Page 39 - ar2012.pdf

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Notes to the Financial Statements
31 December 2012
2. Summary of significant accounting policies (cont’d)
2.3 Standards issued but not yet effective
The Group has not adopted the following standards and interpretations that have been issued but not yet
effective:
Description
Effective for annual
periods beginning
on or after
Revised FRS 19 Employee Benefits 1 January 2013
FRS113 Fair Value Measurement 1 January 2013
Amendments to FRS 107 Disclosures – Offsetting Financial Assets and Financial Liabilities 1 January 2013
Improvements to FRSs 2012 1 January 2013
- Amendments to FRS 1 Presentation of Financial Statements 1 January 2013
- Amendments to FRS 16 Property, Plant and Equipment 1 January 2013
- Amendments to FRS 32 Financial Instruments: Presentation 1 January 2013
Revised FRS 27 Separate Financial Statements 1 January 2014
Revised FRS 28 Investments in Associates and Joint Ventures 1 January 2014
FRS 110 Consolidated Financial Statements 1 January 2014
FRS 111 Joint Arrangements 1 January 2014
FRS 112 Disclosure of Interests in Other Entities 1 January 2014
Amendments to FRS 32 Offsetting Financial Assets and Financial Liabilities 1 January 2014
Except for the Amendments to FRS 1 and FRS 112, the directors expect that the adoption of the other
standards and interpretations above will have no material impact on the financial statements in the period of
initial application. The nature of the impending changes in accounting policy on adoption of the Amendments
to FRS 1 and FRS 112 are described below.
Amendments to FRS 1 Presentation of Items of Other Comprehensive Income
The Amendments to FRS 1 Presentation of Items of Other Comprehensive Income (OCI) is effective for
financial periods beginning on or after 1 July 2012.
The Amendments to FRS 1 changes the grouping of items presented in OCI. Items that could be reclassified
to profit or loss at a future point in time would be presented separately from items which will never be
reclassified. As the Amendments only affect the presentations of items that are already recognised in OCI, the
Group does not expect any impact on its financial position or performance upon adoption of this standard.
FRS 112 Disclosure of Interests in Other Entities
FRS 112 Disclosure of Interests in Other Entities is effective for financial periods beginning on or after
1 January 2014.
FRS 112 is a new and comprehensive standard on disclosure requirements for all forms of interests in other
entities, including joint arrangements, associates, special purpose vehicles and other off balance sheet
vehicles. FRS 112 requires an entity to disclose information that helps users of its financial statements to
evaluate the nature and risks associated with its interests in other entities and the effects of those interests
on its financial statements. As this is a disclosure standard, it will have no impact to the financial position and
financial performance of the Group when implemented in 2014.