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The principal accounting policies adopted in the preparation of these Company and consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.The Group has adopted the following new standards and amendments to standards, including any consequential amendments to other standards, with a date of initial application of 1 January 2014.

  • Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27)
  • Offsetting Financial Assets and Financial Liabilities (Amendments to IAS 32)
  • Recoverable Amount Disclosures for Non-Financial Assets (Amendments to IAS 36)The only changes arising from adoption of these standards are in relation to expanding the disclosures in the financial statements.

Statement of compliance

The Company and consolidated financial statements are general purpose financial statements which have been prepared in accordance with International Financial Reporting Standards(IFRSs) adopted by the International Accounting Standards Board and the Companies Act 1983.

Basis of accounting

The financial statements have been prepared under the historical cost basis, as modified by the revaluation of available-for-sale financial assets and certain other financial assets at fair value.Despite the deficiency in net current assets of $35,846,000 (2014: $13,298,000) in the Company, the financial statements have been prepared on a going concern basis, which contemplates that the Company will be able to pay its debts as and when they fall due. The directors believe that this basis is appropriate as the Company has the ability to upstream dividends from its subsidiary companies, there are currently undrawn banking facilities totaling $3,000,000 available, and an amount of $14,315,000 is due to related parties which the directors believe is capable of being renegotiated as to payment date. The Company also has a positive cash flows from operating activities and can call upon related party receivables of $12,437,000 (classified as non-current due to management’s expectation of realization) when the need arises.The Group net current asset deficiency of $12,585,000 (2014: $16,464,000) is due to short term fixed term deposits totaling $56,516,000 (2014: $72,847,000) in respect of Merchant Finance & Investment Company Limited which the directors expect will be rolled over at maturity.

Standards, amendments and interpretations issued but not yet effective

The following standards, amendments and interpretations to existing standards have been published and are mandatory for accounting periods beginning after 1 July 2014 which are relevant to the Group, but the Group does not plan to early adopt them. The impact of these standards and interpretations on the financial statements of the Company and the Group has not yet been fully determined.

Standard/ Interpretation Content Applicable for financial yearsbeginning on/ after
IFRS 9 Financial Instruments IFRS 9, published in July 2014 replaces The existing guidance in IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 includes revised guidance on the classification and measurement of financial instruments, including a new expected credit loss model for calculating impairment on financial assets, and the new general hedge accounting requirements. It also carried forward the guidance on recognition and derecognition of financial instruments from IAS 39. 01-Jan-18
IFRS 15 Revenue from Contracts With Customers IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognised. It replaces existing revenue recognition guidance, including IAS 18 Revenue, IAS 11 Construction Contracts and IFRIC 13 Customer Loyalty Programmes. 01-Jan-18

Use of estimates and judgments

The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

Information about significant areas of estimation uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements are included in the following notes:

Note 2.3 – Acquisitions
Note 2.8.3 – Provision for impairment
Note 2.9 – Property, plant and equipment impairment
Note 2.10 – Investment properties impairment
Note 2.14 – Intangible assets impairment
Note 2.8 – Available for sale financial assets

Principles of consolidation

(i) Subsidiaries

Subsidiaries are all those entities over which the group has control. The Group controls an entity when it is exposed to, or has rights to,variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases.

The acquisition method of accounting is used to account for the acquisition of subsidiaries by the group. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest. The excess of the cost of acquisition over the fair value of the group’s share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the statements of profit or loss and other comprehensive income. Transaction costs, other than those associated with the issue of debt or equity securities that the Group incurs in connection with a business combination are expensed as incurred.

Intra-group transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealised losses on these transactions are also eliminated.

(ii) Transactions and non-controlling interests

The group applies a policy of treating transactions with non-controlling interests as transactions with parties external to the group. Disposals to non-controlling interests result in gains and losses for the group and are recorded in the statements of profit or loss and other comprehensive income. Purchases from non-controlling interests, being the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary, is recorded directly in equity.

(iii) Interests in equity accounted investees

Associates are those entities over which the group has significant influence but not control over the financial and operating policies. Significant influence is presumed to exist when the group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting and are initially recognized at cost which includes transaction costs.

The group’s share of its associates’ post-acquisition profits or losses is recognized in the statements of profit or loss and other comprehensive income, and its share of post-acquisition movements in reserves is recognized in reserves. The cumulative post acquisition movements are adjusted against the carrying amount of the investment. When the group’s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the associate.

Unrealised gains on transactions between the group and its associates are eliminated to the extent of the group’s interest in the associates.

Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Dilution gains and losses arising on investments in associates are recognized in the statements of profit or loss and other comprehensive income.

Foreign currency

(a) Functional and presentation currency

Items included in the financial statements of each of the group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in Fijian Dollars, which is the Company’s and the Group’s functional and presentation currency.

(b) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statements of profit or loss and other comprehensive income.

Foreign operations

The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisitions, are translated to the functional currency at exchange rates at the reporting date. The income and expenses of foreign operations are translated to Fijian dollars at exchange rates at the dates of the transactions.

Foreign currency differences are recognized in other comprehensive income and presented in the foreign currency translation reserve in equity. If the foreign operation is a non-wholly-owned subsidiary, then the relevant proportion of the translation difference is allocated to the non-controlling interests.

Segment information

A business segment is a group of assets and operations engaged in providing products or services that are subject to risks and returns that are different from those of other business segments. A geographical segment is engaged in providing products or services within a particular economic environment that are subject to risks and returns that are different from those of segments operating in other economic environments.

Reportable Segments Operations
Construction Sales of cement, concrete and concrete products
Property Owners and administrators of properties, and rental of property
Finance Asset and loan financing, and acceptance of term deposits
Tourism Provision of sea transportation services and boat charters
Media Television and communications
Retail Retailing and wholesaling of general merchandise
Investment Equity investments

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits with maturities of three months or less from the acquisition date. For the purposes of the statements of cash flows, cash and cash equivalents comprise cash on hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are included within borrowings in current liabilities on the balance sheet.

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