-- The revised financial liability provisions maintain the
existing amortised cost measurement basis for most liabilities. New
requirements apply where an entity chooses to measure a liability
at fair value through profit or loss - in these cases, the portion
of the change in fair value related to changes in the entity's own
credit risk is presented in other comprehensive income rather than
within profit or loss.
Amendments in 2013
-- Introduces a new chapter to IFRS 9 on hedge accounting,
putting in place a new hedge accounting model that is designed to
be more closely aligned with how entities undertake risk management
activities when hedging financial and non-financial risk
exposures
-- Permits an entity to apply only the requirements introduced
in IFRS 9 (2010) for the presentation of gains and losses on
financial liabilities designated as at fair value through profit or
loss without applying the other requirements of IFRS 9, meaning the
portion of the change in fair value related to changes in the
entity's own credit risk can be presented in other comprehensive
income rather than within profit or loss
-- Removes the mandatory effective date of IFRS 9 (2013), IFRS 9
(2010) and IFRS 9 (2009), leaving the effective date open pending
the finalisation of the impairment and classification and
measurementrequirements. Notwithstanding the removal of an
effective date, each standard remains available for
application.
These amendments are not expected to impact the Group's
financial statement position or performance.
IAS 32 Financial Instruments: Presentation - Offsetting
Financial Assets and Financial Liabilities - effective
1 January 2014
This amendment to IAS 32 Financial Instruments: Presentation was
made to clarify certain aspects because of diversity in application
of the requirements on offsetting thereby focusing on four main
areas:
-- the meaning of 'currently has a legally enforceable right of set-off'
-- the application of simultaneous realisation and settlement
-- the offsetting of collateral amounts
-- the unit of account for applying the offsetting requirements.
These amendments are not expected to impact the Group's
financial position or performance.
Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27)
- effective 1 January 2014
These amendments to IFRS 10 Consolidated Financial Statements,
IFRS 12 Disclosure of Interests in Other Entities and IAS 27
Separate Financial Statements were made to:
-- provide 'investment entities' (as defined) an exemption from
the consolidation of particular subsidiaries and instead require
that an investment entity measure the investment in each eligible
subsidiary at fair value through profit or loss in accordance with
IFRS 9 Financial Instruments or IAS 39 Financial Instruments:
Recognition and Measurement
-- require additional disclosure about why the entity is
considered an investment entity, details of the entity's
unconsolidated subsidiaries, and the nature of relationship and
certain transactions between the investment entity and its
subsidiaries
-- require an investment entity to account for its investment in
a relevant subsidiary in the same way in its consolidated and
separate financial statements (or to only provide separate
financial statements if all subsidiaries are unconsolidated).
These amendments are not expected to impact the Group's
financial position or performance.
Recoverable Amount Disclosures for Non-Financial Assets
(Amendments to IAS 36) - effective 1 January 2014
IAS 36 Impairment of Assets was amended to reduce the
circumstances in which the recoverable amount of assets or
cash-generating units is required to be disclosed, clarify the
disclosures required, and to introduce an explicit requirement to
disclose the discount rate used in determining impairment (or
reversals) where recoverable amount (based on fair value less costs
of disposal) is determined using a present value technique. These
amendments are not expected to impact the Group's financial
position or performance.
Novation of Derivatives and Continuation of Hedge Accounting
(Amendments to IAS 39) - effective 1 January 2014
The amendments to IAS 39 Financial Instruments: Recognition and
Measurement were made to clarify that there is no need to
discontinue hedge accounting if a hedging derivative is novated,
provided certain criteria are met.
A novation indicates an event where the original parties to a
derivative agree that one or more clearing counterparties replace
their original counterparty to become the new counterparty to each
of the parties. In order to apply the amendments and continue hedge
accounting, novation to a central counterparty (CCP) must happen as
a consequence of laws or regulations or the introduction of laws or
regulations. These amendments are not expected to impact the
Group's financial position or performance.
