Page 175 - CJ 2019 INTEGRATED REPORT

173
1 NOTES TO THE FINANCIAL
STATEMENTS 31 DECEMBER 2019 (CONTINUED)
SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Consolidation (Continued)
• Associates
(Continued)
The Group Group determines at at at at at each reporting date whether there is is is is any objective evidence that the the the the the the the the the investment in in in in the the the the the the the the the associate associate is is is is is impaired If this is is is is is the the the the the the the the the the the case the the the the the the the the the the the Group Group calculates the the the the the the the the the the the amount amount amount of of of o impairment as as as as the the the the the the the the the the the difference between the the the the the the the the the the the recoverable amount amount amount of of of o of o the the the the the the the associate associate associate and and its carrying value and and recognises the the the the the the the amount amount amount adjacent to ‘share of of of o of o profit/ (loss) of of o an associate’ in profit or loss loss Profits and and and losses resulting from upstream and and and downstream transactions between the the the the Group Group and and and fits its associates associates are recognised in in fin in in in in the the the the the the Group’s financial statements only to to the the the the the the extent o of of of unrelated investor’s interests in in fin in in in in the the the the the the associates associates Unrealised losses are eliminated unless the the the the the the transaction provides evidence of of of of an an an an an impairment of of of of the the the the the the asset transferred Accounting policies policies of of of associates have been changed where necessary to ensure consistency with the the the the policies policies adopted by the Group Dilution gains and losses arising in in in in in in investments in in in in in in associates are recognised in in in in in in profit or loss loss Investment in in fin subsidiaries and associates in in fin the Company’s separate financial statements Investments in in in fin subsidiaries and associates are recognised at at at at cost cost (which includes transaction costs) in in in fin the the separate financial statements of the Company Subsequently where an an an indication of of of impairment exists the the the the recoverable recoverable amount amount amount of of of the the the the investment investment investment is is is is assessed Where the the the the the recoverable recoverable recoverable amount amount amount amount of of of o an an an an an investment investment investment is is is is is is less than its its carrying amount amount amount amount the the the the the investment investment investment is is is is is is written down immediately to its its recoverable recoverable amount amount amount and the the the impairment loss loss is is is is recognised as an an an an expense in in in in profit or loss loss On disposal disposal of o an an investment the the the difference between the the the net disposal disposal proceeds and the the the carrying amount is is is charged or or credited to profit or or loss Foreign currency translation
• Functional and presentation currency Items included in in fin in in in fin the the the the the the financial financial statements statements of of each entity entity in in fin in in in fin the the the the the the Group are measured using the the the the the the currency currency of of the the the the the the primary economic environment in in fin in in in fin in which the the the the the the entity entity operates (“the functional currency”) The consolidated financial financial statements statements are presented in in thousands of Mauritian rupee In the the the the the the separate separate financial financial statements statements of of the the the the the the Company Company items are are measured using the the the the the the currency currency of of the the the the the the primary economic environment fin in in fin in which which the the the the the the the Company Company Company operates (the “functional currency”) The separate separate financial financial statements statements are are presented in in thousands of Mauritian rupee which which is the the the Company’s functional functional currency currency • Transactions and balances Transactions denominated in in in in in in in foreign currencies are translated into the the the the the functional currency using the the the the the exchange exchange rates prevailing at at at at at at at at at the the the the the the dates of of of the the the the the the transactions transactions Foreign exchange exchange exchange gains and and and losses resulting from from the the the the the the settlement of of of such transactions transactions and and and from from the the the the translation
at at at at at at year-end exchange exchange rates of of of o monetary assets and and and liabilities denominated in in in in in in foreign currencies are recognised in profit or or loss Foreign exchange exchange gains gains and and and and losses losses that relate to borrowings and and and and cash cash and and and and cash cash equivalents are are presented presented in in in in fin in in in in profit profit or or or or or or loss loss loss loss within within ‘finance income income or or or or or or cost’ All other other foreign exchange exchange gains gains and and and and losses losses are are presented presented in in in in fin in in in in in in profit profit or or or or or or loss loss loss loss within within ‘other operating income income - net’ INTEGRATED REPORT 2019