Creative 2009 Annual Report Download - page 60

Download and view the complete annual report

Please find page 60 of the 2009 Creative annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 64

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64

60
CREATIVE฀TECHNOLOGY฀LTD฀AND฀ITS฀SUBSIDIARIES
34. NEW OR REVISED ACCOUNTING STANDARDS AND INTERPRETATIONS
Certain new standards, amendments and interpretations to existing standards have been published and are mandatory for the
Group’s accounting periods beginning on or after 1 July 2009 or later periods and which the Group has not early adopted.
The Group’s assessment of the impact of adopting those standards, amendments and interpretations that are relevant to the
Group is set out below:
(a) FRS 1(R) Presentation of Financial Statements
(effective for annual periods beginning on or after 1 January 2009)
The revised standard requires:
• All changes in equity arising from transactions with owners in their capacity as owners to be presented separately from
components of comprehensive income;
• Components of comprehensive income not to be included in statement of changes in equity;
• Items of income and expenses and components of other comprehensive income to be presented either in a single statement
of comprehensive income with subtotals, or in two separate statements (a separate statement of profit and loss followed
by a statement of comprehensive income);
• Presentation of restated balance sheet as at the beginning of the comparative period when entities make restatements or
reclassifications of comparative information.
The revisions also include changes in the titles of some of the financial statements primary statements.
The Group will apply the revised standard from 1 July 2009 and provide comparative information that conforms to the
requirements of the revised standard. The key impact of the application of the revised standard is the presentation of an
additional primary statement, that is, the statement of comprehensive income.
(b) Amendment to FRS 107 Improving Disclosures about Financial Statements
(effective for annual periods beginning on or after 1 January 2009)
The amendment requires enhanced disclosures about fair value measurement and liquidity risk. In particular, the amendment
requires disclosure of fair value measurements by level of a fair value measurement hierarchy. The adoption of the amendment
results in additional disclosures but does not have an impact on the accounting policies and measurement bases adopted by
the Group.
35. AUTHORISATION OF FINANCIAL STATEMENTS
These financial statements were authorised for issue in accordance with a resolution of the Board of Directors of CREATIVE
TECHNOLOGY LTD. on 30 September 2009.
NOTES TO THE FINANCIAL STATEMENTS
– For the financial year ended 30 June 2009
AR09 pg1-64_Final.indd 60 10/2/2009 10:38:11 AM