Singapore Airlines 2012 Annual Report Download - page 103
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101ANNUAL REPORT 2011/2012
Notes to the Financial Statements
31 March 2012
2 Summary of Significant Accounting Policies (continued)
(b) New and revised standards (continued)
The Group has not adopted the following standards and interpretations that have been issued but not yet effective:
Effective for annual periods
Description beginning on or after
Amendments to FRS 107 Disclosures – Transfer of Financial Assets 1 July 2011
Amendments to FRS 12 Deferred Tax – Recovery of Underlying Assets 1 January 2012
Amendments to FRS 1 Presentation of Items of Other Comprehensive Income 1 July 2012
Amendments to FRS 107 Disclosures – Offsetting of Financial Assets and Financial Liabilities 1 January 2013
Amendments to FRS 32 Financial Instruments – Offsetting of Financial Assets and
Financial Liabilities 1 January 2014
Revised FRS 19 Employee Benefits 1 January 2013
Revised FRS 27 Separate Financial Statements 1 January 2013
Revised FRS 28 Investments in Associates and Joint Ventures 1 January 2013
FRS 110 Consolidated Financial Statements 1 January 2013
FRS 111 Joint Arrangements 1 January 2013
FRS 112 Disclosure of Interests in Other Entities 1 January 2013
FRS 113 Fair Value Measurements 1 January 2013
INT FRS 120 Stripping Costs in the Production Phase of a Surface Mine 1 January 2013
Except for the Amendments to FRS 1, FRS 111 and revised FRS 28 and FRS 112, the management expects that the
adoption of the other standards and interpretations above will have no material impact on the financial statements
in the period of initial application. The nature of the impending changes in accounting policy on adoption of the
Amendments to FRS 1, FRS 111 and revised FRS 28 and FRS 112 are described below.
Amendments to FRS 1 Presentation of Items of Other Comprehensive Income
The Amendments to FRS 1 Presentation of Items of Other Comprehensive Income (“OCI”) is effective for financial
periods beginning on or after 1 July 2012.
The Amendments to FRS 1 changes the grouping of items presented in OCI. Items that could be reclassified to profit
or loss at a future point in time would be presented separately from items which will never be reclassified. As the
Amendments only affect the presentations of items that are already recognised in OCI, the Group does not expect
any impact on its financial position or performance upon adoption of this standard.
FRS 111 Joint Arrangements and Revised FRS 28 Investments in Associates and Joint Ventures
FRS 111 and the revised FRS 28 are effective for financial periods beginning on or after 1 January 2013.