NAT Nanette

debtors or a group of debtors is experiencing significant financial difficulty, 
default or delinquency in interest or principal payments, the probability that 
they will enter bankruptcy or other financial reorganization and where 
observable data indicate that there is a measurable decrease in the estimated 
future cash flows, such as changes in arrears or economic conditions that 
correlate with defaults. 
 
 
       w.    Income tax: 
 
 
Current income tax 
 
 
Current income tax assets and liabilities for the current and prior periods are 
measured at the amount expected to be recovered from or paid to the taxation 
authorities. The tax rates and tax laws used to compute the amount are those 
that are enacted or substantively enacted by the balance sheet date. 
 
 
 
 
Deferred income tax 
 
 
Deferred income tax is provided using the liability method on temporary 
differences arising between the tax bases of assets and liabilities and their 
carrying amounts for financial reporting purposes. However, if the deferred 
income tax arises from initial recognition of an asset or liability in a 
transaction other than a business combination that at the time of the 
transaction affects neither the accounting nor taxable profit, it is not 
accounted for. 
 
 
Deferred income tax is determined using tax rates (and laws) that have been 
enacted or substantially enacted by the balance sheet date and are expected to 
apply when the related deferred income tax asset is realized, or the deferred 
income tax liability is settled. 
 
 
Deferred income tax assets are recognized to the extent that it is probable that 
future taxable profit will be available against which carryforward losses and 
deductible temporary differences can be utilized. 
 
 
Deferred income tax liabilities are not recognized for taxable temporary 
differences associated with investments in subsidiaries, associates and 
interests in joint ventures, where the timing of the reversal of the temporary 
differences can be controlled and it is probable that the temporary differences 
will not reverse in the foreseeable future. 
 
 
Deferred tax assets and deferred tax liabilities are offset only if they relate 
to the same taxable entity and that entity has a legally enforceable right to 
offset those assets against the liabilities. 
 
 
        x.    Revenue recognition: 
 
 
1.Sale of housing units: 
 
 
Revenue from sales of housing units is recognized when the significant risks and 
rewards of ownership have been passed to the buyer, it is probable that the 
economic benefits associated with the transaction will flow to the Group and 
provided that the Group has no further substantial obligations under the 
contract. 
 
 
The significant risks and rewards are considered to be transferred to the buyer 
when the housing units have been constructed, accepted by the customer and the 
consideration was paid by the buyer. Until such time, any unsold or uncompleted 
residential units are accounted for under inventories. 
 
 
2.    Interest income: 
 
 
Interest income is recognized as interest accrues using the effective interest 
method. 
 
 
y.    Treasury shares: 
 
 
Own equity instruments which are reacquired (treasury shares) are recognised at 
cost and are presented in the balance sheet as a deduction from shareholders' 
equity. No gain or loss is recognized in the income statement on the sales, 
issuance, or cancellation of treasury shares. 
 
 
Consideration received is presented in the financial statements as a change in 
shareholders' equity. 
 
 
Shares of the parent company purchased by subsidiaries are accounted for as 
treasury shares. 
 
 
        z.    Share-based payment transactions: 
 
 
The Company applies the provisions of IFRS 2, Share-Based Payment. IFRS 2 
requires an expense to be recognized where the Group buys goods or services in 
exchange for shares or rights over shares ("equity-settled transactions"), or in 
exchange for other assets equivalent in value to a given number of shares of 
rights over shares ("cash-settled transactions"). The main impact of IFRS 2 on 
the Group is the expensing of employees' and directors' share options 
(equity-settled transactions). 
 
 
The cost of equity-settled transactions with employees is measured by reference 
to the fair value at the date on which they are granted. The fair value is 
determined by using the Black-Scholes option-pricing model taking into account 
the terms and conditions upon which the instruments were granted. The fair 
values of Ordinary shares for the purpose of calculating the fair values of 
options and warrants were determined by management based on a number of factors, 
including external valuations. 
 
