| ACCOUNTING POLICIES (CONTINUED) |
| for the year ended 31 March |
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| TRANSLATION OF FINANCIAL STATEMENTS OF FOREIGN ENTITIES INTO THE PRESENTATION CURRENCY |
Assets and liabilities of foreign entities are translated into the group’s presentation currency, US dollar, at year-end exchange rates. The presentation currency is in accordance with the functional currency of Brait S.A..
Capital and reserves are translated at historical rates. Income statement items are translated at the average exchange rates for the year.
Translation differences arising from the translation of foreign operations are taken directly to reserves. On disposal of foreign operations, such translation differences are recognised in the income statement as part of the gain or loss on disposal. |
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| FOREIGN CURRENCY ASSETS AND LIABILITIES |
| In preparing the financial statements of the individual entities, transactions in currencies other than the entity’s functional currency, are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary items denominated in foreign currency are translated at rates prevailing on the balance sheet date. Non-monetary items carried at fair value that are denominated in foreign currency are retranslated at the rates prevailing when the fair value was determined. Non-monetary items that are measured in terms of historical costs in a foreign currency are not translated at the current rate. |
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| TAXATION |
Income tax on the profit and loss for the year comprises current and deferred tax. Current income tax is the expected tax payable on the taxable
income for the year, using tax rates enacted at the balance sheet date, and any adjustments to tax payable in respect of previous years.
Deferred tax is provided for on the comprehensive basis, using the balance sheet liability method, for all temporary differences arising between the
tax bases of assets and liabilities and their carrying values for financial reporting purposes, using tax rates enacted at the balance sheet date.
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the unused tax losses
can be utilised. |
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| PROPERTY AND EQUIPMENT |
Property and equipment is stated at historical cost less accumulated depreciation.
Depreciation is provided on historical cost, using the straight-line basis at rates considered appropriate to write the assets down to their expected
residual value over their estimated useful lives (refer note 10). Land is not depreciated. |
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| NON-CURRENT ASSETS HELD FOR SALE |
Non-current assets classified as held for sale are measured at the lower of the assets' previous carrying amount and fair value less costs to sell.
Non-current assets are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing
use. This condition is regarded as met only when the sale is highly probable and the asset 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. |
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