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Notes to the Consolidated Financial Statements (continued)
For the year ended 31 December, 2012
(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)
2. Significant accounting policies
(continued)
(xxvi) Impairment of assets
(continued)
Financial assets
The carrying value of all financial assets
not carried at fair value through the income
statement is reviewed for impairment whenever
events or circumstances indicate that the
carrying amount may not be recoverable.
The identification of impairment and the
determination of recoverable amounts is an
inherently uncertain process involving various
assumptions and factors, including the financial
condition of the counterparty, expected future
cash flows, observable market prices and
expected net selling prices.
(xxvii) Non-current assets held for sale and
discontinued operations
Non-current assets and disposal groups
classified as held for sale are measured at the
lower of their carrying amount and fair value less
costs to sell. Non-current assets and disposal
groups are classified as held for sale if their
carrying amounts will be recovered principally
through a sale transaction rather than through
continuing use. This condition is regarded as met
onlywhen thesale ishighlyprobableand theasset
or disposal group is available for immediate sale
in its present condition. Management must be
committed to the sale, which should be expected
to qualify for recognition as a completed sale
within one year from the date of classification.
In the consolidated statement of comprehensive
income of the reporting period, and of the
comparable period of the previous year, income
and expenses from discontinued operations are
reported separately from income and expenses
from continuing operations, down to the level of
profit after taxes, even when the Group retains
a non-controlling interest in the subsidiary after
the sale.The resulting profit or loss (after taxes) is
reported separately in the statement of income.
Property, plant and equipment and intangible
assets once classified as held for sale are not
depreciated or amortised.
