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notes to the financial statements (cont’d)
for the financial year ended 30 June 2014
ANNUAL REPORT 2014
57
2. Summary of significant accounting policies (CONT’D)
2.2 Changes in accounting policies (cont’d)
FRS 127, Separate Financial Statements
As a consequence of the new FRS 10 and FRS 12, FRS 127 is limited to accounting for subsidiaries, jointly
controlled entities and associates in separate financial statements.
FRS 128, Investments in Associates and Joint Ventures
As a consequence of the new FRS 11 and FRS 12, FRS 128 is renamed as FRS 128 Investments in Associates
and Joint Ventures. This new standard describes the application of the equity method to investments in joint
ventures in addition to associates.
Amendments to FRS 7, Disclosures - Offsetting Financial Assets and Financial Liabilities
The amendments require additional information to be disclosed to enable users of financial statements to
evaluate the effect or potential effect of netting arrangements, including rights of set-off associated with the
entity’s recognised financial assets and recognised financial liabilities, on the entity’s financial position. The
amendment affects disclosure only and has no impact on the Group’s and the Company’s financial position
or performance.
2.3 Amendments/standards issued but not yet effective
The amendments/standards issued but not yet effective up to the date of issuance of the Group’s financial
statements are listed below. The Group intends to adopt these amendments/standards, if applicable, when
they become effective.
FRS effective for annual periods beginning on or after 1 January 2014
•
Amendments to FRS 10, FRS 12 and FRS 127, Investment Entities
•
Amendments to FRS 132, Offsetting Financial Assets and Financial Liabilities
•
Amendments to FRS 136, Recoverable Amount Disclosures for Non-Financial Assets
•
Amendments to FRS 139, Novation of Derivatives and Continuation of Hedge Accounting
•
IC Interpretation 21, Levies
FRS effective for annual periods beginning on or after 1 July 2014
•
Amendments to FRS 2, FRS 3, FRS 8, FRS 13, FRS 116, FRS 124 and FRS 138 (Annual Improvements
to FRSs 2010-2012 Cycle)
•
Amendments to FRS 1, FRS 3, FRS 13 and FRS 140 (Annual Improvements to FRSs 2011-2013 Cycle)
•
Amendments to FRS 119, Defined Benefits Plans: Employee contributions
FRS effective for annual periods beginning on or after 1 January 2016
•
Amendments to FRS 116, Property, Plant and Equipment and FRS 138, Intangible Assets: Clarification
of Acceptable Methods of Depreciation and Amortisation
•
Amendments to FRS 11, Joint Arrangements Benefits: Accounting for Acquisitions of Interest in Joint
Operations
•
FRS 14, Regulatory Deferral Accounts
FRS effective date to be announced
•
FRS 9, Financial Instruments (IFRS 9 issued by IASB in November 2009)
•
FRS 9, Financial Instruments (IFRS 9 issued by IASB in October 2010)
•
FRS 9, Financial Instruments: Hedge Accounting and amendments to FRS 9, FRS 7 and FRS 139