76
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the
revision and future periods if the revision affects both current and future periods.
Critical judgements in applying the Group’s accounting policies
The management is of the view that there are no critical judgement involved that will have a significant effect on the
amounts recognised in the financial statements other than those involving estimations below.
Key sources of estimation of uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting
period, that have a significant risk of causing a material adjustment to the financial statements within the next financial
year, are discussed below:
Useful lives of property, plant and equipment
As described in Note 2, the Group reviews the estimated useful lives of property, plant and equipment at the end of each
annual reporting period. During the financial year, the management determined that the useful lives of property, plant and
equipment are appropriate and no revision is required.
Impairment of property, plant and equipment
The Group assesses annually whether property, plant and equipment have any indication of impairment in accordance
with their accounting policy. Where there is indication of impairment, the recoverable amounts of property, plant and
equipment would be determined based on the higher of fair value less costs to sell and value-in-use calculations. These
value-in-use calculations require the use of judgements and estimates.
Please refer to Note 14 for the carrying amount of the Group’s and the Co-operative’s property, plant and equipment at
the reporting period.
NOTES TO FINANCIAL STATEMENTS
March 31, 2013
3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (cont’d)
