Changes in the Company's ownership interest in a subsidiary that
do not result in a loss of control are accounted for as equity
transactions. In such circumstances, the carrying amounts of the
controlling and non-controlling interests are adjusted to reflect
the changes in their relative interests in the subsidiary. Any
difference between the amount by which the non-controlling interest
is adjusted and the fair value of the consideration paid or
received is recognised directly in equity and attributed to owners
of the Company.
c) Current versus non-current classification
The Group presents assets and liabilities in the statement of
financial position is based on current/non-current classification.
An asset is current when it is:
- Expected to be realised or intended to be sold or consumed in normal operating cycle
- Held primarily for the purpose of trading
- Expected to be realised within twelve months after the reporting period; or
- Cash or cash equivalent unless restricted from being exchanged
or used to settle a liability for at least twelve months after the
reporting period
All other assets are classified as non-current. A liability is
current when:
- It is expected to be settled in normal operating cycle
- It is held primarily for the purpose of trading
- It is due to be settled within twelve months after the reporting period, or
- There is no conditional right to defer the settlement of the
liability for at least twelve months after the reporting period
The Group classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as
non-current assets and liabilities.
d) Fair value measurement
The Group measures financial instruments, such as derivatives,
at fair value at each balance sheet date. Also, fair values of
financial instruments measured at amortised cost are disclosed in
Note 32.
Fair value is the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. The fair value
measurement is based on the presumption that the transaction to
sell the asset or transfer the liability takes place either:
- In the principal market for the asset or liability, or
- In the absence of a principal market, in the most advantageous
market for the asset or liability
The principal or the most advantageous market must be accessible
by the Group.
The fair value of an asset or a liability is measured using the
assumptions that market participants would use when pricing the
asset or liability, assuming that market participants act in their
economic best interest.
A fair value measurement of a non-financial asset takes into
account a market participant's ability to generate economic
benefits by using the asset in its highest and best use or by
selling it to another market participant that would use the asset
in its highest and best use.
The Group uses valuation techniques that are appropriate in the
circumstances and for which sufficient data are available to
measure fair value, maximising the use of relevant observable
inputs and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or
disclosed in the financial statements are categorised within the
fair value hierarchy, described as follows, based on the lowest
level inputs that is significant to the fair value measurement as a
whole:
- Level 1 - Quoted (unadjusted) market prices in active markets
for identical assets or liabilities
- Level 2 - Valuation techniques for which the lowest level
input that is significant to the fair value measurement is directly
or indirectly observable
- Level 3 - Valuation techniques for which the lowest level
input that is significant to the fair value measurement is
unobservable
For assets and liabilities that are recognised in the financial
statements on a recurring basis, the Group determines whether
transfers have occurred between Levels in the hierarchy by
re-assessing categorisation (based on the lowest level input that
is significant to the fair value measurement as a whole) at the end
of each reporting period.
For the purpose of fair value disclosures, the Group has
determined classes of assets and liabilities on the basis of the
nature, characteristics and risks of the asset or liability and the
level of the fair value hierarchy as explained above.
e) Revenue recognition
Revenue is recognised to the extent that it is probable that the
economic benefits will flow to the Group and the revenue can be
reliably measured, regardless of when the payment is being made.
Revenue is measured at the fair value of the consideration received
or receivable, taking into account contractually defined terms of
payment and excluding discounts, rebates, and sales taxes or duty.
The Group has concluded that it is the principal in all of its
revenue arrangements since it is a primary obligor in all the
revenue arrangements, has pricing latitude and is also exposed to
inventory and credit risks.
The specific recognition criteria described below must also be
met before revenue is recognised.
Sale of goods
Revenue from the sale of goods is recognised when the
significant risk and rewards of ownership of the goods have passed
to the buyer, usually on delivery of goods. Revenue is not
recognised to the extent where there are significant uncertainties
regarding recovery of the consideration due, associated costs or
the possible return of goods.
Interest income
For all financial instruments measured at amortised cost and
interest-bearing financial assets, interest income is recorded
using the effective interest rate ("EIR"). EIR is the rate that
exactly discounts the estimated future cash payments or receipts
over the expected life of the financial instrument or a shorter
period, where appropriate, to the net carrying amount of the
financial asset or liability. Interest income is included in other
operating income in the statement of profit or loss.
f) Taxes
Current income tax
Current income tax assets and liabilities for the current period
are measured at the amount expected to be recovered from or paid to
the taxation authorities. The tax rates and tax laws used to
compute the amount are those that are enacted or substantively
enacted, at the reporting date in the countries where the Group
operates and generates taxable income.
Current income tax relating to items recognised directly in
equity is recognised in equity and not in the statement of profit
or loss. Management periodically evaluates positions taken in the
tax returns with respect to situations in which applicable tax
regulations are subject to interpretation and establishes
provisions where appropriate.
Deferred tax
Deferred tax is provided using the liability method on temporary
differences between the tax bases of assets and liabilities and
their carrying amounts for financial reporting purposes at the
reporting date.
Deferred tax liabilities are recognised for all temporary
differences, except:
- when the deferred tax liability arises from the initial
recognition of goodwill or an asset or liability in a transaction
that is not a business combination and, at the time of the
transaction, affects neither the accounting profit nor taxable
profit or loss; and
- in respect of taxable temporary differences associated with
investments in subsidiaries, when the timing of the reversal of the
temporary differences can be controlled and it is probable that the
temporary differences will not reverse in the foreseeable
future.
Deferred tax assets are recognised for all deductible temporary
differences, the carry forward of unused tax credits and any unused
tax losses. Deferred tax assets are recognised to the extent that
it is probable that taxable profit will be available against which
the deductible temporary differences, and the carry forward of
unused tax credits and unused tax losses can be utilised,
except:
- when the deferred tax asset relating to the deductible
temporary difference arises from the initial recognition of an
asset or liability in a transaction that is not a business
combination and, at the time of the transaction, affects neither
the accounting profit nor taxable profit or loss; and
- in respect of deductible temporary differences associated with
investments in subsidiaries, deferred tax assets are recognised
only to the extent that it is probable that the temporary
differences will reverse in the foreseeable future and taxable
profit will be available against which the temporary differences
can be utilised.
The carrying amount of deferred tax assets is reviewed at each
reporting date and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to allow
all or part of the deferred tax asset to be utilised. Unrecognised
deferred tax assets are re-assessed at each reporting date and are
recognised to the extent that it has become probable that future
taxable profits will allow the deferred tax assets to be
recovered.
Deferred tax assets and liabilities are measured at the tax
rates that are expected to apply in the year when the asset is
realised or the liability is settled, based on tax rates (and tax
laws) that have been enacted or substantively enacted at the
reporting date.
Deferred tax relating to items recognised outside profit or loss
is recognised outside profit or loss. Deferred tax items are
recognised in correlation to the underlying transaction either in
OCI or directly in equity.
Deferred tax assets and deferred tax liabilities are offset if a
legally enforceable right exists to set off current income tax
assets against current income tax liabilities and the deferred
taxes relate to the same taxable entity and the same taxation
authority.
Panther Metals (LSE:PALM)
Historical Stock Chart
From Jun 2024 to Jul 2024
Panther Metals (LSE:PALM)
Historical Stock Chart
From Jul 2023 to Jul 2024