NewWorld Development Company Limited
FINANCIAL SECTION
110
NOTES TO THE FINANCIAL STATEMENTS
1 GENERAL INFORMATION
New World Development Company Limited (the “Company”) is a limited liability company incorporated in Hong
Kong. The address of its registered office is 30/F, New World Tower, 18 Queen’s Road Central, Hong Kong. The
shares of the Company are listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock
Exchange”).
The Company and its subsidiaries (together the “Group”) are principally engaged in property development and
investment, contracting, provision of services (including property and facility management, transport and other
services), infrastructure operations (including the operation of roads, power plants, water treatment, waste
management plants, container handling, logistics and warehousing services), hotel operations, department store
operations, telecommunications, media and technology and other strategic businesses.
These consolidated financial statements have been approved by the Board of Directors on 24 September 2015.
2 BASIS OF PREPARATION
The consolidated financial statements have been prepared in accordance with Hong Kong Financial Reporting
Standards (“HKFRS”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”). The
consolidated financial statements have been prepared under the historical cost convention, as modified by the
revaluation of investment properties, available-for-sale financial assets, certain financial assets and financial liabilities
(including derivative financial instruments), which have been measured at fair value.
The preparation of consolidated financial statements in conformity with HKFRS 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 5 below.
(a) Adoption of revised standards, amendments to standards and interpretation
The Group has adopted the following revised standards, amendments to standards and interpretation which
are relevant to the Group’s operations and are mandatory for the financial year ended 30 June 2015:
HKAS 32 (Amendment)
Financial Instruments: Presentation – Offsetting Financial Assets and
Financial Liabilities
HKAS 36 (Amendment)
Recoverable Amount Disclosures for Non-Financial Assets
HKAS 39 (Amendment)
Novation of Derivatives and Continuation of Hedge Accounting
HK(IFRIC) – Int 21
Levies
Amendments to HKAS 19
(Revised 2011)
Employee Benefits: Defined Benefit Plans – Employee Contributions
Amendments to HKFRS 10, HKFRS 12
and HKAS 27 (Revised 2011)
Investment Entities
Annual Improvements Project
Annual Improvements 2010–2012 Cycle
Annual Improvements Project
Annual Improvements 2011–2013 Cycle
The adoption of these revised standards, amendments to standards and interpretation does not have any
significant effect on the results and financial position of the Group.
