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79
2015/2016 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 March 2016
3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(l) Property, plant and equipment (continued)
Depreciation (continued)
The estimated useful lives for the current and comparative years are as follows:
Vessels
20 to 30 years
Drydocking expenditure
2 to 3 years
Renovations, furniture and fittings
5 years
Equipment
3 to 5 years
Computers
3 years
Motor vehicle
5 years
Depreciation methods, useful lives and residual values are reviewed at the reporting date and adjusted
if appropriate.
(m) Goodwill
For the measurement of goodwill at initial recognition, see note 3(a).
Subsequent measurement
Goodwill is measured at cost less accumulated impairment losses. In respect of the equity-accounted
investees, the carrying amount of goodwill is included in the carrying amount of the investment, and
an impairment loss on such an investment is not allocated to any asset, including goodwill, that forms
part of the carrying amount of the equity-accounted investees.
(n) Non-derivative financial assets
The Group initially recognises loans and receivables on the date that they are originated. All other
financial assets (including assets designated at fair value through profit or loss) are recognised initially
on the trade date, which is the date that the Group becomes a party to the contractual provisions of the
instrument.
The Group derecognises a financial asset when the contractual rights to the cash flows from the
asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in
a transaction in which substantially all the risks and rewards of ownership of the financial asset are
transferred. Any interest in transferred financial assets that is created or retained by the Group is
recognised as a separate asset or liability.
