2.2 Changes in accounting policies and disclosures
The Group has adopted the following revised IFRSs for the first time for the current year’s financial statements.
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Amendments to IAS 7 |
Disclosure Initiative |
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Amendments to IAS 12 |
Recognition of Deferred Tax Assets for Unrealized Losses |
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Amendments to IFRS 12 included in |
Disclosure of Interests in Other Entities: Clarification of the Scope of IFRS 12 |
None of the above amendments to IFRSs has had a significant financial effect on these financial statements. Disclosure has been made in note 34(b) to the financial statements upon the adoption of amendments to IAS 7, which require an entity to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes.
The nature and the impact of the amendments are described below:
Amendments to IAS 7 Disclosure Initiative
Amendments to IAS 7 require an entity to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes. Disclosure of the changes in liabilities arising from financing activities is provided in note 34 to the financial statements.
Amendments to IAS 12 Recognition of Deferred Tax Assets for Unrealized Losses
Amendments to IAS 12 clarify that an entity, when assessing whether taxable profits will be available against which it can utilize a deductible temporary difference, needs to consider whether tax law restricts the sources of taxable profits against which it may make deductions on the reversal of that deductible temporary difference. Furthermore, the amendments provide guidance on how an entity should determine future taxable profits and explain the circumstances in which taxable profit may include the recovery of some assets for more than their carrying amount. The amendments have had no impact on the financial position or performance of the Group as the Group has no deductible temporary differences or assets that are in the scope of the amendments.
Amendments to IFRS 12 included in Annual Improvements to IFRSs 2014‑2016 Cycle Disclosure of Interests in Other Entities: Clarification of the Scope of IFRS 12
Amendments to IFRS 12 clarify that the disclosure requirements in IFRS 12, other than those disclosure requirements in paragraphs B10 to B16 of IFRS 12, apply to an entity's interest in a subsidiary, a joint venture or an associate, or a portion of its interest in a joint venture or an associate that is classified as held for sale or included in a disposal group classified as held for sale. The amendments have had no impact on the Group's financial statements as the Group did not have any disposal group held for sale at the end of the year.