Lenovo 2015 Annual Report Download - page 148

146 Lenovo Group Limited 2014/15 Annual Report
NOTES TO THE FINANCIAL STATEMENTS
1 GENERAL INFORMATION AND BASIS OF PREPARATION
Lenovo Group Limited (the “Company”) and its subsidiaries (together, the “Group”) develop, manufacture and market reliable,
high-quality, secure and easy-to-use technology products and services. Its product lines include legendary Think-branded
commercial personal computers and Idea-branded consumer personal computers, as well as servers, workstations, and a
family of mobile internet devices, including tablets and smartphones.
The Company is a limited liability company incorporated in Hong Kong. The address of its registered office is 23rd Floor,
Lincoln House, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong. The Company has its primary listing on The Stock
Exchange of Hong Kong Limited.
The financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRS”). The
financial statements have been prepared under the historical cost convention except that certain financial assets and financial
liabilities are stated at fair values, as explained in the significant accounting policies set out below.
The preparation of financial statements in conformity with HKFRS requires the use of certain critical accounting estimates.
It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas
involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial
statements are disclosed in Note 4.
Changes in accounting policies and disclosures
The Group has adopted the following new interpretation and amendments to existing standards that are mandatory for the
year ended March 31, 2015 which the Group considers are appropriate and relevant to its operations:
– HK(IFRIC) – Int 21, Levies
– Amendments to HKAS 32, Financial instruments: Presentation – Offsetting financial assets and financial liabilities
– Amendments to HKAS 36, Impairment of assets: Recoverable amount disclosures for non-financial assets
– Amendments to HKAS 39, Financial instruments: Recognition and measurement – Novation of derivatives and
continuation of hedge accounting
– Amendments to HKFRS 10, HKFRS 12, HKAS 27 (2011), Investment entities
The adoption of these newly effective interpretation and amendments to existing standards does not result in substantial
changes to the Group’s accounting policies or financial results.
In addition, the requirements of Part 9 “Accounts and Audit” of the new Hong Kong Companies Ordinance (Cap.622)
came into operation during the financial year; and as a result, there are changes to presentation and disclosure of certain
information in the consolidated financial statements.
At the date of approval of these financial statements, the following new standards and amendments to existing standards,
which are considered appropriate and relevant to the Group’s operations, have been issued but are not effective for the year
ended March 31, 2015 and have not been early adopted:
Effective for annual
periods beginning
on or after
HKFRS 15, Revenue from contracts with customers January 1, 2017
HKFRS 9, Financial instruments January 1, 2018
Amendments to HKAS 1, Presentation of financial statements January 1, 2016
Amendments to HKAS 19 (2011), Employee benefits July 1, 2014
Amendments to HKAS 16, Property, plant and equipment January 1, 2016
Amendments to HKAS 27 (2011), Separate financial statements January 1, 2016
Amendments to HKAS 28 (2011), Investments in associates and joint ventures January 1, 2016
Amendments to HKAS 38, Intangible assets January 1, 2016
Amendments to HKFRS 10, Consolidated financial statements January 1, 2016
Amendments to HKFRS 11, Joint arrangements January 1, 2016
Amendments to HKFRS 12, Disclosure of interest in other entities January 1, 2016
The adoption of these new standards and amendments to existing standards is not expected to have material impact on the
Group’s financial statements.