GPW_AR_2013_Final_v10.pdf

Reassessing the useful life of an intangible asset with a de ½ nite useful life after it was classi ½ ed as inde ½ nite is an indicator that the asset may be impaired. As a result, the asset is tested for impairment and the remaining carrying amount is amortised over its useful life.

Item

Useful life

Computer software

5 years

1.3 Financial assets and liabilities

1.3.1 Initial recognition Financial instruments are recognised initially when the entity becomes a party to the contractual provisions of the instruments.

The entity classi ½ es ½ nancial instruments, or their component parts, on initial recognition as a ½ nancial asset, a ½ nancial liability or an equity instrument in accordance with the substance of the contractual arrangement.

Financial instruments comprise of trade and other receivables, trade and other payables, cash and cash equivalents.

Financial instruments classi ½ ed as loans and receivables are recognised as assets when the entity becomes a party to the contract and as a consequence has a legal right to receive cash.

4VS½X ERH PSWWIW ERH JEMV ZEPYI EHNYWXQIRXW Pro ½ ts, losses and fair value adjustments on ½ nancial instruments through surplus or de ½ cit, both realised and unrealised, are included in the statement of ½ nancial performance.

1.3.3 De-recognition A ½ nancial asset is de-recognised when the entity loses control over the contractual rights that compromises the asset and consequently, the substantive risk and bene ½ ts associated with the asset are transferred.This occurs when the rights are realised, expired or are surrendered.

The ½ nancial liability is de-recognised when the obligation speci ½ ed in the contract is discharged, cancelled or expired.

Where an existing ½ nancial liability is replaced by another from the same lender on substantially different terms, or terms of an existing liability are substantially modi ½ ed, such an exchange or modi ½ cation is treated as de-recognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amount is recognised in the statement of ½ nancial performance. -RXIVIWX Interest income is recognised in the statement of ½ nancial performance as it accrues, using the original effective interest rate of the instrument calculated at the acquisition of origination date. Interest income includes amortisation of any discount or premium or any other differences between the initial carrying amount of an interest-bearing instrument and its amount at maturity calculated on an effective interest rate basis.

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GPW ANNUAL REPORT 2012 | 2013