Notes to the Consolidated Financial Statements
For the year ended 31 December 2010
The Company is a company incorporated in Bermuda with limited liability and its shares are listed on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”). The addresses of the registered office and principal place of business of the Company are disclosed in the introduction to the annual report.
The principal activity of the Company is investment holding.
The principal activities of the subsidiaries are property development and investment, hotel and restaurant operations, manager of real estate investment trust, trading of building materials, share investment, provision of management and maintenance services, property management, insurance agency and fitness centre operations.
The consolidated financial statements are presented in Hong Kong dollars, which is also the functional currency of the Company.
2. Application of new and revised Hong Kong Financial Reporting Standards (“HKFRSs”)/changes in accounting policies
In the current year, the Group has applied the following revisions, amendments and interpretations (“new HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”).
HKFRSs (Amendments) HKFRSs (Amendments) HKAS 27 (Revised) HKAS 39 (Amendments) HKFRS 2 (Amendments) HKFRS 3 (Revised) HK(IFRIC)-Int 17 HK-Int 5
Amendment to HKFRS 5 as part of Improvements to HKFRSs 2008 Improvements to HKFRSs 2009 Consolidated and Separate Financial Statements Eligible Hedged Items Group Cash-settled Share-based Payment Transactions Business Combinations Distributions of Non-cash Assets to Owners Presentation of Financial Statements - Classification by the Borrower of
a Term Loan that Contains a Repayment on Demand Clause
The Group applies HKFRS 3 (Revised 2008) “Business Combinations” prospectively to business combinations for which the acquisition date is on or after 1 January 2010. The requirements in HKAS 27 (Revised 2008) “Consolidated and Separate Financial Statements” in relation to accounting for changes in ownership interests in a subsidiary after control is obtained and for loss of control of a subsidiary are also applied prospectively by the Group on or after 1 January 2010.
As there was no transaction during the year in which HKFRS 3 (Revised 2008) are applicable, the application of HKFRS 3 (Revised 2008) and the consequential amendments to other HKFRSs had no effect on the consolidated financial statements of the Group for the current or prior accounting periods.
Results of the Group in future periods may be affected by future transactions for which HKFRS 3 (Revised 2008) and the consequential amendments to the other HKFRSs are applicable.
Great Eagle Holdings Limited