123 / 280
BUSINESS MODEL
AND STRATEGIC
OBJECTIVES
LEADERSHIP
GOVERNANCE
OPERATING
PERFORMANCE
SHAREHOLDERS’
INFORMATION AND
ADMINISTRATION
FINANCIAL
PERFORMANCE
BLUE LABEL INTEGRATED ANNUAL REPORT 2014
121
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)
IFRIC 21 – Accounting For Levies
IFRIC 21 sets out the accounting for an obligation to pay a levy that is not income tax.
The interpretation addresses diversity in practice around when the liability to pay a levy is recognised.
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.
Annual improvements project
The IASB decided to initiate an annual improvements project in 2007 as a method of making necessary, but
non-urgent, amendments to IFRS that will not be included as part of another major project. The IASB’s
objective was to ease the burden for all concerned.
Improvements to IFRS was issued by the IASB as part the “annual improvements process” resulting in the
following amendments to standards issued, but not effective for 31 May 2014 year-ends:
Amendment to IFRS 2 – Share-Based Payment
The amendment clarifies the definition of a “vesting condition” and separately defines “performance
condition” and “service condition”.
Amendment to IFRS 3 – Business Combinations
The standard is amended to clarify that an obligation to pay contingent consideration which meets the
definition of a financial instrument is classified as a financial liability or as equity, on the basis of the
definitions in IAS 32 –
Financial instruments: Presentation.
The standard is further amended to clarify that all non-equity contingent consideration, both financial and
non-financial, is measured at fair value at each reporting date, with changes in fair value recognised in profit
and loss. Consequential changes are also made to IFRS 9, IAS 37 and IAS 39.
Amendment to IFRS 8 – Operating Segments
The standard is amended to require disclosure of the judgements made by management in aggregating
operating segments. This includes a description of the segments which have been aggregated and the
economic indicators which have been assessed in determining that the aggregated segments share similar
economic characteristics.
The standard is further amended to require a reconciliation of segment assets to the entity’s assets when
segment assets are reported.