Annual Report 2015
FINANCIAL SECTION
111
2 BASIS OF PREPARATION
(continued)
(b) Standards and amendments to standards which are not yet effective
The following new standards and amendments to standards are mandatory for accounting periods beginning
on or after 1 July 2015 or later periods but which the Group has not early adopted:
Effective for the year ending 30 June 2016:
HKFRS 14
Regulatory Deferral Accounts
Amendments to HKFRS 11
Accounting for Acquisition of Interests in Joint Operations
Amendments to HKFRS 10 and
HKAS 28
Sale or Contribution of Assets between an Investor and its Associate
or Joint Venture
Amendments to HKFRS 10,
HKFRS 12 and HKAS 28 (2011)
Investment Entities: Applying the Consolidation Exception
Amendments to HKAS 1
Disclosure Initiative
Amendments to HKAS 16 and
HKAS 38
Clarification of Acceptable Methods of Depreciation and Amortisation
Amendments to HKAS 27
Equity Method in Separate Financial Statements
Annual Improvement Project
Annual Improvements 2012–2014 Cycle
Effective for the year ending 30 June 2017 or after:
HKFRS 9 (2014)
Financial Instruments
HKFRS 15
Revenue from Contracts with Customers
The Group has already commenced an assessment of the impact of these new standards and amendments
to standards, certain of which may be relevant to the Group’s operations and may give rise to changes in
accounting policies, changes in disclosures and remeasurement of certain items in the consolidated financial
statements. The Group is not yet in a position to ascertain their impact on its results of operations and financial
position.
(c) Hong Kong Companies Ordinance (Cap. 622)
In addition, the requirements of Part 9 “Accounts and Audit” of the Hong Kong Companies Ordinance
(Cap. 622) come into operation during the financial year. As a result, there are changes to presentation and
disclosures of certain information in the consolidated financial statements.
The consolidated financial statements comply with the applicable requirements of Hong Kong Companies
Ordinance (Cap. 622), with the exception of Section 381 which requires a company to include all its subsidiary
undertakings (within the meaning of Schedule 1 to Cap. 622) in the company’s annual consolidated financial
statements. Section 381 is inconsistent with the requirements of HKFRS 10 Consolidated Financial Statements
so far as Section 381 applies to subsidiary undertakings which are not controlled by the Group in accordance
with HKFRS 10. For this reason, under the provisions of Section 380(6), the Company has departed from
Section 381 and has not treated such companies as subsidiaries but they are accounted for in accordance
with the accounting policies in notes 3(a)(ii) and (iii). Those excluded subsidiary undertakings of the Group are
disclosed in notes 50 and 51.
