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Annual Report
2015
TAS 27 (revised 2014) provide the requirements
relating to separate financial statements.
TAS 28 (revised 2014) provide the requirements for
investment in associates and joint ventures accounted
by equity method.
TFRS 10 has a single definition of control and
supersedes the principles of control and consolidation
included within the original TAS 27, ‘Consolidated and
separate financial statements’. The standard sets out the
requirements for when an entity should prepare consolidated
financial statements, defines the principles of control,
explains how to apply the principles of control and explains
the accounting requirements for preparing consolidated
financial statements. The key principle in the new
standard is that control exists, and consolidation is required,
only if the investor possesses power over the investee,
has exposure to variable returns from its involvement with
the investee and has the ability to use its power over the
investee to affect its returns. This standard has no impact
to the Group, except for disclosures.
TFRS 11 defined that a joint arrangement is
a contractual arrangement where at least two parties agree
to share control over the activities of the arrangement.
Unanimous consent toward decisions about relevant
activities between the parties sharing control is
a requirement in order to meet the definition of joint control.
Joint arrangements can be joint operations or joint ventures.
The classification is principle based and depends on the
parties’ exposure in relation to the arrangement. When
the parties’ exposure to the arrangement only extends to
the net assets of the arrangement, the arrangement is a
joint venture. Joint operations have rights to assets and
obligations for liabilities. Joint operations account for their
rights to assets and obligations for liabilities. Joint ventures
account for their interest by using the equity method of
accounting. This standard has no impact to the Group,
except for disclosures.
TFRS 12 require entities to disclose information
that helps readers of financial statements to evaluate
the nature of risks and financial effects associated with
the entity’s interests in subsidiaries, associates, joint
arrangements and unconsolidated structured entities.
This standard has no impact to the Group, except for
disclosures.
TFRS 13 aims to improve consistency and reduce
complexity by providing a precise definition of fair value and
a single source of fair value measurement and disclosure
requirements for use across TFRSs. This standard has no
impact to the Group, except for disclosures.
TFRIC 14 (revised 2014), this interpretation applies to
all post-employment defined benefits and other long-term
employee benefits. For the purpose of this interpretation,
minimum funding requirements are any requirements
to fund a post-employment or other long-term benefit
plan. This interpretation explains how the pension asset
or liability may be affected by a statutory or contractual
minimum funding requirement. This standard has no
impact to the Group.
b) Financial reporting standards with minor changes
and do not have impact to the Group are as follows:
There are 41 financial reporting standards with minor
changes. The management assesses that they do not have
an impact to the Group’s financial statements.