Basic HTML Version
93
Glorious Property
Annual Report 2011
Notes to the Consolidated Financial Statements
31 December 2011
1 General Information
Glorious Property Holdings Limited (the “Company”) and its subsidiaries (together, the “Group”) is principally
engaged in the development of real estate projects in the People’s Republic of China (the “PRC”).
The Company is a limited liability company incorporated in the Cayman Islands on 27 July 2007 and its shares
are listed on The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”) (Stock Code: 00845).
The address of its registered office is Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111,
Cayman Islands.
These financial statements are presented in thousands of units of Renminbi (RMB’000), unless otherwise stated.
These financial statements have been approved for issue by the Board on 30 March 2012.
2 Summary of Significant Accounting Policies
The principal accounting policies applied in the preparation of these consolidated financial statements are set out
below. These policies have been consistently applied to all the years presented, unless otherwise stated.
(a) BASIS OF PRESENTATION
The consolidated financial statements have been prepared in accordance with Hong Kong Financial Reporting
Standards (“HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”). The
consolidated financial statements have been prepared in accordance with the HKFRSs under the historical cost
convention, as modified by the revaluation of investment properties.
The preparation of consolidated financial statements in conformity with the HKFRSs requires the use of certain
critical accounting estimates. It also requires management to exercise its judgement in the process of applying
the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where
assumptions and estimates are significant to the consolidated financial statements, are disclosed in note 4 below.
(i) New and amended standards adopted by the Group
The Group has adopted the following new standards, amendments and interpretations on 1 January 2011:
HKAS 24 (Revised)
Related Party Disclosures
HKAS 32 (Amendment)
Financial Instruments: Presentation in Classification of Right Issue
HK(IFRIC) – Int 14 (Amendment)
Prepayments of a Minimum Funding Requirement
HK(IFRIC) – Int 19
Improvements to HKFRS 2010
Extinguishing Financial Liabilities with Equity Instruments
The adoption of the above new standards, amendments and interpretations to standards has no significant impact to
the Group’s financial position for all periods presented in this report.
(ii) Standards, amendments and interpretations that are not yet effective and have not been early adopted by
the Group
The following standards, amendments and interpretations have been published and are mandatory for the
accounting periods beginning on or after 1 January 2011 or later periods, and the Group has not early adopted:
• HKAS 1 (Amendment) “Presentation of financial statements” requires entities to group items presented in “other
comprehensive income” on the basis of whether they are potentially reclassifiable to profit or loss subsequently
(reclassification adjustments). HKAS 1 (Amendment) will be effective for accounting period beginning on or
after 1 July 2012.