Costs related to the acquisition, other than 
those associated with the issue of debt or equity 
securities, that the Group incurs in connection 
with a business combination are expensed as 
incurred. Any contingent consideration payable 
is recognised at fair value at the acquisition 
date.
Acquisitions of non-controlling interests are 
accounted for as transactions with owners in 
their capacity as owners and therefore no good-
will is recognised as a result of such transac-
tions. The non-controlling interest in the 
acquiree is based on the fair value of the 
acquiree’s net identifiable assets. The adjust-
ments to non-controlling interests are based on 
the proportionate amount of the net assets of 
the subsidiary.
The acquisition of an asset or group of assets 
that is not a business is accounted for by allo-
cating the cost of the transaction to the net 
identifiable assets and liabilities acquired based 
on their fair values.
(ii) Subsidiaries
Subsidiaries are entities controlled by the Group. 
The financial statements of subsidiaries are 
included in the consolidated financial state-
ments from the date that control commences 
until the date that control ceases.
The accounting policies of subsidiaries have 
been changed when necessary to align them 
with the policies adopted by the Group. Losses 
applicable to the non-controlling interests in a 
subsidiary are allocated to the non-controlling 
interests even if doing so causes the non-
controlling interests to have a deficit balance.
Intra-group balances and transactions, and any 
unrealised gains arising from intra-group trans -
actions, are eliminated in preparing the consoli-
dated financial statements. Unrealised losses 
are also eliminated unless the transaction 
provides evidence of the impairment of the asset 
transferred.