Labels:text | screenshot | font OCR: Basis of accounting The financial statements are prepared on the historical cost basis in conformity with generally accepted accounting practice. The following are the principal accounting policies used by the Group which are consistent with those used in the previous year. Basis of consolidation Goodwill The difference between the fair value of the consideration paid and the fair value of net tangible assets of subsidiaries and joint ventures at the date of acquisition is charged or credited to goodwill arising on consolidation. Goodwill is amortised over its useful life dependent on the particular circumstances applicable to the NNNN acquisition. In the event of a diminution in the value of a subsidiary or joint venture, the unamortised balance is written off.
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