 
The cost of equity-settled transactions is recognized, together with a 
corresponding increase in equity, over the period in which the performance 
and/or service conditions are fulfilled, ending on the date on which the 
relevant employees become fully entitled to the award ("the vesting date"). The 
cumulative expense recognized for equity-settled transactions at each reporting 
date until the vesting date reflects the extent to which the vesting period has 
expired and the Company's best estimate of the number of equity instruments that 
will ultimately vest. 
 
 
aa.    Derivative financial instruments: 
 
 
The Group uses derivative financial instruments such as interest rate swaps. 
Such derivative financial instruments are initially recognized at fair value on 
the date on which a derivative contract is entered into and are subsequently 
remeasured at fair value. Derivatives are carried as assets when the fair value 
is positive and as liabilities when the fair value is negative. Any gains or 
losses arising from changes in fair value on derivatives are taken directly to 
profit or loss. 
 
 The fair value of interest rate swap contracts is 
determined by reference to market values for similar instruments. 
 
 The 
Group considers whether a contract contains an embedded derivative when the 
entity first becomes a party to it. The embedded derivatives are separated from 
the host contract, which is not measured at fair value through profit or loss, 
when the analysis shows that the economic characteristics and risks of embedded 
derivatives are not closely related to those of the host contract. Embedded 
derivatives are recognized at fair value when any change in fair value is taken 
directly to profit or loss. 
 
 
 
 
bb.    Standards issued but not yet effective: 
 
 
IFRS 3R Business Combinations and IAS 27R Consolidated and Separate Financial 
Statements 
 
 
The revised standards were issued in January 2008 and become effective for 
financial years beginning on or after July 1, 2009. IFRS 3R introduces a number 
of changes in the accounting for business combinations occurring after this date 
that will impact the amount of goodwill recognized, the reported results in the 
period that an acquisition occurs, and future reported results. IAS 27R requires 
that a change in the ownership interest of a subsidiary (without loss of 
control) is accounted for as an equity transaction. Therefore, such transactions 
will no longer give rise to goodwill, nor will it give rise to a gain or loss. 
Furthermore, the amended standard changes the accounting for losses incurred by 
the subsidiary as well as the loss of control of a subsidiary. Other 
consequential amendments were made to IAS 7 Statement of Cash Flows, IAS 12 
Income Taxes, IAS 21 The Effects of Changes in Foreign Exchange Rates, IAS 2 
Investment in Associates and IAS 31 Interests in Joint Ventures. The changes by 
IFRS 3R and IAS 27R will affect future acquisitions or loss of control and 
transactions with minority interests. The standards may be early applied. 
However, the Group does not intend to take advantage of this possibility. 
 
 
IAS 1 Revised Presentation of Financial Statements 
 
 
The revised Standard was issued in September 2007 and becomes effective for 
financial years beginning on or after January 1, 2009. The Standard separates 
owner and non-owner changes in equity. The statement of changes in equity will 
include only details of transactions with owners, with non-owner changes in 
equity presented as a single line. In addition, the Standard introduces the 
statement of comprehensive income: it presents all items of recognized income 
and expense, either in one single statement, or in two linked statements. The 
Group is still evaluating whether it will have one or two statements. 
 
 
IAS 32 Financial Instruments: Presentation and IAS 1 Presentation of Financial 
statements - Puttable Financial Instruments and Obligations Arising on 
liquidation 
 
 
These amendments to IAS 32 and IAS 1 were issued in February 2008 and become 
effective for financial years beginning on or after January 1, 2009. The 
revisions provide limited scope exception for puttable instruments to be 
classified as equity if they fulfill a number of specified features. The 
amendment to the standards will have no impact on the financial position or 
performance of the Group, as the Group has not issued such instruments. 
 
 
IAS 39 Financial Instruments: Recognition and Measurement - Eligible Hedged 
Items 
 
 
These amendments to IAS 39 were issued in August 2008 and become effective for 
financial years beginning on or after July 1, 2009. The amendment addresses the 
designation of a one-sided risk in a hedged item, and the designation of 
inflation as a hedged risk or portion in particular situations. It clarifies 
that an entity is permitted to designate a portion of the fair value changes or 
cash flow variability of a financial instrument as hedged item. The Group has 
concluded that the amendment will have no impact on the financial position or 
performance of the Group, as the Group has not entered into any such hedges. 
 
 
Improvements to IFRSs 
 
 
The Group has not yet adopted the following amendments and anticipates that 
these changes will have no material effect on the financial statements. 
 
 
1.    IFRS 7 Financial Instruments: Disclosures: 
 
 

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