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42 GoodLand Group Limited
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 (cont’d)
of comprehensive income inwhich it is recognised; year ends of subsidiaries, joint arrangements or associates
if different from the parent’s that are consolidated using different year ends and the reasons for using a
different date. As this is a disclosure standard, it will not have any impact on the fnancial performance or
the fnancial position of the Group when implemented.
FRS 113 Fair Value Measurements
FRS 113 provides guidance on how to measure fair values including those for both fnancial and non-
fnancial items and introduces signifcantly enhanced disclosures about fair values. It does not address
or change the requirements on when fair values should be used. When measuring fair value, an entity is
required to use valuation techniques that maximise the use of relevant observable inputs and minimise the
use of unobservable inputs. It establishes a fair value hierarchy for doing this. This FRS is to be applied for
annual periods beginning on or after 1 October 2013. The Group is in the process of assessing the impact on
the fnancial statements. As for the disclosures, it will not have any impact on the fnancial performance or
the fnancial position of the Group when implemented.
Amendments to FRS 107 Disclosure of Offsetting Financial Assets and Financial Liabilities
Amendments to FRS 107 contain new disclosure requirements for fnancial assets and fnancial liabilities
that are offset in the statement of fnancial position or are subject to master netting arrangements or similar
agreements. Therefore, an entity needs to identify all fnancial assets and fnancial liabilities that fall within
the two categories mentioned. The amendments explain that their scope includes fnancial assets and
fnancial liabilities subject to similar agreements that cover similar fnancial instruments and transactions. An
entity shall apply those amendments for annual periods beginning on or after 1 October 2013 and interim
periods within those annual periods. An entity shall provide the disclosure required by those amendments
retrospectively. As for the disclosures, it will not have any impact on the fnancial position or fnancial
performance of the Group when implemented.
Amendments to FRS 32 Offsetting Financial Assets and Financial Liabilities
Amendments to FRS 32 clarify that an entity must currently have a legally enforceable right of set-off
if that right of set-off is not contingent on a future event and legally enforceable in all of the following
circumstances: (i) the normal course of business; (ii) the event of default; and (iii) the event of insolvency or
bankruptcy of the entity and all of the counterparties.
The amendments to FRS 32 are effective for annual periods beginning on or after 1 October 2014. An entity
shall apply those amendments retrospectively. As this is a disclosure standard, it will not have any impact on
the fnancial position or fnancial performance of the Group when implemented.
Improvements to FRS 2012
Amendments to FRS 1 Presentation of Financial Statements
The amendment clarifes the disclosure requirements for comparative information when an entity provides
a third balance sheet either as required by FRS 8 Accounting Policies, Changes in Accounting Estimates
and Errors or voluntarily.
When an entity produces an additional balance sheet as required by FRS 8, the balance sheet should
be as at the date of the beginning of the preceding period – that is, the opening position. No notes are
required to support this balance sheet. Where management provides additional comparative information
voluntarily, it should present the supporting notes to these additional statements. The improvements to FRS
1 are effective for annual periods beginning on or after 1 October 2013.