Page 172 - Hang Lung Properties 2012 Annual Report

2 PRINCIPAL ACCOUNTING POLICIES (Continued)
(p) Financial guarantees issued, provisions and
contingent liabilities
1. Financial guarantees issued
Financial guarantees are contracts that require the issuer (i.e. the
guarantor) to make specified payments to reimburse the beneficiary
of the guarantee (the “holder”) for a loss the holder incurs because a
specified debtor fails to make payment when due in accordance with
the terms of a debt instrument.
Where the Company issues a financial guarantee, the fair value of
the guarantee (being the transaction price, unless the fair value can
otherwise be reliably estimated) is initially recognized as deferred income
within trade and other payables. Where consideration is received
or receivable for the issuance of the guarantee, the consideration is
recognized in accordance with the Company’s policies applicable to
that category of asset. When no such consideration is received or
receivable, an immediate expense is recognized in profit or loss on
initial recognition of any deferred income.
The amount of the guarantee initially recognized as deferred income
is amortized in profit or loss over the term of the guarantee as
income from financial guarantees issued. In addition, provisions are
recognized in accordance with note 2(p)(2) if and when (i) it becomes
probable that the holder of guarantee will call upon the Company
under the guarantee, and (ii) the amount of that claim on the Company
is expected to exceed the amount currently carried in trade and
other payables in respect of that guarantee i.e. the amount initially
recognized, less accumulated amortization.
2. Other provisions and contingent liabilities
Provisions are recognized for liabilities of uncertain timing or amount
when the Group or the Company has a legal or constructive obligation
arising as a result of past event, it is probable that an outflow of
economic benefits will be required to settle the obligation and a reliable
estimate can be made. When the time value of the money is material,
provisions are stated at the present value of the expenditure expected
to settle the obligation.
2 主要會計政策（續）
(p) 已發出財務擔保、撥備及
或然負債
1. 已發出財務擔保
財務擔保乃要求發行人（即擔保人）就擔保
受益人（「持有人」）因特定債務人未能根據
債務工具的條款於到期時付款而蒙受的損
失，而向持有人支付特定款項的合約。
當本公司發出財務擔保，該擔保的公平價
值（即交易價格，除非該公平值能確實地估
計）最初確認為應付貿易及其它賬項內的遞
延收入。倘在發行該擔保時收取或可收取
代價，該代價則根據適用於該類資產的本
公司政策而予確認。倘沒有有關尚未收取
或應予收取之代價，則於最初確認任何遞
延收入時，即時於損益內確認開支。
最初以遞延收入入賬的擔保金額按擔保條
文於損益內攤銷，作為提供財務擔保之收
入。此外，倘若 (i) 擔保合約持有人很可能
要求本公司履行擔保合約；及 (ii) 向本公司
索償的款項預期超過現時列於應付賬款及
其他應付款內的擔保金額（即最初確認的金
額減累計攤銷），則須按附註 2(p)(2) 方法計
提撥備。
2. 其他撥備及或然負債
倘若本集團或本公司須就過往事件承擔法
律或推定責任，而且履行責任可能涉及付
出經濟利益，並可作出可靠的估計，則須
就未能確定時間或數額的負債確認撥備。
如果貨幣時間值重大，則按預計所需支出
的現值計提準備。
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