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41 Annual Report 2012
Notes to the Financial Statements
30 September 2012
2 Signifcant Accounting Policies (cont’d)
(a) Basis of Preparation (cont’d)
New/Revised FRS/Improvements to FRS Issued But Not Yet Effective
At the date of authorisation of these fnancial statements, the relevant revised or amended FRS that have
been issued but not yet effective are as follows:
Amendments to FRS 1 Presentation of Items of Other Comprehensive Income
FRS 27 (revised) Separate Financial Statements
FRS 28 (revised) Investments in Associates and Joint Ventures
FRS 110 Consolidated Financial Statements
FRS 112 Disclosure of Interests in Other Entities
FRS 113 Fair Value Measurements
Amendments to FRS 107 Disclosure of Offsetting Financial Assets and Financial Liabilities
Amendments to FRS 32 Offsetting Financial Assets and Financial Liabilities
Amendments to FRS 1 Presentation of Financial Statements
Amendments to FRS 32 Financial Instruments: Presentation
Amendments to FRS 1 Presentation of Items of Other Comprehensive Income
The amendment to FRS 1 requires entities to group items presented in other comprehensive income (OCI)
on the basis of whether they are potentially reclassifable to proft or loss. It is effective for annual periods
beginning on or after 1 October 2013. As this is a disclosure standard, it will not have any impact on the
fnancial position or fnancial performance of the Group when implemented.
FRS 27 (revised) Separate Financial Statements
The revised FRS 27 will now solely address separate fnancial statements, the requirements for which are
substantially unchanged. It is effective for annual periods beginning on or after 1 October 2014 and will not
have any impact on the fnancial position or the fnancial performance of the Group when implemented.
FRS 28 (revised) Investments in Associates and Joint Ventures
The revised FRS 28 changes in scope as a result of the issuance of FRS 111 Joint Arrangements. It continues
to prescribe the mechanics of equity accounting. It is effective for annual periods beginning on or after 1
October 2014 and will not have any impact on the fnancial position or the fnancial performance of the
Group when implemented.
FRS 110 Consolidated Financial Statements
FRS 110 supersedes FRS 27 Consolidated and Separate Financial Statements and INT FRS 12 Consolidation
– Special Purpose Entities, which is effective for annual periods beginning on or after 1 October 2014. It
changes the defnition of control and applies it to all investees to determine the scope of consolidation. FRS
110 requirements will apply to all types of potential subsidiary. FRS 110 requires an investor to reassess the
decision whether to consolidate an investee when events indicate that there may be a change to one of
the three elements of control, i.e. power, variable returns and the ability to use power to affect returns. The
Group is currently determining the impact of these amendments.
FRS 112 Disclosure of Interests in Other Entities
FRS 112 which is effective from 1 October 2014 combines the disclosure requirements for subsidiaries,
joint arrangements, associates and structured entities within a comprehensive disclosure standard. FRS
112 specifes minimum disclosures that an entity must provide. It requires an entity to provide summarised
fnancial information about the assets, liabilities, proft or loss and cash fows of each subsidiary that has
non-controlling interests that are material to the reporting entity and to disclose the nature of its interests
in unconsolidated structured entities and the nature of the risks it is exposed to as a result, a schedule
of the impact on parent equity is required for changes in the ownership interest in a subsidiary without
a loss of control; detail of any gain/loss recognised on loss of control, and the line item in the statement