Lenovo 2014 Annual Report Download - page 133

131
2013/14 Annual Report Lenovo Group Limited
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 and revised standards and amendments to existing standards that are mandatory for
the year ended March 31, 2014 which the Group considers are appropriate and relevant to its operations:
– HKAS 19 (2011), Employee benefits
– HKAS 27 (2011), Separate financial statements
– HKAS 28 (2011), Investments in associates and joint ventures
– HKFRS 10, Consolidated financial statements
– HKFRS 11, Joint arrangements
– HKFRS 12, Disclosure of interest in other entities
– HKFRS 13, Fair value measurement
– Amendments to HKAS 1 (Revised), Presentation of items of other comprehensive income
– Amendments to HKFRS 1, Government loans
– Amendments to HKFRS 7, Financial instruments: Disclosures – Offsetting financial assets and financial liabilities
– Amendments to HKFRS 10, HKFRS 11 and HKFRS 12, Consolidated financial statements, Joint arrangements and
Disclosure of interest in other entities: transition guidance
The adoption of these newly effective and revised standards and amendments to existing standards does not result in
substantial changes to the Group’s accounting policies or financial results.
At the date of approval of these financial statements, the following new and revised 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, 2014 and have not been early adopted:
Effective for annual
periods beginning on
or after
HKFRS 9, Financial instruments January 1, 2015
HK(IFRIC) – Int 21, Levies January 1, 2014
Amendments to HKAS 19 (2011), Employee benefits July 1, 2014
Amendments to HKAS 32, Financial instruments: Presentation – Offsetting financial assets and
financial liabilities January 1, 2014
Amendments to HKAS 36, Impairment of assets: Recoverable amount disclosures for
non-financial assets January 1, 2014
Amendments to HKAS 39, Financial instruments: Recognition and measurement –
Novation of derivatives and continuation of hedge accounting January 1, 2014
Amendments to HKFRS 10, HKFRS 12, HKAS 27 (2011), Investment entities January 1, 2014
Amendments to HKFRS 7 and HKFRS 9, Mandatory effective date and transition disclosures January 1, 2015