Cathay Pacific 2013 Annual Report Download - page 33

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Cathay Pacific Airways Limited Interim Report 2013 31
Condensed Financial Statements
Notes to the Accounts
2. Changes in accounting policies (continued)
HKAS 19 “Employee Benefits” was amended in 2011. The impact on the Group’s defined benefit plans
and post employment benefits is as follows: to immediately recognise all past service costs; and to
replace interest cost and expected return on plan assets with a net interest amount that is calculated
by applying the discount rate to the net defined benefit liability. In addition, it removes the accounting
policy choice that previously permitted the recognition of only those actuarial gains and losses outside
the 10% “corridor” in the statement of profit or loss. Instead all such remeasurements are required
to be recognised in other comprehensive income when they occur. The above change is required to
be applied retrospectively. Some of the Group’s associates also made certain adjustments to their
opening retained profit as at 1st January 2012 on adopting the revised HKAS 19.
The effect of the adoption of the revised HKAS 19 and HKFRS/IFRS 11 is summarised in the below table.
As
previously
reported
HK$M
Effect of
adopting
revised
HKAS19
HK$M
Effect of
adopting
HKFRS/ IFRS 11
HK$M
As restated
HK$M
Consolidated statement of profit or loss and
other comprehensive income for the
six months ended 30th June 2012:
Staff expenses (7,956) (90) – (8,046)
Share of losses of associates (167) 1 95 (71)
Taxation (57) 10 (10) (57)
Loss attributable to the owners of Cathay Pacific (935) (79) 85 (929)
Exchange differences on translation of foreign operations (182) – (132) (314)
Total comprehensive income attributable to the owners
of Cathay Pacific (1,086) (79) (47) (1,212)
Consolidated statement of financial position as at
31st December 2012:
Investments in associates 18,481 (9) 50 18,522
Retirement benefit assets/(liabilities) 363 (1,346) – (983)
Deferred tax assets 79 16 – 95
Deferred tax liabilities (8,277) 133 (12) (8,156)
Reserves (56,399) 1,203 (38) (55,234)
Non-controlling interests (120) 3 – (117)