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FRS 111
Joint Arrangements and FRS 28 Investments in Associates and Joint Ventures (Cont’d)
When the Group adopts FRS 111, a jointly controlled entity may be classified as a joint operation or joint venture,
depending on the rights and obligations of the parties to the joint arrangement. For arrangements that are joint
ventures and were previously proportionately consolidated as jointly controlled entities, the Group will have to adopt
equity accounting. The Group is currently estimating the effects of FRS 111 in the period of initial adoption.
FRS 112 Disclosure of Interests in Other Entities
FRS 112 requires an entity to provide more extensive disclosures regarding the nature of and risks associated with
its interest in subsidiaries, associates, joint arrangements and unconsolidated structured entities.
FRS 112 will take effect from financial years beginning on or after January 1, 2014, and the Group is currently estimating
extent of additional disclosures needed.
FRS 113 Fair Value Measurement
FRS 113 is a single new Standard that applies to both financial and non-financial items. It replaces the guidance on fair
value measurement and related disclosures in other Standards, with the exception of measurement dealt with under
FRS 102 Share-based Payment, FRS 17 Leases, net realisable value in FRS 2 Inventories and value-in-use in FRS 36
Impairment of Assets.
FRS 113 provides a common fair value definition and hierarchy applicable to the fair value measurement of assets,
liabilities, and an entity’s own equity instruments within its scope, but does not change the requirements in other
Standards regarding which items should be measured or disclosed at fair value.
FRS 113 will be effective prospectively from annual periods beginning on or after January 1, 2013. Comparative
information is not required for periods before initial application.
The Group is currently estimating the effects of FRS 113 in the period of initial adoption.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont’d)
NOTES TO FINANCIAL STATEMENTS
March 31, 2013
