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annual report 2011
NOTES TO
FINANCIAL STATEMENTS
31 December 2011
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.3 Standards issued but not yet effective
The Group has not adopted the following standards and interpretations that have been issued but are not yet effective:
Description
Effective for annual
periods beginning on
or after
Amendments to FRS 101 – Severe Hyperinfation and Removal of Fixed Dates for First-time Adopters 1 July 2011
Amendments to FRS 107 Disclosures – Transfers of Financial Assets 1 July 2011
Amendments to FRS 12 Deferred Tax: Recovery of Underlying Assets 1 January 2012
Amendments to FRS 1 Presentation of Items of Other Comprehensive Income 1 July 2012
Revised FRS 19 Employee Benefts 1 January 2013
Revised FRS 27 Separate Financial Statements 1 January 2013
Revised FRS 28 Investments in Associates and Joint Ventures 1 January 2013
FRS 110 Consolidated Financial Statements 1 January 2013
FRS 111 Joint Arrangements 1 January 2013
FRS 112 Disclosure of Interests in Other Entities 1 January 2013
FRS 113 Fair Value Measurements 1 January 2013
Except for the Amendments to FRS 1 and FRS 112, the directors expect that the adoption of the other standards and interpretations
above will have no material impact on the fnancial statements in the period of initial application. The nature of the impending changes
in accounting policy on adoption of the Amendments to FRS 1 and FRS 112 are described below.
Amendments to FRS 1 Presentation of Items of Other Comprehensive Income
The Amendments to FRS 1 Presentation of Items of Other Comprehensive Income (OCI) is effective for fnancial periods beginning on
or after 1 July 2012.
The Amendments to FRS 1 changes the grouping of items presented in OCI. Items that could be reclassifed to proft or loss at a
future point in time would be presented separately from items which will never be reclassifed. As the Amendments only affect the
presentations of items that are already recognised in OCI, the Group does not expect any impact on its fnancial position or performance
upon adoption of this standard.
FRS 112 Disclosure of Interests in Other Entities
FRS 112 is effective for fnancial periods beginning on or after 1 January 2013.
FRS 112 is a new and comprehensive standard on disclosure requirements for all forms of interests in other entities, including joint
arrangements, associates, special purpose vehicles and other off balance sheet vehicles. FRS 112 requires an entity to disclose information
that helps users of its fnancial statements to evaluate the nature and risks associated with its interests in other entities and the effects
of those interests on its fnancial statements. The Group is currently determining the impact of the disclosure requirements. As this is a
disclosure standard, it will have no impact to the fnancial position and fnancial performance of the Group when implemented in 2013.