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2 Summary of Significant Accounting Policies (continued)
(c) Standards issued but not yet eective
The Group has not adopted the following standards and interpretations that have been issued but not yet eective:
Description
Effective for annual periods
beginning on or after
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
FRS 114 Regulatory Deferral Accounts 1 January 2016
Amendments to FRS 1: Disclosure Initiative 1 January 2016
Amendments to FRS 110, FRS 112 and FRS 28: Investment entities:
Applying the Consolidation Exception 1 January 2016
Amendments to FRS 16 Property, Plant and Equipment and FRS 41:
Agriculture: Bearer Plants 1 January 2016
Amendments to FRS 27: Equity Method in Separate Financial Statements 1 January 2016
Amendments to FRS 16 and FRS 38: Clarification of Acceptable Methods of
Depreciation and Amortisation 1 January 2016
Amendments to FRS 111: Accounting for Acquisitions of Interest in Joint Operations 1 January 2016
Amendments to FRS 110 and FRS 28: Sale or Contribution of Assets between
an Investor and its Associate or Joint Venture 1 January 2016
Improvements to FRS (November 2014) 1 January 2016
FRS 115 Revenue from Contracts with Customers 1 January 2017
FRS 109 Financial Instruments 1 January 2018
Except for FRS 115 and FRS 109, 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 FRS 115 and FRS 109 are described below:
FRS 115 Revenue from Contracts with Customers
FRS 115 was issued in November 2014 and establishes a new five–step model that will apply to revenue arising from
contracts with customers. Under FRS 115, revenue is recognised at an amount that reflects the consideration to which
an entity expects to be entitled in exchange for transferring goods or services to a customer. The principles in FRS 115
provide a more structured approach to measuring and recognising revenue. The new revenue standard is applicable to all
entities and will supersede all current revenue recognition requirements under FRS. Either a full or modified retrospective
application is required for annual periods beginning on or aer 1 January 2017 with early adoption permitted. The Group
is currently assessing the impact of FRS 115.
FRS 109 Financial Instruments
In December 2014, the Accounting Standards Council issued the final version of FRS 109 Financial Instruments which reflects
all phases of the financial instruments project and replaces FRS 39 Financial Instruments: Recognition and Measurement.
The standard introduces new requirements for classification and measurement, impairment and hedge accounting. FRS
109 is eective for annual periods beginning on or aer 1 January 2018, with early application permitted. Retrospective
application is required, but comparative information is not compulsory in the year of adoption. The Groupis currently
assessing the impact of FRS 109.
Singapore Airlines | Annual Report FY2014/15 |105