AR for 2008 - Abterra

40 ABTERRA
Annual Report 2008
NOTES TO THE FINANCIAL STATEMENTS
For the financial period ended 31 December 2008
2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.2 New or revised FRS and Interpretation to FRS (INT FRS)
(i)
FRS and INT FRS effective in the current period
The Group has adopted all the new and revised FRS and INT FRS that are mandatory for
application in the current financial period and which are relevant to the Group. The adoption of
these new and revised FRS and INT FRS has had no impact on the financial statements.
(ii)
FRS in issue not yet adopted
At the date of authorisation of these financial statements, the following FRSs were in issue and
which are relevant to the Group but not yet effective:
FRS 1 (revised)
FRS 108
Presentation of Financial Statements
Operating Segments
FRS 1 (revised)
The revised standard affects the presentation of owner changes in equity and of comprehensive
income. It does not change the recognition, measurement or disclosure of specific transactions
and other events required by other FRSs.
The Group will apply the revised FRS 1 from the annual period beginning 1 January 2009. It
requires an entity to present, in a statement of changes in equity, all owner changes in equity. All
non-owner changes in equity (i.e. comprehensive income) are required to be presented in one
statement of comprehensive income or in two statements (a separate income statement and a
statement of comprehensive income). Components of comprehensive income are not permitted
to be presented in the statement of changes in equity.
FRS 108
FRS 108 supersedes FRS 14 Segment Reporting and requires the Group to report the financial
performance of its operating segments based on the information used internally by management
for evaluating segment performance and deciding on the allocation of resources. Such information
may be different from the information included in the financial statement, and the basis of its
preparation and reconciliation to the amounts recognized in the financial statements shall be
disclosed.
The Group will apply FRS 108 from 1 January 2009 and provide comparative information that
conforms to the requirements of FRS 108. The Group expects the new operating segments to
be different from business segments currently disclosed and expects more information to be
disclosed under FRS 108.