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 |
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Description |
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Reporting period beginning on or after |
| IFRS 2 Share-based Payment |
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Amendments dealing with classification and measurement of share-based payments. The
amendments address the effects of vesting conditions on the measurement of a cash-settled
share-based payment; the accounting requirements for a modification to the terms and
conditions of a share-based payment that changes the classification of the transaction from
cash-settled to equity-settled; and classification of share-based payment transactions with net
settlement features. |
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January 1 2018 |
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| IFRS 5 Non-current assets Held for Sale
and Discontinued Operations |
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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. |
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January 1 2016 |
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| IFRS 7 Financial Instruments: Disclosures |
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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. |
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|
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. |
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January 1 2018 |
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| IFRS 10 Consolidated Financial
Statements, IFRS 12 Disclosure of
Interests in Other Entities and IAS 28 Investments in Associates and Joint
Ventures |
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|
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. |
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January 1 2016 |
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| IFRS 10 Consolidated Financial
Statements and IAS 28 Investments in
Associates and Joint Ventures |
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|
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. |
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January 1 2016 |
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| IFRS 11 Joint Arrangements |
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|
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. |
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January 1 2016 |
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| IFRS 15 Revenue from Contracts from
Customers |
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The 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.
The standard will also result in enhanced disclosures about revenue, provide guidance for
transactions that were not previously addressed comprehensively and improve guidance for
multiple-element arrangements. |
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January 1 2017 |
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| IFRS 16 Leases |
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|
New standard that introduces a single lessee accounting model and requires a lessee to
recognise assets and liabilities for all leases with a term of more than 12 months, unless the
underlying asset is of low value. A lessee is required to recognise a right-of-use asset
representing its right to use the underlying leased asset and a lease liability representing its
obligation to make lease payments. A lessee measures right-of-use assets similarly to other
non-financial assets and lease liabilities similarly to other financial liabilities. As a
consequence, a lessee recognises depreciation of the right-of-use asset and interest on the
lease liability, and also classifies cash repayments of the lease liability into a principal portion
and an interest portion and presents them in the statement of cash flows applying IAS 7.
The standard contains expanded disclosure requirements for lessees. Lessees will need to
apply judgement in deciding upon the information to disclose to meet the objective of
providing a basis for users of financial statements to assess the effect that leases have on the
financial position, financial performance and cash flows of the lessee.
IFRS 16 substantially carries forward the lessor accounting requirements in IAS 17. Accordingly, a lessor continues to classify its leases as operating leases or finance leases, and
to account for those two types of leases differently.
The statement also requires enhanced disclosures to be provided by lessors that will improve
information disclosed about a lessor’s risk exposure, particularly to residual value risk. |
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January 1 2019 |
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| IAS 1 Presentation of Financial
Statement |
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|
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. |
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January 1 2016 |
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| IAS 7 Statement of Cash Flows |
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|
The amendments require entities to disclose information about changes in their financing
liabilities. The additional disclosures will help investors to evaluate changes in liabilities arising
from financing activities, including changes from cash flows and non-cash changes (such as
foreign exchange gains or losses). |
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January 1 2017 |
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| IAS 12 Income Taxes |
|
|
Amendment to clarify the requirements on recognition of deferred tax
assets for unrealised losses on debt instruments measured at fair value. |
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January 1 2017 |
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IAS 16 Property, Plant and Equipment and
IAS 38 Intangible Assets |
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|
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. |
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January 1 2016 |
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| IAS 19 Employee Benefits |
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|
Amendment clarifying the requirements to determine the discount rate in a regional market
sharing the same currency. |
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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. |
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January 1 2016 |
Management’s assessment of the new standards, interpretations and amendments has not revealed any material impact on the Group’s results.