Page 151 - Hang Lung Group 2012 Annual Report

2 PRINCIPAL ACCOUNTING POLICIES (Continued)
(f) Properties (Continued)
3. Completed properties for sale
Completed properties for sale are classified under current assets and
stated at the lower of cost and net realizable value. Cost is determined
by apportionment of the total development costs, including borrowing
costs capitalized, attributable to unsold properties. Net realizable value
represents the estimated selling price as determined by reference to
management estimates based on prevailing market conditions, less
costs to be incurred in selling the property.
(g) Other fixed assets
1. Other fixed assets are stated at cost less accumulated depreciation
and any impairment losses (note 2(j)). Gains or losses arising from
the retirement or disposal of an item of other fixed assets are
determined as the difference between the net disposal proceeds
and the carrying amount of the item and are recognized in profit
or loss on the date of retirement or disposal.
2. Leased assets
An arrangement, comprising a transaction or a series of transactions,
is or contains a lease if the Group determines that the arrangement
conveys a right to use a specific asset or assets for an agreed period
of time in return for a payment or a series of payments. Such a
determination is made based on an evaluation of the substance of the
arrangement and is regardless of whether the arrangement takes the
legal form of a lease.
(i) Classification of assets leased to the Group
The classification is determined based on an evaluation of the substance
of the arrangement and is regardless of whether the arrangement takes
the legal form of a lease. Leases of assets under which the lessee
assumes substantially all the risks and benefits of ownership are
classified as finance leases. Leases of assets under which the lessor
has not transferred all the risks and benefits of ownership are classified
as operating leases, with the following exceptions:
– property held under operating leases that would otherwise
meet the definition of an investment property is classified as
an investment property on a property-by-property basis and is
accounted for as if held under a finance lease; and
2 主要會計政策（續）
(f) 物業（續）
3. 待售已建成物業
待售已建成物業皆列入流動資產內，並以
成本值及可變現淨值之較低者入賬。成本
乃按未出售單位應佔之比例攤分總發展成
本，包括資本化借貸成本而釐定。可變現
淨值指管理層參照目前市況而釐定之估計
物業售價減出售物業涉及之費用。
(g) 其他固定資產
1. 其他固定資產按成本值減累計折舊及
任何減值虧損列賬（附註 2(j)）。報廢或
處置固定資產所產生的損益以處置所
得款項淨額與資產賬面金額之間的差
額釐定，並於報廢或處置日在損益中
確認。
2. 租賃資產
本集團確定協議具有在協定期限內通過支
付一筆或一系列款項而使用某一特定資產
或多項資產之權利，則該協議（由一宗交易
或一系列交易組成）為租賃或包括租賃。該
釐定乃根據安排之內容評估而作出，而無
論安排是否具備租賃之法律形式。
(i) 租予本集團之資產分類
分類乃評估有關安排的實質內容後釐定，
而不論有關安排是否具備租約的法律形
式。由承租人承擔資產擁有權之絕大部份
風險及利益之資產租約均列為融資租約，
而租賃人未有把資產擁有權之全部風險及
利益轉移之資產租約則列為營業租約，但
下列情況除外：
— 以營業租約持有但在其他方面均符合
投資物業定義之物業會逐項劃歸為投
資物業，其入賬方式會如同以融資租
約持有一致；及
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