NOTES TO THE FINANCIAL STATEMENTS
For the Financial Year Ended 31 December 2014
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 19 Defined Benefit Plans: Employee Contributions
1 July 2014
Improvements to FRSs (January 2014)
(a) Amendments to FRS 102 Share Based Payment
1 July 2014
(b) Amendments to FRS 103 Business Combinations
1 July 2014
(c) Amendments to FRS 108 Operating Segments
1 July 2014
(d) Amendments to FRS 16 Property, Plant and Equipment and FRS 38 Intangible Assets
1 July 2014
(e) Amendments to FRS 24 Related Party Disclosures
1 July 2014
Improvements to FRSs (February 2014)
(a) Amendments to FRS 103 Business Combinations
1 July 2014
(b) Amendments to FRS 113 Fair Value Measurement
1 July 2014
(c) Amendments to FRS 40 Investment Property
1 July 2014
FRS 114 Regulatory Deferral Accounts
1 January 2016
Amendments to FRS 27 Equity Method in Separate Financial Statements
1 January 2016
Amendments to FRS 16 and FRS 38 Clarification of Acceptable Methods of Depreciation and
Amortisation
1 January 2016
Amendments to FRS 16 and FRS 41 Agriculture: Bearer Plants
1 January 2016
Amendments to FRS 111 Accounting for Acquisitions of Interests in Joint Operations
1 January 2016
Improvements to FRSs (November 2014)
(a) Amendments to FRS 105 Non-current Assets Held for Sale and Discontinued Operations
1 January 2016
(b) Amendments to FRS 107 Financial Instruments: Disclosures
1 January 2016
(c) Amendments to FRS 19 Employee Benefits
1 January 2016
(d) Amendments to FRS 34 Interim Financial Reporting
1 January 2016
Amendments to FRS 110 & FRS 28: Sale or Contribution of Assets between an Investor and its
Associate or Joint Venture
1 January 2016
Amendments to FRS 1 Disclosure Initiative
1 January 2016
Amendments to FRS 110, FRS 112 and FRS 28 Investment Entities: Applying the Consolidation
Exception
1 January 2016
FRS 115 Revenue from Contracts with Customers
1 January 2017
FRS 109 Financial Instruments
1 January 2018
The directors expect that the adoption of the standards and amendments above will have no material impact on the
financial statements in the period of initial application, except as discussed below:
Amendments to FRS 110 and FRS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
The amendments clarify that:
– gains and losses resulting from transactions involving assets that do not constitute a business, between investor
and its associate or joint venture are recognised in the entity’s financial statements only to the extent of unrelated
investors’ interests in the associate or joint venture; and
– gains and losses resulting from transactions involving the sale or contribution of assets to an associate or a joint
venture that constitute a business are recognised in full.
The amendments are to be applied prospectively to the sale or contribution of assets occurring in annual periods beginning
on or after 1 January 2016. The Group is in the process of reviewing the implications of this standard.
58
THE STRAITS TRADING COMPANY LIMITED ANNUAL REPORT 2014
