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109
ANNUAL REPORT FY2013/14
2 Summary of Significant Accounting Policies (continued)
(b) Changes in accounting policies (continued)
Prior to adoption of the Revised FRS 19, the Group recognised actuarial gains and losses as income or expense when
the net cumulative unrecognised gains and losses for each individual plan at the end of the previous period exceeded
10% of the higher of the defined benefit obligation and the fair value of the plan assets and recognised unvested past
service costs as an expense on a straight-line basis over the average vesting period until the benefits become vested.
Upon adoption of the revised FRS 19, the Group changed its accounting policy to recognise all actuarial gains and
losses in other comprehensive income and all past service costs in profit or loss in the period they occur. The change in
accounting policy has been applied retrospectively. Accordingly, the balance sheet as at 31 March 2013 has been restated.
Defined benefit plans increased by $15.2 million while revenue reserves decreased by $15.2 million. The effect of this
restatement is not significant and consequently a restated balance sheet as at 1 April 2012 has not been presented.
The Group has also early adopted the following FRS in the preparation of the FY2013/14 financial statements compared
with the FY2012/13 financial statements:
•฀ Revised฀FRS฀27฀Separate฀Financial฀Statements
•฀ Revised฀FRS฀28฀Investments฀in฀Associates฀and฀Joint฀Ventures
•฀ FRS฀110฀Consolidated฀Financial฀Statements
•฀ FRS฀111฀Joint฀Arrangements
•฀ FRS฀112฀Disclosure฀of฀Interests฀in฀Other฀Entities
The early adoption of the above standards did not have any effect on the profit for the year or financial position of the
Group and the Company.
(c) Standards issued but not yet effective
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
Amendment to FRS 32 Offsetting Financial Assets and Financial Liabilities 1 January 2014
Amendments to FRS 36 Recoverable Amount Disclosures for Non-Financial Assets 1 January 2014
Amendments to FRS 39 Novation of Derivatives and Continuation of Hedge Accounting 1 January 2014
INT FRS 121 Levies 1 January 2014
Amendments to FRS 19 Defined Benefit Plans: Employee Contributions 1 July 2014
Improvements to FRS (January 2014) 1 July 2014
Improvements to FRS (February 2014) 1 July 2014
Except for the Amendments to FRS 36, 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 36 is described below.
Amendments to FRS 36 Recoverable Amount Disclosures for Non-Financial Assets
Amendments to FRS 36 Recoverable Amount Disclosures for Non-Financial Assets is effective for financial periods
beginning on or after 1 January 2014.