2. Summary of significant accounting policies (cont’d)
2.3 Standards issued but not yet effective
The Group has not adopted the following standards that have been issued but not yet
effective:
Effective for annual
periods beginning
Description
on or after
Improvements to FRSs (November 2014)
1 January 2016
(a) FRS 105 Non-current Assets Held for Sale and
Discontinued Operations
(b) FRS 107 Financial Instruments: Disclosures
(c) FRS 19 Employee Benefits
(d) FRS 34 Interim Financial Reporting
Amendments to FRS 1 Disclosure Initiative
1 January 2016
Amendments to FRS 27 Equity Method in Separate
Financial Statements
1 January 2016
Amendments to FRS 16 & 38 Clarification of
Acceptable Methods of Depreciation and Amortisation
1 January 2016
Amendments to FRS 110 & 28 Sale or Contribution of Assets
between an Investor and its Associate or Joint Venture
1 January 2016
Amendments to FRS 111 Accounting for Acquisitions of
Interests in Joint Operations
1 January 2016
Amendments to FRS 110, FRS 112 and FRS 28 Investment Entities:
Applying the Consolidation Exception
1 January 2016
FRS 114 Regulatory Deferral Accounts
1 January 2016
FRS 115 Revenue from Contracts with Customers
1 January 2018
FRS 109 Financial Instruments
1 January 2018
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.
FRS 115
Revenue from Contracts with Customers
FRS 115 was issued in November 2014 and establishes a new five-step model that will
apply to revenue arising from contracts with customers. Under FRS 115, revenue is
recognised at an amount that reflects the consideration to which an entity expects to
be entitled in exchange for transferring goods or services to a customer. The principles
in FRS 115 provide a more structured approach to measuring and recognising revenue.
The new revenue standard is applicable to all entities and will supersede all current
revenue recognition requirements under FRS. Either a full or modified retrospective
application is required for annual periods beginning on or after 1 January 2018 with early
adoption permitted.
NOTES TO THE FINANCIAL
STATEMENTS
For the financial year ended 30 June 2015
ASL Marine Holdings Ltd. /Annual Report 2015
77
