72
CORDLIFE GROUP LIMITED
| ANNUAL REPORT 2015
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2015
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)
2.5 Transactions with non-controlling interests
Non-controlling interest represents the equity in subsidiaries not attributable, directly or indirectly, to
owners of the Company, and is presented separately in the consolidated statement of comprehensive
income and within equity in the statements of financial position, separately from equity attributable
to owners of the Company.
Changes in the Company’s ownership interest in a subsidiary that do not result in a loss of control are
accounted for as equity transactions. In such circumstances, the carrying amounts of the controlling
and non-controlling interests are adjusted to reflect the changes in their relative interests in the
subsidiary. Any difference between the amount by which the non-controlling interest is adjusted and
the fair value of the consideration paid or received is recognised directly in equity and attributable to
owners of the Company.
2.6 Foreign currency
The Group’s consolidated financial statements are presented in Singapore Dollars, which is also the
Company’s functional currency. Each entity in the Group determines its own functional currency and
items included in the financial statements of each entity are measured using that functional currency.
(a)
Transactions and balances
Transactions in foreign currencies are measured in the respective functional currencies of the
Company and its subsidiaries and are recorded on initial recognition in the functional currencies
at exchange rates approximating those ruling at the transaction dates. Monetary assets and
liabilities denominated in foreign currencies are translated at the rate of exchange ruling at
the end of the reporting period. Non-monetary items that are measured in terms of historical
cost in a foreign currency are translated using the exchange rates as at the dates of the initial
transactions. Non-monetary items measured at fair value in a foreign currency are translated
using the exchange rates at the date when the fair value was measured.
Exchange differences arising on the settlement of monetary items or on translating monetary
items at the end of the reporting period are recognised in profit or loss except for exchange
differences arising on monetary items that form part of the Group’s net investment in foreign
operations, which are recognised initially in other comprehensive income and accumulated
under foreign currency translation reserve in equity. The foreign currency translation reserve
is reclassified from equity to profit or loss of the Group on disposal of the foreign operation.
(b)
Consolidated financial statements
For consolidation purpose, the assets and liabilities of foreign operations are translated into
SGD at the rate of exchange ruling at the end of the reporting period and their statement
of comprehensive income are translated at the exchange rates prevailing at the date of
the transactions. The exchange differences arising on the translation are recognised in
other comprehensive income. On disposal of a foreign operation, the component of other
comprehensive income relating to that particular foreign operation is recognised in profit or loss.
