For the purposes of these consolidated financial statements,
parties are considered to be related to the Group if they have the
ability, directly or indirectly, to control the Group or exercise
significant influence over the Group in making financial and
operating decisions, or vice versa, or where the Group is subject
to common control or common significant influence. Related parties
may be individuals or other entities.
3. CHANGES IN ACCOUNTING POLICY AND DISCLOSURES
New and amended standards and interpretations
The accounting policies adopted in the current year are
consistent with those of the previous year, except that the Group
has adopted some of the following new and revised accounting
standards:
-- IAS 1 Presentation of Financial Statements
-- IFRS 10 Consolidated Financial Statements
-- IFRS 12 Disclosure of Interest in Other Entities
-- IFRS 13 Fair Value Measurement
-- Disclosures - Offsetting Financial Assets and Financial Liabilities (Amendments to IFRS 7)
The adoption of the above standards is described below:
IAS 1 Presentation of Financial Statements
Presentation of Items of Other Comprehensive Income - Amendments
to IAS 1
The amendments to IAS 1 change the grouping of items presented
in 'other comprehensive income'. Items that could be reclassified
(or recycled) to profit or loss at a future point in time (for
example, upon derecognition or settlement) would be presented
separately from items that will not be reclassified. The amendment
has not impacted the Group's accounts as the Group has no other
comprehensive income.
IAS 1 Clarification of the requirement for comparative
information (Amendment)
These amendments clarify the difference between voluntary
additional comparative information and the minimum required
comparative information. This standard has not impacted the
financial statements of the Group.
IFRS 7 Financial instruments - Disclosures
This standard amends the disclosure requirements in IFRS 7
Financial Instruments: Disclosures to require information about all
recognised financial instruments that are set off in accordance
with paragraph 42 of IAS 32 Financial Instruments:
Presentation.
The amendments also require disclosure of information about
recognised financial instruments subject to enforceable master
netting arrangements and similar agreements even if they are not
set off under IAS 32. The IASB believes that these disclosures will
allow financial statement users to evaluate the effect or potential
effect of netting arrangements, including rights of set-off
associated with an entity's recognised financial assets and
recognised financial liabilities, on the entity's financial
position. The amendment has not impacted the Group's accounts.
IFRS 10 Consolidated Financial Statements
IFRS 10 Consolidated Financial Statements requires a parent to
present consolidated financial statements as those of a single
economic entity, replacing the requirements previously contained in
IAS 27 Consolidated and Separate Financial Statements and SIC-12
Consolidation - Special Purpose Entities.
The Standard identifies the principles of control, determines
how to identify whether an investor controls an investee and
therefore must consolidate the investee, and sets out the
principles for the preparation of consolidated financial
statements.
The Standard introduces a single consolidation model for all
entities based on control, irrespective of the nature of the
investee (i.e. whether an entity is controlled through voting
rights of investors or through other contractual arrangements as is
common in 'special purpose entities'). Under IFRS 10, control is
based on whether an investor has:
-- Power over the investee
-- Exposure, or rights, to variable returns from its involvement with the investee, and
-- The ability to use its power over the investee to affect the amount of the returns.
The amendment has not impacted the Group's account.
IFRS 12 Disclosure of Interests in Other Entities
This standard requires the extensive disclosure of information
that enables users of financial statements to evaluate the nature
of, and risks associated with, interests in other entities and the
effects of those interests on its financial position, financial
performance and cash flows.
In high-level terms, the required disclosures are grouped into
the following broad categories:
-- Significant judgements and assumptions - such as how control,
joint control, significant influence has been determined;
-- Interests in subsidiaries - including details of the
structure of the group, risks associated with structured entities,
changes in control, and so on;
-- Interests in joint arrangements and associates - the nature,
extent and financial effects of interests in joint arrangements and
associates (including names, details and summarised financial
information); and
-- Interests in unconsolidated structured entities - information
to allow an understanding of the nature and extent of interests in
unconsolidated structured entities and to evaluate the nature of,
and changes in, the risks associated with its interests in
unconsolidated structured entities.
-- IFRS 12 lists specific examples and additional disclosures
which further expand upon each of these disclosure objectives, and
includes other guidance on the extensive disclosures required. The
amendment has not impacted the Group's account.
IFRS 13 Fair Value Measurement
-- IFRS 13 establishes a single source of guidance under IFRS
for all fair value measurements. IFRS 13 does not change when an
entity is required to use fair value, but rather provides guidance
on how to measure fair value under IFRS. IFRS 13 defines fair value
as an exit price. As a result of the guidance in IFRS 13, the Group
reassessed its policies for measuring fair values, in particular,
its valuation inputs such as non-performance risk for fair value
measurement of liabilities. IFRS 13 also requires additional
disclosures.
-- Additional disclosures where required, are provided in the
individual notes related to the assets and liabilities whose fair
values were determined. Fair value hierarchy is provided in Note
7.
Amendments to standards issued but not yet effective
-- Standards issued but not yet effective up to the date of
issuance of the Group's financial statements are listed below. The
Group intends to adopt applicable standards when they become
effective.
-- The following standards, amendments to existing standards and
interpretations were in issue but not yet effective. They are
mandatory for accounting periods beginning on the specified dates,
but the Group has not early adopted them:
Amendments to standards issued but not yet effective
(continued)
New or revised standards and interpretations:
Effective
for accounting
period beginning
on or after
- IFRS 9 Financial Instruments - Classification and Not yet confirmed
measurement of financial assets, Accounting for financial
liabilities and derecognition
- IAS 32 Financial Instruments: Presentation - Offsetting 1 January
Financial Assets and Financial Liabilities 2014
- Investment Entities (Amendments to IFRS 10, IFRS 12 1 January
and IAS 27) 2014
- Recoverable Amount Disclosures for Non-Financial Assets 1 January
(Amendments to IAS 36) - effective 1 January 2014 2014
- Novation of Derivatives and Continuation of Hedge 1 January
Accounting (Amendments to IAS 39) 2014
- Defined Benefit Plans: Employee Contributions (Amendments 1 July 2014
to IAS 19)
- Annual Improvements 2010-2012 Cycle 1 July 2014
- Annual Improvements 2011-2013 Cycle 1 July 2014
- IFRIC 21 Levies 1 January
2014
- IFRS 14 Regulatory Deferral Accounts 1 January
2016
IFRS 9 Financial Instruments - Classification and measurement of
financial assets, Accounting for financial liabilities and
derecognition
IFRS 9 Financial Instruments - no stated effective date
IFRS 9 introduces new requirements for classifying and measuring
financial assets, as follows:
Amendments in 2009
-- Debt instruments meeting both a 'business model' test and a
'cash flow characteristics' test are measured at amortised cost
(the use of fair value is optional in some limited
circumstances)
-- Investments in equity instruments can be designated as 'fair
value through other comprehensive income' with only dividends being
recognised in profit or loss
-- All other instruments (including all derivatives) are
measured at fair value with changes recognised in the profit or
loss
-- The concept of 'embedded derivatives' does not apply to
financial assets within the scope of the Standard and the entire
instrument must be classified and measured in accordance with the
above guidelines.
Amendments in 2010
-- A revised version of IFRS 9 incorporating revised
requirements for the classification and measurement of financial
liabilities, and carrying over the existing derecognition
requirements from IAS 39 Financial Instruments: Recognition and
Measurement.
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