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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)
2.28 Contingencies
(Continued)
(b)
a present obligation that arises from past events but is not recognised because:
(i)
It is not probable that an outflow of resources embodying economic benefits will be
required to settle the obligation; or
(ii)
The amount of the obligation cannot be measured with sufficient reliability.
A contingent asset is a possible asset that arises from past events and whose existence will be confirmed
only by the occurrence or non-occurrence of one or more uncertain future events not wholly within
the control of the Group.
Contingent liabilities and assets are not recognised on the statements of financial position of the Group,
except for contingent liabilities assumed in a business combination that are present obligations and
which the fair values can be reliably determined.
2.29 Related parties
A related party is defined as follows:
(a)
A person or a close member of that person’s family is related to the Group and the Company if
that person:
(i)
Has control or joint control over the Company;
(ii)
Has significant influence over the Company; or
(iii)
Is a member of the key management personnel of the Group or Company or of a parent
of the Company.
(b)
An entity is related to the Group and the Company if any of the following conditions applies:
(i)
The entity and the Company are members of the same group (which means that each
parent, subsidiary and fellow subsidiary is related to the others);
(ii)
One entity is an associate or joint venture of the other entity (or an associate or joint
venture of a member of a group of which the other entity is a member);
(iii)
Both entities are joint ventures of the same third party;
(iv)
One entity is a joint venture of a third entity and the other entity is an associate of the
third entity;
(v)
The entity is a post-employment benefit plan for the benefit of employees of either the
Company or an entity related to the Company. If the Company is itself such a plan, the
sponsoring employers are also related to the Company;
(vi)
The entity is controlled or jointly controlled by a person identified in (a);
(vii)
A person identified in (a) (i) has significant influence over the entity or is a member of
the key management personnel of the entity (or of a parent of the entity).
