derecognised when the Civil Aviation Authority realises the rights to the benefits specified in the contract or loses control over any right that comprise that asset. A financial liability is derecognised when it is extinguished, that is when the obligation is discharged, cancelled, or expires. Measurement: Financial instruments are measured initially at cost, which is the fair value of the consideration given or received. Subsequent to initial recognition all financial assets are measured at their estimated fair value. Financial liabilities are subsequently measured at amortized cost, being the amount at which the liability was initially recognized less any principal repayments plus any amortization (accrued interest) of the difference between that initial amount and the maturity amount. FORECAST OPERATING STATEMENT FOR THE YEAR ENDING 30 JUNE 2009 Revenue Note 2008/9 Budget 2007/8 Forecast Operations 1 23,571,474 23,210,474 Interest 200,000 200,000 Total Operating Revenue 23,771,474 23,410,474 Operating Expenses Personnel 6,760,000 6,213,000 Depreciation 4 2,700,000 2,600,000 Supplies and consumables 10,202,470 9,965,420 Total Operating Expenses 19,662,470 18,778,420 Surplus/Deficit from Operating Activities 4,109,004 4,605,054 Gain/(Losses) on foreign exchange 20,000 20,054 Financing Expense 4,000,000 500,000 Total Non-Operating Revenue and Expenses 4,020,000 520,054 Surplus/Deficit from Ordinary Activities 89,004 4,085,000 Extraordinary Items - - Net Surplus/Deficit after Extraordinary Items 89,004 4,085,000 FORECAST STATEMENT OF CHANGES IN NET WORTH FOR THE YEAR ENDING 30 JUNE 2009 Budget 2008/9 Budget 2007/8 Forecast Opening balance net worth 48,168,000 44,083,000 Surplus 89,004 4,085,000 Net revaluations during the period - - Total recognised revenues and expenses 48,257,004 48,168,000 Distribution of surplus - - Capital withdrawl - - Closing balance net worth 48,257,004 48,168,000 FORECAST BALANCE SHEET AS AT 30 JUNE 2009 Note 2008/9 Budget 2007/8 Forecast Current Assets Cash and cash equivalents 2 68,802,000 13,802,000 Accounts receivable 8,716,000 11,197,000 Other Current assets 4,270,004 0 Total Current Assets 81,788,004 24,999,000 Long-term Assets Fixed Assets 4 54,414,000 34,114,000 TOTAL ASSETS 136,202,004 59,113,000 Current Liabilities Accounts payable and accruals 3,784,000 2,049,000 Other Current liabilities 735,000 1,735,000 Total Current Liabilities 4,519,000 3,784,000 Long-term Liabilities Long-term debt 80,982,000 ...
Derecognition. Financial assets are derecognised when the rights to receive cash flows from the assets expire or, the financial assets are transferred and the Group has transferred substantially all the risks and rewards of ownership of the financial assets. On derecognition of a financial asset, the difference between the asset’s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognised in other comprehensive income is recognised in profit or loss. Financial liabilities are derecognised when the obligation specified in the relevant contract is discharged, cancelled or expires. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss. 98 Fortune Real Estate Investment Trust Notes to the Financial Statements (continued) For the year ended 31 December 2010 3 Significant Accounting Policies (continued)
Derecognition. A financial asset is derecognised where the contractual right to receive cash flows from the asset has expired. On derecognition of a financial asset in its entirety, the difference between the carrying amount and the sum of the consideration received and any cumulative gain or loss that has been recognised in other comprehensive income is recognised in the profit for the period. All regular way purchases and sales of financial assets are recognised or derecognised on the trade date i.e. the date that the Group commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace concerned.
Derecognition. A financial asset is derecognised when the Cayman Islands Airport Authority realises the rights to the benefits specified in the contract or loses control over any right that comprise that asset. A financial liability is derecognised when it is extinguished, that is when the obligation is discharged, cancelled, or expires.
Derecognition. The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. On derecognition of a financial asset, the difference between the asset’s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognised in other comprehensive income and accumulated in equity is recognised in profit or loss. The Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss.
Derecognition. An item of property, plant and equipment is derecognised upon disposal or when no further future economic benefits or service potential are expected from its use or disposal. Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These are included in surplus or deficit. Upon disposal or derecognition, any revaluation reserve relating to the particular asset being sold is transferred to accumulated comprehensive revenue and expense.
Derecognition. The Company derecognizes a financial asset only when the contractual rights to the cash flows from the asset expires or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset. Financial liabilities Recognition and measurement Financial liabilities are classified, at initial recognition, as either 'Financial liabilities at fair value through profit or
Derecognition. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the Statement of Profit and Loss. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the Balance Sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
