At the date of approval of the annual financial statements, the following new standards, interpretations and amendments that apply to the
Group were in issue but not yet effective:
| Standard/interpretation |
|
Description |
|
Reporting period
beginning on or
after |
|
| IFRS 5 Non-current assets Held for
Sale and Discontinued Operations |
|
Amendments clarifying that a change in the manner of disposal of a
non-current asset or disposal group held-for-sale is considered to be a
continuation of the original plan of disposal, and accordingly, the date of
classification as held-for-sale does not change. |
|
January 1 2016 |
|
| IFRS 7 Financial Instruments:
Disclosures |
|
Amendment clarifying under what circumstances an entity will have
continuing involvement in a transferred financial asset as a result of servicing
contracts.
Amendment clarifying the applicability of previous amendments to IFRS
7 issued in December 2011 with regard to offsetting financial assets and
financial liabilities in relation to interim financial statements prepared under
IAS 34. |
|
January 1 2016 |
|
| IFRS 9 Financial Instruments |
|
A final version of IFRS 9 has been issued which replaces IAS 39 Financial
Instruments: Recognition and Measurement. The completed standard
comprises guidance on classification and measurement, impairment hedge
accounting and derecognition.
The statement introduces a new approach to the classification of financial
assets, which is driven by the business model in which the asset is held and
their cash flow characteristics. A new business model was introduced which
does allow certain financial assets to be categorised as fair value through
other comprehensive income in certain circumstances. The requirements for
financial liabilities are mostly carried forward unchanged from IAS 39.
Changes have been made to the fair value option for financial liabilities to
address the issue of own credit risk
The new model introduces a single impairment model being applied to
all financial instruments, as well as an expected credit loss model for the
measurement of financial assets.
The statement contains a new model for hedge accounting that aligns
the accounting treatment with the risk management activities of an entity,
in addition enhanced disclosures will provide better information about
risk management and the effect of hedge accounting on the financial
statements.
It also carries forward the derecognition requirements of financial assets and
liabilities from IAS 39. |
|
January 1 2015 |
|
| IFRS 10 Consolidated Financial
Statements, IFRS 12 Disclosure
of Interests in Other Entities and
IAS 28 Investments in Associates
and Joint Ventures |
|
Applying the consolidation exception: amendments to IFRS 10, IFRS 12
and IAS 28 to introduce clarifications to the requirements when accounting
for investment entities. The amendments also provide relief in particular
circumstances, which will reduce the costs of applying the standards. |
|
January 1 201 |
|
| IFRS 10 Consolidated Financial
Statements, and IAS 28:
Investments in Associates and
Joint Ventures |
|
Sale or contribution of assets between an investor and its associate or
joint venture: an amendment to address an acknowledged inconsistency
between the requirements in IFRS 10 and those in IAS 28, in dealing with
the sale or contribution of assets between an investor and its associate or
joint venture. |
|
January 1 2016 |
|
| IFRS 11 Joint Arrangements |
|
Amendments adding new guidance on how to account for the acquisition
of an interest in a joint operation that constitutes a business which specify
the appropriate accounting treatment for such acquisitions. |
|
January 1 2016 |
|
| IFRS 15 Revenue from Contracts
from Customers |
|
This new standard that requires entities to recognise revenue to depict
the transfer of promised goods or services to customers in an amount
that reflects the consideration to which the entity expects to be entitled
in exchange for those goods or services. This core principle is achieved
through a five-step methodology that is required to be applied to all
contracts with customers. |
|
January 1 2017 |
|
| IAS 1 Presentation of Financial
Statements |
|
Amendments designed to encourage entities to apply professional
judgement in determining what information to disclose in their financial
statements. The amendments also clarify that entities should use
professional judgement in determining where and in what order information
is presented in the financial disclosures. |
|
January 1 2016 |
|
| IAS 16 Property, Plant and
Equipment and IAS 38 Intangible
Assets |
|
Amendment establishing the principle for the basis of depreciation
and amortisation as being the expected pattern of consumption of the
future economic benefits of an asset. Clarifying that revenue is generally
presumed to be an inappropriate basis for measuring the consumption of
economic benefits in such assets. |
|
January 1 2016 |
|
| IAS 19 Employee Benefits |
|
Amendment clarifying the requirements to determine the discount rate in a
regional market sharing the same currency. |
|
January 1 2016 |
|
| IAS 27 Consolidated and Separate
Financial Statements |
|
Amendment to allow entities to use the equity method to account for
investments in subsidiaries, joint ventures and associates in their separate
financial statements. |
|
January 1 2016 |
|
Management’s assessment of the new standards, interpretations and amendments has not revealed any material impact on the Group’s
results.