Page 160 - Hang Lung Group 2012 Annual Report

2 PRINCIPAL ACCOUNTING POLICIES (Continued)
(r) Taxation (Continued)
When investment properties and investment properties under development
are carried at their fair value in accordance with the accounting policy set
out in note 2(f)(1), the amount of deferred tax recognized is measured using
the tax rates that would apply on sale of those assets at their carrying value
at the end of the reporting period unless the property is depreciable and is
held within a business model whose objective is to consume substantially
all of the economic benefits embodied in the property over time, rather than
through sale. In all other cases, the amount of deferred tax recognized is
measured based on the expected manner of realization or settlement of
the carrying amount of the assets and liabilities, using tax rates enacted
or substantively enacted at the end of the reporting period. Deferred tax
assets and liabilities are not discounted.
The carrying amount of a deferred tax asset is reviewed at the end of
each reporting period and is reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow the related
tax benefit to be utilized. Any such reduction is reversed to the extent that
it becomes probable that sufficient taxable profits will be available.
Additional income taxes that arise from the distribution of dividends are
recognized when the liability to pay the related dividends is recognized.
(s) Translation of foreign currencies
Items included in the financial statements of each entity in the Group
are measured using the currency that best reflects the economic
substance of the underlying events and circumstances relevant to the
entity (“functional currency”). The financial statements of the Group are
presented in Hong Kong dollars.
Foreign currency transactions during the year are translated at the
foreign exchange rates ruling at the transaction dates. Monetary
assets and liabilities denominated in foreign currencies are translated
at the foreign exchange rates ruling at the end of the reporting period.
Exchange gains and losses are recognized in profit or loss.
Non-monetary assets and liabilities that are measured in terms of
historical cost in a foreign currency are translated using the foreign
exchange rate ruling at the transaction dates. Non-monetary assets
and liabilities denominated in foreign currencies that are stated at fair
values are translated using the foreign exchange rates ruling at the
dates the fair value was determined.
2 主要會計政策（續）
(r) 稅項（續）
當投資物業及發展中投資物業根據附註 2(f)
(1) 所載按公平價值列賬，除該物業是可折
舊及以一個商業模式所持有，而此模式並
非透過出售形式而使用該物業所包含的大
部份經濟利益，按投資物業之賬面值出售
時所產生之稅項負債，計算其投資物業之
任何遞延稅項。在其他情況下，確認遞延
稅項的金額是根據該項資產及負債的賬面
值之預期變現或償還方式，按在結算日已
生效或實質上已生效的稅率計算。遞延稅
項資產及負債均不貼現計算。
本集團於各結算日重新審閱遞延稅項資產
的賬面值，對預期不再可能有足夠應課稅溢
利以實現相關稅務利益的遞延稅項資產予
以扣減。若日後可能出現足夠的應課稅溢
利時，則有關扣減予以轉回。
因宣派股息所產生的額外所得稅於支付有
關股息的責任確立時確認。
(s) 外幣換算
在本集團各公司之財務報表中之項目乃以
最能反映與該公司相關的實質經濟狀況及
事務之貨幣（「功能貨幣」）計算。本集團財
務報表乃以港幣列報。
年內之外幣交易按交易日之匯率換算。以
外幣計值的貨幣資產及負債則按結算日
之匯率換算。匯兌收益及虧損均於損益
確認。
外幣結餘之以歷史成本值列賬的非貨幣性
資產及負債是按交易當日之兌換率折算。
外幣結餘之以公平值列賬的非貨幣性資產
及負債是按計算當日公平值之兌換率折算。
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