AEG 21604 G Bedienungsanleitung PDF herunterladen (Seite 329)

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g) Leased assets

Leases in terms of which the Group assumes substantially all the risks and rewards of ownership are classified as

finance leases. Upon initial recognition the leased asset is measured at an amount equal to the lower of its fair

value and the present value of the minimum lease payments. Subsequent to initial recognition, the asset is ac-

counted for in accordance with the accounting policy applicable to that asset. The corresponding rental obliga-

tions net of finance charges, are included in other short term and other non-current liabilities.

The property, plant and equipment acquired under finance leases is depreciated over the shorter of the useful life

of the assets and the lease term.

Other leases are operating leases and, except for investment property, the leased assets are not recognised in the

Group's statement of financial position. Payments made under operating leases are recognised in the Statements

of income on a straight-line basis over the term of the lease. Investment property held under an operating lease is

recognised in the Group's statement of financial position at its fair value.

h) Inventories

Inventories and work in progress are measured at the lower of cost and net realizable value. Cost is primarily

calculated on a weighted average price basis. Reserves for inventories and work in progress are calculated based

on an analysis of foreseeable changes in demand, technology or the market, in order to determine obsolete or

excess inventories and work in progress. In the case of manufactured inventories and work in progress, cost

includes an appropriate share of production overheads based on normal operating capacity.

Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of

completion and selling expenses.

i) Impairment

Financial assets including receivables

A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine

whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indi-

cates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative

effect on the estimated future cash flows of that asset that can be estimated reliably.

The Group considers evidence of impairment for receivables at a specific asset and collective level. All individu-

ally significant receivables are assessed for specific impairment. All individually significant receivables found

not to be specifically impaired are then collectively assessed for any impairment that has been incurred but not

yet identified. Receivables that are not individually significant are collectively assessed for impairment by

grouping together receivables with similar risk characteristics.

In assessing collective impairment the Group uses historical trends of the probability of default, timing of recov-

eries and the amount of loss incurred, adjusted for management's judgement as to whether current economic and

credit conditions are such that the actual losses are likely to be greater or less than suggested by historical trends.

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AEG 21604 G Bedienungsanleitung Seite 329