ANNUALREPORT 2013
73
Notes to theFinancial Statements
(Cont’d)
2) BASISOFPREPARATIONOFTHEFINANCIALSTATEMENTS
(Cont’d)
Standards and Interpretations in issuebut not yet effective
Asat thedateofauthorisation for issueof thesefinancial statements, the followingnewand revised
standards and amendments were in issue but not yet effective. The Group and the Company
intend to adopt these standards, if applicable, when they become effective.
Effective for
annual period
beginning on
or after
Amendments toMFRS 132
OffsettingFinancial Assets and
1st January 2014
Financial Liabilities
Amendments toMFRS 10,
Investment Entities
1st January 2014
MFRS 12 andMFRS127
Amendments toMFRS 136
RecoverableAmount Disclosures
1st January 2014
for Non-Financial Assets
Amendments toMFRS 139
Novation of Derivatives
1st January 2014
andContinuation of
HedgeAccounting
IC Interpretation 21
Levies
1st January 2014
Amendments toMFRS 201
PropertyDevelopmentActivities
1st January 2014
Amendments toMFRS 2
Share-basedPayment
1st July 2014
Amendments toMFRS 3
BusinessCombinations
1st July 2014
Amendments toMFRS 8
OperatingSegments
1st July 2014
Amendments toMFRS 13
Fair ValueMeasurement
1st July 2014
Amendments toMFRS 116
Annual Improvements to
1st July 2014
MFRSs 2010-2012Cycle
Amendments toMFRS 119
DefinedBenefit Plans:
1st July 2014
EmployeeContributions
Amendments toMFRS 124
RelatedPartyDisclosures
1st July 2014
Amendments toMFRS 138
IntangibleAssets
1st July 2014
Amendments toMFRS 140
Investment Property
1st July 2014
MFRS 9
Financial Instruments
1st January 2015
The directors expect that the adoption of the above standards and interpretations will have no
material impact on thefinancial statements in theperiodof initial applicationexcept asdiscussed
below:
MFRS 9Financial Instruments
MFRS 9 Financial Instruments, addressess the classification, measurement and recognition of
financial assetsandfinancial liabilities.MFRS9was issued inNovember2009andOctober2010.
It replaces the parts of MFRS 139 that relate to the classification andmeasurement of financial
instruments.MFRS9 requiresfinancial assets tobeclassified into twomeasurement categories:
thosemeasuredat fair valueand thosemeasuredat amortised cost. Thedetermination ismade
at initial recognition. The classification depends on the entity’s businessmodel for managing its
financial instrumentsand thecontractual cashflowcharacteristicsof the instrument. For financial
liabilities, the standard retainsmost of theMFRS 139 requirements. Themain change is that, in
cases where the fair value option is taken for financial liabilities, the part of a fair value change
due toanentity’sown credit risk is recorded inother comprehensive income rather thanprofit or
loss, unless this creates an accountingmismatch.
