Haier 2009 Annual Report Download - page 87
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31 December 2009
NOTES TO FINANCIAL STATEMENTS 財務報表附註
海爾電器集團有限公司 85
2.4 Summary of Significant Accounting
Policies (Cont’d)
Inventories
Inventories are stated at the lower of cost and net realisable value.
Cost is determined on the weighted average basis and, in the case
of work in progress and finished goods, comprises direct materials,
direct labour and an appropriate proportion of overheads. Net
realisable value is based on the estimated selling prices less any
estimated costs to be incurred to completion and disposal.
Cash and cash equivalents
For the purpose of the consolidated statement of cash flows, cash
and cash equivalents comprise cash on hand and demand deposits,
and short term highly liquid investments that are readily convertible
into known amounts of cash, are subject to an insignificant risk
of changes in value, and have a short maturity of generally within
three months when acquired, less bank overdrafts which are
repayable on demand and form an integral part of the Group’s
cash management.
For the purpose of the statement of financial position, cash and
cash equivalents comprise cash on hand and at banks, including
term deposits, which are not restricted as to use.
Provisions
A provision is recognised when a present obligation (legal or
constructive) has arisen as a result of a past event and it is probable
that a future outflow of resources will be required to settle the
obligation, provided that a reliable estimate can be made of the
amount of the obligation.
When the effect of discounting is material, the amount recognised
for a provision is the present value at the end of the reporting period
of the future expenditures expected to be required to settle the
obligation. The increase in the discounted present value amount
arising from the passage of time is included in finance costs in the
income statement.
Provisions for installation services and product warranties granted
by the Group on certain products are recognised based on sales
volume and past experience of the level of installation services
rendered, repairs or returns, discounted to their present values as
appropriate.
2.4