2. MATERIAL ACCOUNTING POLICY INFORMATION (CONT’D.) 2.8 Inventories (cont’d.) (c) Completed development properties Completed development properties represent completed residential properties and commercial properties. (d) Land held for sale Land held for sale represents undeveloped land acquired or held with the intention of resale in the ordinary course of business. (e) Consumable stores and spares Inventories of consumables stores and spares are stated at the lower of cost and net realisable value. Cost is determined on the first-in, first-out basis. The cost of raw materials comprises all costs of purchase plus the cost of bringing the inventories to their present location and condition. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. 2.9 Investment properties Investment properties are initially measured at cost, including related transaction costs. Subsequent to initial recognition, investment properties are stated at fair value, which reflects market conditions at the reporting date. Gains or losses arising from changes in the fair values of investment properties are included in profit or loss in the period in which they arise, including the corresponding tax effect. If the Group determines that the fair value of an investment property under construction is not reliably determinable, the Group shall measure that investment property under construction at cost until either its fair value becomes reliably determinable or construction is completed (whichever is earlier). 2.10 Non-current assets classified as held for sale The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. 265
RkJQdWJsaXNoZXIy NDgzMzc=