Mandarin Oriental International Limited - Mandarin Oriental Hotel ...

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Mandarin Oriental International Limited
Notes
1. ACCOUNTING POLICIES AND BASIS OF PREPARATION
The financial information contained in this announcement has been based on the audited
results for the year ended 31st December 2006 which have been prepared in conformity
with International Financial Reporting Standards, including International Accounting
Standards and Interpretations adopted by the International Accounting Standards Board.
The financial statements have been prepared under the historical cost convention except
as disclosed in the accounting policies.
In 2006, the Group adopted the following amendments and interpretation to existing
standards which are relevant to its operations:
IAS 21 (amended 2005)
IAS 39 (amended 2005)
IAS 39 (amended 2005)
IAS 39 and IFRS 4 (amended 2005)
IFRIC 4
There have been no changes to the accounting policies as a result of adoption of the
above amendments and interpretation.
Certain comparative figures have been reclassified to conform with current year
presentation.
The following standards, and amendment and interpretations to existing standards, which
are relevant to the Group’s operations, were published but are not yet effective in 2006:
IFRS 7
IFRS 8
IFRIC 8
IFRIC 10
IFRIC 11, IFRS 2
Net Investment in a Foreign Operation
Cash Flow Hedge Accounting of Forecast Intragroup
Transactions
The Fair Value Option
Financial Guarantee Contracts
Determining whether an Arrangement contains a
Lease
Financial Instruments: Disclosures, and the complementary amendment
to IAS 1, Presentation of Financial Statements – Capital Disclosures
Operating Segments
Scope of IFRS 2
Interim Financial Reporting and Impairment
Group and Treasury Share Transactions
The Group will apply IFRS 7, IFRIC 8 and IFRIC 10 for annual periods beginning
1st January 2007, IFRS 8 for annual periods beginning 1st January 2009, and IFRIC 11 for
annual periods beginning 1st January 2008.
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