63
ANNUAL REPORT 2015/2016
Notes to Financial Statements
2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
(i)
Basis of preparation (cont’d)
Changes and Adoption of New/Revised Financial Reporting Standards (cont’d)
Amendments to FRS 103
Business Combinations: Classification and measurement
of contingent consideration in a business combination and
scope exceptions for joint arrangements
Amendments to FRS 108
Operating Segments: Aggregation of operating segments
and reconciliation of the total of the reportable segments’
assets to the entity’s assets
Amendments to FRS 113
Fair Value Measurement: Scope of portfolio – exception
Amendments to FRS 38
Intangible Assets: Revaluation method – proportionate
restatement of accumulated amortisation
New Standards and Interpretations Not Adopted
A number of new standards, amendments to standards and interpretations are effective for
annual periods beginning after 1 April 2015, and have not been applied in preparing these financial
statements. The Group is currently assessing the potential impact of adopting these new standards
and interpretations, among others, on the financial statements which include:
Ŕ
'34
Revenue from Contracts with Customers
(effective for annual periods beginning after
1 January 2018)
FRS 115
Revenue from Contracts with Customers
establishes a framework for determining when and
IPX UP SFDPHOJTF SFWFOVF *U JOUSPEVDFT OFX DPTU HVJEBODF XIJDI SFRVJSFT DFSUBJO DPTUT PG PCUBJOJOH
and fulfilling contracts to be recognised as separate assets when specified criteria are met. When
FGGFDUJWF '34 TVQFSTFEFT BMM FYJTUJOH SFWFOVF SFDPHOJUJPO SFRVJSFNFOUT VOEFS '34
Ŕ
'34
Financial Instruments
(effective for annual periods beginning after 1 January 2018)
FRS 109
Financial Instruments
replaces the existing guidance in FRS 39
Financial Instruments:
Recognition and Measurement
5IF TUBOEBSET JOUSPEVDFT OFX SFRVJSFNFOUT GPS DMBTTJGJDBUJPO BOE
measurement of financial instruments, a new expected credit loss model for calculating impairment
PO GJOBODJBM BTTFUT BOE OFX HFOFSBM IFEHF BDDPVOUJOH SFRVJSFNFOUT
The Group does not plan to adopt these standards early.
