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financiAL STATEMENTs
Annual Report 2017
99
NOTES TO THE FINANCIAL STATEMENTS
2.
SIGNIFICANT ACCOUNTING POLICIES (Cont’d.)
2.2 New FRSs, Amendments to FRS and IC Interpretations
(a) Changes in Accounting Policies
The accounting policies adopted are consistent with those of the previous financial year except as follows:
On 1 April 2016, the Group and the Company adopted the following new and amended FRSs and IC Interpretation
mandatory for annual financial periods beginning on after 1 January 2016.
Effective for
annual period
beginning
Description
on or after
Annual Improvements to FRSs 2012-2014 Cycle
1 January 2016
Amendments to FRS 116 and FRS 138: Clarification of Acceptable Methods
of Depreciation and Amortisation
1 January 2016
Amendments to FRS 11: Accounting for Acquisitions of Interest in Joint Operations
1 January 2016
Amendments to FRS 127: Equity Method in Separate Financial Statements
1 January 2016
Amendments to FRS 101: Disclosure Initiatives
1 January 2016
Amendments to FRS 10, FRS 12 and FRS 128: Investment Entities:
Applying the Consolidation Exception
1 January 2016
FRS 14: Regulatory Deferral Accounts
1 January 2016
The adoption of the above new and standards and interpretations do not have significant impact on the financial
statements of the Group and of the Company.
(b) Standards Issued But Not Yet Effective
The standards and interpretations that are issued but not yet effective up to the date of issuance of the Group’s
and the Company’s financial statements are disclosed below. The Group and the Company intend to adopt these
standards, if applicable, when they become effective.
Effective for
annual period
beginning
Description
on or after
Annual Improvements to FRSs 2014-2016 Cycle
1 January 2017
Amendments to FRS 107: Disclosure initiative
1 January 2017
Amendments to FRS 112: Recognition of deferred tax assets for unrealised losses
1 January 2017
FRS 9: Financial Instruments
1 January 2018
Amendments to FRS 2: Classification and measurement of Share-based payment transactions 1 January 2018
Amendments to FRS 10 and FRS 128: Sale or Contribution of Assets between
an Investor and its Associates or Joint Venture
Deferred
The directors expect that the adoption of the above standards and interpretations will have no material impact on the
financial statements in the period of initial application except as discussed below: