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Annual Report 2017

133

Notes to the

financial statements

31 march 2017

2.

Significant accounting policies (cont’d.)

2.2 Changes in accounting policies arising from adoption of new FRSs and amendments to FRSs (cont’d.)

(a)

Changes in accounting policies (cont’d.)

Description

Effective for financial period beginning on or after

Annual Improvements to FRSs 2012-2014 Cycle

1 January 2016

Amendments to FRS 116 and FRS 138: Clarification

of Acceptable Method of Depreciation and Amortisation

1 January 2016

Amendments to FRS 11: Accounting for Acquisitions

of Interest in Joint Operations

1 January 2016

Amendments to FRS 127: Equity Method in Separate

Financial Statements

1 January 2016

Amendments to FRS 101: Disclosure Initiatives

1 January 2016

Amendments to FRS 10, FRS 12 and FRS 128:

Investment Entities: Applying the Consolidation

1 January 2016

FRS 14: Regulatory Deferral Accounts

1 January 2016

The adoption of the above new standards and interpretations do not have significant impact on the financial

statements of the Group and of the Company.

(b)

Standards issued but not yet effective

The standards and interpretations that are issued but not yet effective up to the date of issuance of the Group’s

and of the Company’s financial statements are disclosed below. The Group and the Company intend to adopt these

standards, if applicable, when they become effective.

Description

Effective for financial period beginning on or after

Annual Improvements to FRSs 2014-2016 Cycle

1 January 2017

Amendments to FRS 107: Disclosure initiative

1 January 2017

Amendments to FRS 112: Recognition of deferred

tax assets for unrealised losses

1 January 2017

FRS 9: Financial Instruments

1 January 2018

Amendments to FRS 2: Classification and

measurement of Share-based payment transactions

1 January 2018

Amendments to FRS 10 and FRS 128: Sale or Contribution

of Assets between an Investor and its Associates or Joint Venture

Deferred

The directors expect that the adoption of the above standards and interpretations will have no material impact on

the financial statements in the period of initial application except as discussed below:

FRS 9: Financial instruments

In November 2014, MASB issued the final version of FRS 9 Financial Instruments which reflects all phases of

the financial instruments project and replaces FRS 139 Financial Instruments: Recognition and Measurement and

all previous versions of FRS 9. The standard introduces new requirements for classification and measurement,

impairment and hedge accounting. FRS 9 is effective for annual periods beginning on or after 1 January 2018, with

early application permitted. Retrospective application is required, but comparative information is not compulsory.

The adoption of FRS 9 will have an effect on the classification and measurement of the Group’s financial assets,

but no impact on the classification and measurement of the Group’s financial liabilities.