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Any gain or loss on disposal of investment property (calculated as the difference between the net proceeds from disposal and
the carrying amount of the item) is recognised in profit or loss.
L Assets held for sale
Non
‑
current assets, or disposal groups comprising assets and liabilities, are classified as held
‑
for
‑
sale if it is highly probable
that they will be recovered primarily through sale rather than through continuing use.
Such assets, or disposal groups, are generally measured at the lower of their carrying amount and fair value less costs to sell.
Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on a pro
rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets, employee benefit assets, invest-
ment property or biological assets, which continue to bemeasured in accordance with the Group’s other accounting policies.
Impairment losses on initial classification as held
‑
for
‑
sale or held
‑
for
‑
distribution and subsequent gains and losses on re-
measurement are recognised in profit or loss.
Once classified as held
‑
for
‑
sale, intangible assets and property, plant and equipment are no longer amortised or depreciated,
and any equity
‑
accounted investee is no longer equity accounted.
M Financial instruments
The Group classifies non
‑
derivative financial assets into the following categories: financial assets at fair value through profit
or loss, held
‑
to
‑
maturity financial assets, loans and receivables
and available‑for‑sale financial assets.
The Group classifies non
‑
derivative financial liabilities into the following categories: financial liabilities at fair value through
profit or loss and other financial liabilities category.
1 Non-derivative financial assets and financial liabilities – Recognition and de-recognition
The Group initially recognises loans and receivables and debt securities issued on the date when they are originated. All other
financial assets and financial liabilities are initially recognised on the trade date when the entity becomes a party to the con-
tractual provisions of the instrument.
The Group derecognises a financial asset when the contractual rights to the cash f lows fromthe asset expire, or it transfers the
rights to receive the contractual cash f lows in a transaction in which substantially all of the risks and rewards of ownership
of the financial asset are transferred, or it neither transfers nor retains substantially all of the risks and rewards of ownership
and does not retain control over the transferred asset. Any interest in such derecognised financial assets that is created or
retained by the Group is recognised as a separate asset or liability.
The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire.
Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when,
and only when, the Group currently has a legally enforceable right to offset the amounts and intends either to settle themon a
net basis or to realise the asset and settle the liability simultaneously.
2 Non-derivative financial assets –Measurement
Financial assets at fair value through profit or loss
A financial asset is classified as at fair value through profit or loss if it is classified as held- for-trading or is designated as such
on initial recognition. Directly attributable transaction costs are recognised in profit or loss as incurred. Financial assets at
fair value through profit or loss aremeasured at fair value and changes therein, including any interest or dividend income, are
recognised in profit or loss.
2016 ANNUAL REPORT
102
GB Auto (S.A.E.)
Notes to the consolidated financial statements for the financial year ended December 31, 2016
(In thenotes all amounts are shown inThousandEgyptianPounds unless otherwise stated)