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2. APPLICATION OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRS”) (continued)
In relation to this change in accounting policy, the Company has applied the transitional provisions in HKAS 39. The fair value of the fi nancial guarantee contracts at the
date of grant of HK$2,930,000, representing a deemed capital contribution to the subsidiaries, has been adjusted to the carrying amount of investments in subsidiaries. The
cumulative amortisation as at 1 April 2006 of HK$2,895,000 and the unamortised amount of HK$35,000 have been adjusted against accumulated profi ts and recognised
as a fi nancial liability for the fi nancial guarantee contract respectively.
3. SUMMARY OF THE EFFECTS OF THE CHANGES IN ACCOUNTING POLICIES
The Group and the Company have not early applied the following new standard, amendment or interpretations that have been issued but are not yet effective. The
Directors of the Company anticipate that the application of these new standard, amendment or interpretations will have no material impact on the results and the fi nancial
position of the Group and the Company.
HKAS 1 (Amendment) Capital Disclosures 1
HKFRS 7 Financial Instruments: Disclosures 1
HKFRS 8 Operating Segments 2
HK(IFRIC)-Int 8 Scope of HKFRS 2 3
HK(IFRIC)-Int 9 Reassessment of Embedded Derivatives 4
HK(IFRIC)-Int 10 Interim Financial Reporting and Impairment 5
HK(IFRIC)-Int 11 HKFRS 2-Group and Treasury Share Transactions 6
HK(IFRIC)-Int 12 Service Concession Arrangements 7
1
Effective for annual periods beginning on or after 1 January 2007
2
Effective for annual periods beginning on or after 1 January 2009
3
Effective for annual periods beginning on or after 1 May 2006
4
Effective for annual periods beginning on or after 1 June 2006
5
Effective for annual periods beginning on or after 1 November 2006
6
Effective for annual periods beginning on or after 1 March 2007
7
Effective for annual periods beginning on or after 1 January 2008