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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.