Defined Benefit Plans: Employee Contributions (Amendments to IAS
19) - effective 1 July 2014
This amendment to IAS 19 Employee Benefits clarifies the
requirements that relate to how contributions from employees or
third parties that are linked to service should be attributed to
periods of service. In addition, it permits a practical expedient
if the amount of the contributions is independent of the number of
years of service, in that contributions, can, but are not required,
to be recognised as a reduction in the service cost in the period
in which the related service is rendered. These amendments are not
expected to impact the Group's financial position or
performance.
Annual Improvements 2010-2012 Cycle - effective 1 July 2014
The annual improvements 2010-2012 Cycle make amendments to the
following standards:
-- IFRS 2 - Amends the definitions of 'vesting condition' and
'market condition' and adds definitions for 'performance condition'
and 'service condition';
-- IFRS 3 - Require contingent consideration that is classified
as an asset or a liability to be measured at fair value at each
reporting date;
-- IFRS 8 - Requires disclosure of the judgements made by
management in applying the aggregation criteria to operating
segments, clarify reconciliations of segment assets only required
if segment assets are reported regularly;
-- IFRS 13 - Clarify that issuing IFRS 13 and amending IFRS 9
and IAS 39 did not remove the ability to measure certain short-term
receivables and payables on an undiscounted basis (amends basis for
conclusions only);
-- IAS 16 and IAS 38 - Clarify that the gross amount of
property, plant and equipment is adjusted in a manner consistent
with a revaluation of the carrying amount; and
-- IAS 24 -Clarify how payments to entities providing management
services are to be disclosed.
These amendments are not expected to impact the Group's
financial position or performance.
Annual Improvements 2011-2013 Cycle - effective 1 July 2014
The annual improvements 2011-2013 Cycle make amendments to the
following standards:
-- IFRS 1 - Clarify which versions of IFRSs can be used on
initial adoption (amends basis for conclusions only);
-- IFRS 3 - Clarify that IFRS 3 excludes from its scope the
accounting for the formation of a joint arrangement in the
financial statements of the joint arrangement itself;
-- IFRS 13 - Clarify the scope of the portfolio exception in paragraph 52; and
-- IAS 40 - Clarifying the interrelationship of IFRS 3 and IAS
40 when classifying property as investment property or
owner-occupied property.
These amendments are not expected to impact the Group's
financial position or performance.
IFRIC 21 Levies - effective 1 January 2014
Provides guidance on when to recognise a liability for a levy
imposed by a government, both for levies that are accounted for in
accordance with IAS 37 Provisions, Contingent Liabilities and
Contingent Assets and those where the timing and amount of the levy
is certain.
The Interpretation identifies the obligating event for the
recognition of a liability as the activity that triggers the
payment of the levy in accordance with the relevant legislation. It
provides the following guidance on recognition of a liability to
pay levies:
-- The liability is recognised progressively if the obligating
event occurs over a period of time; and
-- If an obligation is triggered on reaching a minimum
threshold, the liability is recognised when that minimum threshold
is reached.
These amendments are not expected to impact the Group's
financial position or performance.
IFRS 14 Regulatory Deferral Accounts - effective 1 January
2016
The Interpretation was issued to provide first-time adopters of
IFRS with relief from derecognizing rate-regulated assets and
liabilities until a comprehensive project on accounting for such
assets and liabilities as completed by the IASB. This interim
standard is intended to encourage rate-regulated entities to adopt
IFRS while bridging the gap with entities that already apply IFRS,
but do not recognize regulatory deferral accounts. The standard
will have no impact on the financial position or performance of the
Group.
4. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
The preparation of the Group's financial statements requires
management to make judgements, estimates and assumptions that
affect the reported amounts recognised in the financial statements
and disclosure of contingent liabilities. However, uncertainty
about these assumptions and estimates could result in outcomes that
could require a material adjustment to the carrying amount of the
asset or liability affected in future periods.
Judgements
In the process of applying the Group's accounting policies,
management has made the following judgements, which have the most
significant effect on the amounts recognised in the financial
statements:
Going Concern
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