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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, amendments and interpretations not yet effective (continued)
IFRS 14 – Regulatory deferral accounts
The IASB has issued IFRS 14 –
Regulatory Deferral Account
s (IFRS 14), an interim standard on the accounting
for certain balances that arise from rate-regulated activities (regulatory deferral accounts). Rate regulation is a
framework where the price that an entity charges to its customers for goods and services is subject to
oversight and/or approval by an authorised body.
This statement is effective for periods beginning on or after 1 January 2016 and is not applicable to the
Group.
Amendment to IAS 19 regarding defined benefit plan
These narrow scope amendments apply to contributions from employees or third parties to defined benefit
plans. The objective of the amendments is to simplify the accounting for contributions that are independent
of the number of years of employee service, for example, employee contributions that are calculated
according to a fixed percentage of salary.
This amendment is not applicable to the Group.
Amendments to IAS 32 – Financial Instruments: Presentation
The IASB has issued amendments to the application guidance in IAS 32 –
Financial Instruments: Presentation
that clarify some of the requirements for offsetting financial assets and financial liabilities on the statement
of financial position. However, the clarified offsetting requirements for amounts presented in the statement
of financial position continue to be different from US GAAP.
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.
Amendments to IFRS 10, IFRS 12 and IAS 27 for investment entities
The amendments mean that many funds and similar entities will be exempt from consolidating most of their
subsidiaries. Instead they will measure them at fair value through profit or loss. The amendments give an
exception to entities that meet an “investment entity” definition and which display particular characteristics.
Changes have also been made in IFRS 12 to introduce disclosures that an investment entity needs to make.
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 15 – Revenue From Contracts With Customers
This statement establishes principles for reporting useful information to users of the financial statements
about the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s
contracts with customers.
This statement is effective for periods beginning on or after 1 January 2017. The Group is currently
considering the impact on the consolidated financial statements.