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Unformatted text preview: r the purpose of selling in the short term. The Group did not have
any assets classified as “financial assets at fair value through profit or loss” during this reporting period.
Bills of exchange and debentures are recorded at amortised cost using the effective interest method less impairment,
with revenue recognised on an effective yield basis.
The effective interest method is a method of calculating the amortised cost of a financial asset and of allocating
interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future
cash receipts through the expected life of the financial asset, or, where appropriate, a shorter period.
Available-for-sale financial assets
The entity did not have any assets classified as being “available-for-sale”.
34 Wellcom Group Limited
Notes to the Consolidated Financial Statements 2. Summary of significant accounting policies (continued)
j) Investments and other financial assets (continued) For personal use only Loans and receivables
i) Trade receivables
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This document was uploaded on 02/06/2014.
- Spring '14