Annual Report 2011 - Goodbaby International Holdings Limited
Annual Report 2011 - Goodbaby International Holdings Limited
Annual Report 2011 - Goodbaby International Holdings Limited
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NOTES TO FINANCIAL STATEMENTS<br />
31 December <strong>2011</strong><br />
3.1 ISSUED BUT NOT YET EFFECTIVE IFRSs (Continued)<br />
IFRS 11 Joint Arrangements<br />
IFRS 11 replaces IAS 31 Interests in Joint Ventures and SIC-13 Jointly-controlled Entities — Nonmonetary<br />
Contributions by Venturers. IFRS 11 removes the option to account for jointly controlled<br />
entities (JCEs) using proportionate consolidation. Instead, JCEs that meet the definition of a joint<br />
venture must be accounted for using the equity method. The application of this new standard will<br />
not impact the financial position of the Company. This standard becomes effective for annual<br />
periods beginning on or after 1 January 2013.<br />
IFRS 12 Disclosure of Involvement with Other Entities<br />
IFRS 12 includes all of the disclosures that were previously in IAS 27 related to consolidated<br />
financial statements, as well as all of the disclosures that were previously included in IAS 31 and<br />
IAS 28. These disclosures relate to an entity’s interests in subsidiaries, joint arrangements,<br />
associates and structured entities. A number of new disclosures are also required. The application<br />
of this new standard will not impact the financial position of the Company. This standard becomes<br />
effective for annual periods beginning on or after 1 January 2013.<br />
IFRS 13 Fair Value Measurement<br />
IFRS 13 establishes a single source of guidance under IFRS for all fair value measurements. IFRS 13<br />
does not change when an entity is required to use fair value, but rather provides guidance on how<br />
to measure fair value under IFRS when fair value is required or permitted. The Company is<br />
currently assessing the impact that this standard will have on the financial position and<br />
performance. This standard becomes effective for annual periods beginning on or after 1 January<br />
2013.<br />
The Company is in the process of making an assessment of the impact of these new and revised<br />
IFRSs upon initial application. So far, the Company considers that these new and revised IFRSs are<br />
unlikely to have a significant impact on the Company’s results of operations and financial position.<br />
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