2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)
2.3
Standards issued but not yet effective
The Group and the Company has not adopted the following standards and interpretations that have been
issued but not yet effective:
Description
Effective for annual
periods beginning
on or after
Amendments to FRS 16 and FRS 41
Agriculture – Bearer Plants
1 January 2016
Amendments to FRS 27
Equity Method in Separate Financial Statements
1 January 2016
Amendments to FRS 16 and FRS 38
Clarification of Acceptable Methods of
Depreciation and Amortisation
1 January 2016
Amendments to FRS 111
Accounting for Acquisitions of Interests in
Joint Operations
1 January 2016
Improvements to FRSs (November 2014)
(a) Amendments to FRS 105
Non-current Assets Held for Sale and
Discontinued Operations
1 January 2016
(b) Amendments to FRS 107
Financial Instruments: Disclosures
1 January 2016
(c) Amendments to FRS 19
Employee Benefits
1 January 2016
(d) Amendments to FRS 34
Interim Financial Reporting
1 January 2016
Amendments to FRS 110, FRS 112 and FRS 28
Investment Entities: Applying the
Consolidation Exception
1 January 2016
Amendments to FRS 1
Disclosure Initiative
1 January 2016
Amendments to FRS 110 and FRS 28
Sale or Contribution of Assets between
an Investor and its Associate or Joint Venture
To be determined
FRS 115
Revenue from Contracts with Customers
1 January 2018
FRS 109
Financial Instruments
1 January 2018
Amendments to FRS 7
Disclosure Initiative
1 January 2017
Amendments to FRS 12
Recognition of Deferred Tax Assets for
Unrealised Losses
1 January 2017
Except for FRS 115 and FRS 109, the directors expect that the adoption of the standards above will have no
material impact on the financial statements in the period of initial application. The nature of the impending
changes in accounting policy on adoption of FRS 115 and FRS 109 are described below.
I N N O T E K L I M I T E D
A N N U A L R E P O R T 2 0 1 5
51
NOTES TO THE FINANCIAL
STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015
