NOTES TO THE FINANCIAL STATEMENTS
For the Financial Year Ended 31 December 2014
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.2 CHANGES IN FINANCIAL REPORTING STANDARDS AND ACCOUNTING POLICIES
The accounting policies adopted are consistent with those of the previous financial year except in the current financial
year, the Group has adopted all the new and revised standards that are effective for annual financial periods beginning
on or after 1 January 2014.
Certain new FRS and INT FRS have been published that are mandatory for accounting periods beginning on or after
1 January 2014:
Revised FRS 27 Separate Financial Statements
Revised FRS 28 Investments in Associates and Joint Ventures
FRS 110 Consolidated Financial Statements
FRS 111 Joint Arrangements
FRS 112 Disclosure of Interests in Other Entities
Amendments to FRS 32 Offsetting Financial Assets and Financial Liabilities
Amendments to FRS 36 Recoverable Amount Disclosures for Non-Financial Assets
Amendments to FRS 39 Novation of Derivatives and Continuation of Hedge Accounting
Amendments to FRS 110, FRS 112 and FRS 27: Investment Entities
Amendments to FRS 110, FRS 111 and FRS 112 Consolidated Financial Statements, Joint Arrangements and Disclosure
of Interest in Other Entities: Transition Guidance
INT FRS 121 Levies
The adoption of these standards did not have any significant financial impact on the financial performance or position
of the Group and the Company.
57
THE STRAITS TRADING COMPANY LIMITED ANNUAL REPORT 2014
