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BUSINESS MODEL
AND STRATEGIC
OBJECTIVES
LEADERSHIP
GOVERNANCE
OPERATING
PERFORMANCE
SHAREHOLDERS’
INFORMATION AND
ADMINISTRATION
FINANCIAL
PERFORMANCE
BLUE LABEL INTEGRATED ANNUAL REPORT 2014
119
NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS
CONTINUED
For the year ended 31 May 2014
1.
SIGNIFICANT ACCOUNTING POLICIES (continued)
Standards, amendments and interpretations not yet effective (continued)
This statement is effective for periods beginning on or after 1 January 2014. The Group is currently
considering the impact on the classification of financial assets, however, do not believe the statement will
have a significant impact, given the nature of the financial assets held by the Group.
Amendment to IAS 36 – Impairment of Assets
These amendments address the disclosure of information about the recoverable amount of impaired assets if
that amount is based on fair value less cost of disposal.
This statement is effective for periods beginning on or after 1 January 2014. The Group is currently
considering the impact on the consolidated financial statements, however does not believe the statement
will have a significant impact.
IFRS 9 – Financial Instruments (2009)
This IFRS is part of the IASB’s project to replace IAS 39. IFRS 9 addresses classification and measurement of
financial assets and replaces the multiple classification and measurement models in IAS 39 with a single
model that has only two classification categories: amortised cost and fair value.
This statement is effective for periods beginning on or after 1 January 2018. The Group is currently
considering the impact on the classification of financial assets, however do not believe the statement will
have a significant impact, given the nature of the financial assets held by the Group.
IFRS 9 – Financial Instruments (2010)
The IASB has updated IFRS 9 –
Financial instruments
to include guidance on financial liabilities and
derecognition of financial instruments. The accounting and presentation for financial liabilities and for
derecognising financial instruments has been relocated from IAS 39 –
Financial instruments: Recognition and
measurement
, without change, except for financial liabilities that are designated at fair value through profit
or loss.
This statement is effective for periods beginning on or after 1 January 2018. The Group is currently
considering the impact on the derecognition of financial liabilities, however do not believe the statement will
have a significant impact, given the nature of the financial liabilities held by the Group.
Amendments to IFRS 9 – Financial Instruments (2011)
The IASB has published an amendment to IFRS 9 –
Financial Instruments
that delays the effective date to
annual periods beginning on or after 1 January 2018. The original effective date was for annual periods
beginning on or after 1 January 2013. This amendment is a result of the Board extending its timeline for
completing the remaining phases of its project to replace IAS 39 (for example, impairment and hedge
accounting) beyond June 2011, as well as the delay in the insurance project. The amendment confirms the
importance of allowing entities to apply the requirements of all the phases of the project to replace IAS 39 at
the same time. The requirement to restate comparatives and the disclosures required on transition have also
been modified.
This amendment has delayed the implementation of the standard from 1 January 2013 to 1 January 2018.
The impact on the Group is stated above.