notes to the financial statements - Food Empire Holdings Limited

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NOTES TO THE FINANCIAL STATEMENTS (cont’d) For the year ended 31 December 2012 2. Summary of significant accounting policies (cont’d) 2.2 Changes in accounting policies (cont’d) Amendments to FRS 12 Deferred Tax: Recovery of Underlying Assets As of 1 January 2012, the Group adopted the Amendments to FRS 12 Deferred Tax: Recovery of Underlying Assets. The Amendments to FRS 12 apply to the measurement of deferred tax liabilities and assets arising from investment properties measured using the fair value model under FRS 40 Investment Property, including investment property acquired in a business combination and subsequently measured using the fair value model. For the purposes of measuring deferred tax, the Amendments introduce a rebuttable presumption that the carrying amount of an investment property measured at fair value will be recovered entirely through sale. The presumption can be rebutted if the investment property is depreciable and is held within a business model whose objective is to consume substantially all of the economic benefits over time, rather than through sale. The adoption of the amendments to FRS 12 effective 1 January 2012 will not have any impact to the accounting policies of the Group in the period of initial application. 2.3 Standards issued but not yet effective The Group 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 1 Presentation of Items of Other Comprehensive Income 1 July 2012 Revised FRS 19 Employee Benefits 1 January 2013 FRS 113 Fair Value Measurement 1 January 2013 Amendments to FRS 107 Disclosures – Offsetting Financial Assets and Financial Liabilities 1 January 2013 Improvements to FRSs 2012 - Amendment to FRS 1 Presentation of Financial Statements 1 January 2013 - Amendment to FRS 16 Property, Plant and Equipment 1 January 2013 - Amendment to FRS 32 Financial Instruments: Presentation 1 January 2013 Revised FRS 27 Separate Financial Statements 1 January 2014 Revised FRS 28 Investments in Associates and Joint Ventures 1 January 2014 FRS 110 Consolidated Financial Statements 1 January 2014 FRS 111 Joint Arrangements 1 January 2014 FRS 112 Disclosure of Interests in Other Entities 1 January 2014 Amendments to FRS 32 Offsetting Financial Assets and Financial Liabilities 1 January 2014 62
Food Empire Holdings Limited Annual Report 2012 NOTES TO THE FINANCIAL STATEMENTS (cont’d) For the year ended 31 December 2012 2. Summary of significant accounting policies (cont’d) 2.3 Standards issued but not yet effective (cont’d) Except for the Amendments to FRS 1, FRS 111, Revised FRS 28 and FRS 112, the directors expect that the adoption of the other standards and interpretations 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 the Amendments to FRS 1, FRS 111, Revised FRS 28 and FRS 112 are described below. Amendments to FRS 1 Presentation of Items of Other Comprehensive Income The Amendments to FRS 1 Presentation of Items of Other Comprehensive Income (“OCI”) is effective for financial periods beginning on or after 1 July 2012. The Amendments to FRS 1 changes the grouping of items presented in OCI. Items that could be reclassified to profit or loss at a future point in time would be presented separately from items which will never be reclassified. As the Amendments only affect the presentations of items that are already recognised in OCI, the Group does not expect any impact on its financial position or performance upon adoption of this standard. FRS 111 Joint Arrangements and Revised FRS 28 Investments in Associates and Joint Ventures FRS 111 Joint Arrangements and the Revised FRS 28 Investments in Associates and Joint Ventures are effective for financial periods beginning on or after 1 January 2014. FRS 111 classifies joint arrangements either as joint operations or joint ventures. Joint operation is a joint arrangement whereby the parties that have rights to the assets and obligations for the liabilities whereas joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. FRS 111 requires the determination of joint arrangement’s classification to be based on the parties’ rights and obligations under the arrangement, with the existence of a separate legal vehicle no longer being the key factor. FRS 111 disallows proportionate consolidation and requires joint ventures to be accounted for using the equity method. The revised FRS 28 was amended to describe the application of equity method to investments in joint ventures in addition to associates. FRS 112 Disclosure of Interests in Other Entities FRS 112 Disclosure of Interests in Other Entities is effective for financial periods beginning on or after 1 January 2014. FRS 112 is a new and comprehensive standard on disclosure requirements for all forms of interests in other entities, including joint arrangements, associates, special purpose vehicles and other off balance sheet vehicles. FRS 112 requires an entity to disclose information that helps users of its financial statements to evaluate the nature and risks associated with its interests in other entities and the effects of those interests on its financial statements. As this is a disclosure standard, it will have no impact to the financial position and financial performance of the Group when implemented in 2014. 63
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INVEST MONEY ASSET PRODUCTS WORK IT
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INTRODUCTION VOYAGE OF DISCOVERIES
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CORPORATE PROFILE EVERYTHING YOU NE
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EXECUTIVE CHAIRMAN’S MESSAGE FRON
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CEO’S STATEMENT PERSPECTIVE “ I
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