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NOTE 16
OTHER INCOME
16
Accounting policies –
Other income
Other income represents gains or losses made on:
•
changes in fair value for certain assets including trading equities, unlisted investments, investment property
and where a previously held equity investment becomes an equity accounted associate.
•
the sale of an asset including the sale of equity investments, investment property and equity accounted
associates. With the exception of the long term equity investments, the gain or (loss) is calculated as the
difference between the proceeds received and the carrying value of the asset. For the sale of long term equity
investments, whilst the gain is calculated in the same manner, it also includes any fair value changes that
have previously been recognised in equity (through reserves). As these amounts have not previously been
recognised in the profit and loss, they are included in the gain when the long term equity investment is sold.
•
deemed disposals of equity accounted associates. This occurs when the Group’s percentage holding in an
associate decreases but there has not been a loss of significant influence. The Group continues to equity
account the associate.
2016
2015
$’000
$’000
Gain on sale of investment properties
–
4,991
Gains on deemed disposals of equity accounted associates
118,850
2,076
Gain on disposal of equity accounted associate
2,127
–
Loss on initial recognition of an equity accounted associate
(1,682)
–
Gains/(losses) on trading equities fair valued through profit and loss
5,140
(6,018)
Gains on sale of long term equity investments
16,501
5,543
Land access compensation
5,000
–
(Loss) on disposal of unlisted investment
–
(2,135)
Other items
(34)
47
Total other income
145,902
4,504