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AFRICAN DAWN ANNUAL REPORT 14

Notes to the Financial Statements 2. New Standards and Interpretations continued IAS 1 Presentation of Financial Statements The amendment now requires items of other comprehensive income to be presented as: • Those which will be reclassified to profit or loss • Those which will not be reclassified to profit or loss. The related tax disclosures are also required to follow the presentation allocation. In addition, the amendment changed the name of the statement of comprehensive income to the statement of profit or loss and other comprehensive income. The effective date of the amendment is for years beginning on or after 1 July 2012. The group has adopted the amendment for the first time in the 2014 financial statements. The adoption of this amendment has not had a material impact on the results of the company, but has resulted in more disclosure than would have previously been provided in the financial statements. Disclosures - Offsetting Financial Assets and Financial Liabilities (Amendments to IFRS 7) Amendment requires additional disclosures for financial assets and liabilities which are offset and for financial instruments subject to master netting arrangements. The effective date of the amendment is for years beginning on or after 1 January 2013. The group has adopted the amendment for the first time in the 2014 financial statements. The adoption of this amendment has not had a material impact on the results of the company, but has resulted in more disclosure than would have previously been provided in the financial statements. IAS 1 - Annual Improvements for 2009 - 2011 cycle Clarification is provided on the requirements for comparative information. Specifically, if a retrospective restatement is made, a retrospective change in accounting policy or a reclassification, the statement of financial position at the beginning of the previous period is only required if the impact on the beginning of the previous period is material. Related notes are not required, other than disclosure of specified information. The effective date of the amendment is for years beginning on or after 1 January 2013. The group has adopted the amendment for the first time in the 2014 financial statements. The adoption of this amendment has not had a material impact on the results of the company, but has resulted in more disclosure than would have previously been provided in the financial statements. IAS 32 - Annual Improvements for 2009 - 2011 cycle Tax effects of distributions made to holders of equity instruments. Income tax relating to distributions made to holders of equity instruments and tax effects of transaction costs of equity transactions must be accounted for in accordance with IAS 12 Income Taxes. The effective date of the amendment is for years beginning on or after 1 January 2013. The group has adopted the amendment for the first time in the 2014 financial statements. The adoption of this amendment has not had a material impact on the results of the company, but has resulted in more disclosure than would have previously been provided in the financial statements. AFRICAN DAWN 4 4 ANNUAL REPORT 2014


AFRICAN DAWN ANNUAL REPORT 14
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