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Notes to Financial Statements
December 31, 2014
2. Summary of Significant Accounting Policies (cont’d)
ADOPTION OF NEW AND REVISED STANDARDS
On January 1, 2014, the Group adopted all the new and revised FRSs and Interpretations of FRS (“INT
FRS”) that are effective from that date and are relevant to its operations. The adoption of these new/
revised FRSs and INT FRSs does not result in significant changes to the Group’s and Co-operative’s
accounting policies and has no material effect on the amounts reported for the current or prior years.
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 Co-operative were issued but not effective:
• Amendments to FRS 27: Equity method in Separate Financial Statements (effective for annual periods
beginning on or after January 1, 2016)
• Amendments to FRS 16 and FRS 38: Clarification of Acceptable Methods of depreciation and amortisation
(effective for annual periods beginning on or after January 1, 2016)
• Amendments to FRS 111: Accounting for acquisitions of interests in joint operations (effective for annual
periods beginning on or after January 1, 2016)
• Amendments to FRS 110 and FRS 28: Sale or contribution of assets between an investor and its associate or
joint venture (effective for annual periods beginning on or after January 1, 2016)
• Amendments to FRS 1: Disclosure Initiative (effective for annual periods beginning on or after January 1, 2016)
• Amendments to FRS 110, FRS 112 and FRS 28: Investment entities: applying the consolidation exception
(effective for annual periods beginning on or after January 1, 2016)
• FRS 109 Financial Instruments (effective for annual periods beginning on or after January 1, 2018)
• FRS 115 Revenue from Contracts with Customers (effective for annual periods beginning on or after January 1, 2017)
• Improvements to Financial Reporting Standards (January 2014)
• Improvements to Financial Reporting Standards (February 2014)
• Improvements to Financial Reporting Standards (November 2014)
