68
STAMFORD LAND CORPORATION LTD
NOTES TO THE FINANCIAL STATEMENTS
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
New Standards and Interpretations Not Adopted (Cont’d)
•
FRS 16 Property, Plant and Equipment (effective for annual periods beginning on or after 1 July 2014)
The standard is amended to clarify how the gross carrying amount and the accumulated depreciation
are treated where an entity uses the revaluation model. The carrying amount of the asset is restated to
the revalued amount. The split between gross carrying amount and accumulated depreciation is treated
in one of the following ways:
• either the gross carrying amount is restated in a manner consistent with the revaluation of the carrying
amount, and the accumulated depreciation is adjusted to equal the difference between the gross
carrying amount and the carrying amount after taking into account accumulated impairment losses; or
• the accumulated depreciation is eliminated against the gross carrying amount of the asset.
This amendment is not expected to have any significant impact on the financial statements of the Group.
•
FRS 24 Related Party Disclosures (effective for annual periods beginning on or after 1 July 2014)
The standard is amended to include, as a related party, an entity that provides key management
personnel services to the reporting entity or to the parent of the reporting entity (‘the management
entity’). The reporting entity is not required to disclose the compensation paid by the management entity
to the management entity’s employees or directors, but it is required to disclose the amounts charged to
the reporting entity by the management entity for services provided.
This amendment will not result in any changes to the Group’s accounting policies but will require more
disclosures in the financial statements.
•
FRS 113 Fair Value Measurement (effective for annual periods beginning on or after 1 July 2014)
The amendment clarifies that the portfolio exception in FRS 113, which allows an entity to measure the
fair value of a group of financial assets and financial liabilities on a net basis, applies to all contracts
(including non-financial contracts) within the scope of FRS 39.
This amendment is not expected to have any significant impact on the financial statements of the Group.
