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BLUE LABEL INTEGRATED ANNUAL REPORT 2014
NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS
CONTINUED
For the year ended 31 May 2014
1.
SIGNIFICANT ACCOUNTING POLICIES (continued)
Standards, interpretations and amendments effective in 2014
The following standards and amendments are effective for the first time for the year ended 31 May 2014
and have been applied when presenting the Group’s financial statements:
IFRS 12 – Disclosures of Interests In Other Entities
The adoption of IFRS 12 –
Disclosures of Interest In Other Entities
resulted in additional disclosures on interest
in non-controlling interests (note 27) and interests in associates and joint ventures (note 6).
IFRS 10 – Consolidated Financial Statements
The adoption of IFRS 10 –
Consolidated Financial Statements
did not result in any change in the
consolidation status of its subsidiaries.
IFRS 11 – Joint Arrangements
The adoption of IFRS 11 –
Joint Arrangements
did not result in any change in the accounting for joint
arrangements.
IFRS 13 – Fair Value Measurement
The adoption of IFRS 13 –
Fair Value Measurement
did not result in any change in the Group’s accounting
treatments.
Amendment to IAS 1 – Presentation of Items of Other Comprehensive Income (OCI)
The adoption of the amendment to IAS 1 –
Presentation of Items of Other Comprehensive Income (OCI)
resulted in additional disclosures on the statement of comprehensive income.
The following standards, interpretations and amendments are effective for the first time for the year ended
31 May 2014 and have not had an impact on the Group’s and Company’s financial statements:
•
•
Amendment to IFRS 1 –
First-time Adoption on Government Loans
•
•
Amendment to IFRS 7 –
Financial Instruments: Disclosures – Asset and Liability Offsetting
•
•
Amendment to IAS 19 –
Employee Benefits
•
•
Amendment to IAS 27 (revised 2011) –
Separate Financial Statements
•
•
Amendment to IAS 28 (revised 2011) –
Associates and Joint Ventures
•
•
IFRIC 20 –
Stripping Costs in the Production Phase of a Surface Mine
Standards, amendments and interpretations not yet effective
The Group has evaluated the effect of all new standards, amendments and interpretations that have been
issued but which are not yet effective. Based on the evaluation, management does not expect these
standards, amendments and interpretations to have a significant impact on the Group’s results and
disclosures. The expected implications of applicable standards, amendments and interpretations are dealt
with below.
Amendment to IAS 39 on novation of derivatives
The IASB has amended IAS 39 to provide relief from discontinuing hedge accounting when novation of a
hedging instrument to a central counterparty meets specified criteria. Similar relief will be included in
IFRS 9 –
Financial Instruments.