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contributor for its interests arising from decommissioning funds.

IC Interpretation 6 Liabilities arising from Participating in a Specific Market – Waste Electrical and
Electronic Equipment. This interpretation provides guidance on the recognition, in the financial
statements of producers, of liabilities for waste management under the EU Directive in respect of sales
of historical household equipment.

IC Interpretation 7 Applying the Restatement Approach under FRS 1292004 Financial Reporting in
Hyperinflationary Economies. This interpretation provides guidance on how to apply the requirement of
FRS 129 in a reporting period in which an entity identifies the existence of hyperinflation in the
economy of its functional currency, when that economy was not hyperinflationary in the prior period.

IC Interpretation 8 Scope of FRS 2. This Interpretation clarifies that FRS 2 Share-based Payment applies
even in the absence of specifically identifiable goods or services.
Other than the FRS 117, 124 and 139, for which entities are exempted from disclosing the impact on the
financial statements prior to the effective date, the above standards, amendments to published standards
and IC interpretations to existing standards are not anticipated to have a significant impact to the financial
statements of the Group.
(iv) Standards that are yet to be effective and not relevant or material for the Group’s operations

FRS 6 ‘Exploration for and Evaluation of Mineral Resources’ (effective for accounting periods beginning
on or after 1 January 2007). FRS 6 is not relevant to the Group’s operations as the Group does not carry
out exploration for an evaluation of mineral resources.

FRS 117 ‘Leases’ (effective for accounting periods beginning on or after 1 October 2006). This standard
requires the classification of leasehold land as prepaid lease payments. FRS 117 is not relevant to the
Group as the Group does not have any leasehold land.

Amendment to FRS1192004 Employee Benefits – Actuarial Gains and Losses, Plans and Disclosures
(effective for accounting periods beginning on or after 1 January 2007). This amendment introduces
the option of an alternative recognition approach for actuarial gains and losses. It may impose
additional recognition requirements for multi-employer plans where insufficient information is available
to apply defined benefit accounting. It also adds new disclosure requirements. This amendment is not
relevant to the Group.
NOT E S TO T H E F I N A N C I A L S TAT EME N T S 30 June 2007 (cont’d)
AIRASIA BERHAD > annual report 2007 > 99
NOT E S TO T H E F I N A N C I A L S TAT EME N T S 30 June 2007 (cont’d)
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SCONT’DT
(b) Group accounting
(i) Subsidiaries
Subsidiaries are those corporations or other entities (including special purpose entities) in which the Group
has power to exercise control over the financial and operating policies so as to obtain benefits from their
activities, generally accompanying a shareholding of more than one half of the voting rights. The existence
and effect of potential voting rights that are currently exercisable or convertible are considered when
assessing whether the Group controls another entity.
Subsidiaries are consolidated using the purchase method of accounting. Under the purchase method of
accounting, subsidiaries are fully consolidated from the date on which control is transferred to the Group
and are excluded from consolidation from the date that control ceases. 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, plus costs directly attributable to the acquisition.
Identifiable assets acquired, 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 minority
interest. The excess of the cost of acquisition over the fair value of the Group’s share of the identifiable net
assets acquired at the date of acquisition is recorded as goodwill. If the cost of acquisition is less than the
fair value of the Group’s share of net assets of the subsidiary acquired, the difference is recognised directly in
the consolidated income statement (see Note 2(c) on goodwill).
Minority interests represent that portion of the profit or loss and net assets of subsidiaries attributable to
equity interest that are not owned, directly or indirectly through the subsidiaries by the parent. It is
measured at the minorities’ share of the fair values of the subsidiaries’ identifiable assets and liabilities at the
　
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