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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont’d)
At the date of authorisation of these financial statements, the following new/revised FRSs, INT FRSs and amendments
to FRS that are relevant to the Group and the Co-operative were issued but not effective:
• Amendments to FRS 1 Presentation of financial statements - Amendments relating to Presentation of items of
Other Comprehensive Income
• FRS 27 (Revised) Separate Financial Statements
• FRS 28 (Revised) Investments in Associates and Joint Ventures
• FRS 110 Consolidated Financial Statements
• FRS 111 Joint Arrangements and FRS 28 Investment in Associates and Joint Ventures
• FRS 112 Disclosure of Interests in Other Entities
• FRS 113 Fair Value Measurement
• Amendments to FRS 32 Financial Instruments: Presentation and FRS 107 Financial Instruments: Disclosure
– Offsetting Financial Assets and Financial Liabilities
• Annual Improvements to FRS 2012
Consequential amendments were also made to various standards as a result of these new/revised standards.
The management anticipates that the adoption of the above FRSs, INT FRSs and amendments to FRS in future periods
will not have a material impact on the financial statements of the Group and of the Co-operative in the period of their
initial adoption except for the following:
Amendment to FRS 1 Presentation of Financial Statements - Amendments relating to Presentation of Items of Other
Comprehensive Income (“OCI”)
The amendment on OCI presentation will require the Group to present in separate groupings, OCI items that might be
recycled i.e., reclassified to profit or loss (e.g. those arising from foreign currency translation) and those items that
would not be recycled. The tax effects recognised for the OCI items would also be captured in the respective grouping,
although there is a choice to present OCI items before tax or net of tax.
Changes arising from these amendments to FRS 1 will take effect from financial years beginning on or after July 1, 2012,
with full retrospective application.
The Group is currently estimating the effects of Amendments to FRS 1 in the initial period of adoption.
NOTES TO FINANCIAL STATEMENTS
March 31, 2013
