NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2015
56
THE STRAITS TRADING COMPANY LIMITED
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.2
CHANGES IN ACCOUNTING POLICIES (CONT’D)
Certain new FRS and INT FRS have been published that are mandatory for accounting periods beginning on or after
1 January 2015:
Amendments to FRS 19 Defined Benefit Plans: Employee Contributions
Improvements to FRSs (January 2014)
(a)
Amendments to FRS 102 Share Based Payment
(b)
Amendments to FRS 103 Business Combinations
(c)
Amendments to FRS 108 Operating Segments
(d)
Amendments to FRS 16 Property, Plant and Equipment and FRS 38 Intangible Assets
(e)
Amendments to FRS 24 Related Party Disclosures
Improvements to FRSs (February 2014)
(a)
Amendments to FRS 103 Business Combinations
(b)
Amendments to FRS 113 Fair Value Measurement
(c)
Amendments to FRS 40 Investment Property
The adoption of these standards did not have any significant financial impact on the financial performance or position of
the Group and the Company.
2.3
STANDARDS ISSUED BUT NOT YET EFFECTIVE
The Group has not adopted the following standards and interpretations that have been issued but not yet effective:
Description
Effective for annual
periods beginning
on or after
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
Date to be
determined
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
Amendments to FRS 7 Disclosure Initiative
1 January 2017
Amendments to FRS 12 Recognition of Deferred Tax Assets for Unrealised Losses
1 January 2017
FRS 115 Revenue from Contracts with Customers
1 January 2018
FRS 109 Financial Instruments
1 January 2018
