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Notes to the
Financial Statements
As at 31 March 2019
2.
Significant accounting policies (cont’d.)
2.2 Standards issued but not yet effective
The accounting policies adopted are consistent with those of the previous financial year except as
follows:
Description
Effective for
financial
periods
beginning
on or after
MFRS 16: Leases
1 January 2019
Amendments to MFRS 9: Prepayment Features with Negative Compensation
1 January 2019
Amendment to MFRS 119: Employee Benefits Plan Amendment, Curtailment or
Settlement
1 January 2019
Amendments to MFRS 128: Long-term Interests in Associates and Joint Ventures
1 January 2019
Annual Improvements to MFRS Standards 2015 - 2017 Cycle
1 January 2019
IC Interpretation 23: Uncertainty over income tax treatments
1 January 2019
Amendments to MFRS 3: Definition of a Business
1 January 2020
Amendments to MFRS 101: Definition of Material
1 January 2020
Amendments to MFRS 108: Definition of Material
1 January 2020
The Conceptual Framework for Financial Reporting
1 January 2020
MFRS 17: Insurance Contracts
1 January 2021
Amendments to MFRS 10 and MFRS 128: Sales or Contribution of Assets between an
Investor and its Associate 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:
MFRS 16 Leases
MFRS 16 will replace MFRS 117 Leases, IC Interpretation 4 Determining whether an Arrangement contains a
Lease, IC Interpretation 115 Operating Lease-Incentives and IC Interpretation 127 Evaluating the Substance
of Transactions Involving the Legal Form of a Lease. MFRS 16 sets out the principles for the recognition,
measurement, presentation and disclosure of leases and requires lessees to account for all leases under a
single on-balance sheet model similar to the accounting for finance leases under MFRS 117.
At the commencement date of a lease, a lessee will recognise a liability to make lease payments and an
asset representing the right to use the underlying asset during the lease term. Lessees will be required
to recognise interest expense on the lease liability and the depreciation expense on the right-of-use
asset.
financial
statements
125