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Notes to the Financial Statements
For the Financial Year Ended 31 December 2012
T R A N S F O R M AT I ON / 58
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.3 FUTURE CHANGES IN FINANCIAL REPORTING STANDARDS
The Group has not adopted the following standards and interpretations that have been issued but not yet effective:
Effective for annual
periods beginning
on or after
Amendments to FRS 1 – Presentation of Items of Other Comprehensive Income 1 July 2012
Revised FRS 19 Employee Benefits 1 January 2013
FRS 113 Fair Value Measurements 1 January 2013
Amendments to FRS 107 Disclosures – Offsetting Financial Assets and Financial Liabilities 1 January 2013
Improvements to FRSs 2012:
– Amendments to FRS 1 Presentation of Financial Statements 1 January 2013
– Amendments to FRS 16 Property, Plant and Equipment 1 January 2013
– Amendments to FRS 32 Financial Instruments: Presentation 1 January 2013
– Amendments to FRS 34 Interim Financial Reporting 1 January 2013
INT FRS 120 Stripping Costs in the Production Phase of a Surface Mine 1 January 2013
Amendments to FRS 101 – Government Loans 1 January 2013
Amendments to FRS 110, FRS 112 and FRS 27: Investment Entities 1 January 2014
Amendments to the transition guidance of FRS 110 Consolidated Financial Statements,
FRS 111 Joint Arrangements and FRS 112 Disclosure of Interests in Other Entities 1 January 2014
Revised FRS 27 Separate Financial Statements 1 January 2014
Revised FRS 28 Investments in Associates and Joint Ventures 1 January 2014
FRS 110 Consolidated Financial Statements 1 January 2014
FRS 111 Joint Arrangements 1 January 2014
FRS 112 Disclosure of Interests in Other Entities 1 January 2014
Amendments to FRS 32 Offsetting Financial Assets and Financial Liabilities 1 January 2014
Except for the standards and interpretations mentioned below, these will have no material impact on the financial
statements in the period of initial application. The nature of the impending changes is 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 financial
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 reclassified to profit
or loss at a future point in time would be presented separately from items which will never be reclassified. As the
Amendments only affect the presentations of items that are already recognised in OCI, the Group does not expect
any impact on its financial position or performance upon adoption of this standard.