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AFRICAN DAWN Annual Report 2016

Notes to the Financial Statements Annual Financial Statements For the year ended 29 February 2016 2. New Standards and Interpretations 2.1 Standards and interpretations not yet effective The group has chosen not to early adopt the following standards and interpretations, which have been published and are mandatory for the group’s accounting periods beginning on or after 01 March 2015 or later periods. The group has not yet assessed the impact of any of these amendments and will only adopt them in the period they become effective. Standard Details of amendment Annual periods beginning on or after IFRS 5 Non-current Assets Held for Sale and Discontinued Operations Annual Improvements 2012 – 2014 Cycle: Amends IFRS 5 to clarify that when an entity reclassifies an asset (or disposal group) directly from being held for sale to being held for distribution (or vice-versa), the accounting guidance in paragraphs 27-29 of IFRS 5 does not apply. The amendments also state that when an entity determines that the asset (or disposal group) is no longer available for immediate distribution or that the distribution is no longer highly probable, it should cease held-for-distribution accounting and apply the guidance in paragraphs 27-29. 1 July 2016 IFRS 7 Financial Instruments: Disclosures Annual Improvements 2012 – 2014 Cycle: The amendments provide additional guidance to help entities identify the circumstances under which a servicing contract is considered to be ‘continuing involvement’ for the purposes of applying the disclosure requirements in paragraphs 42E - 42H of IFRS 7. Such circumstances commonly arise when, for example, the servicing fee is dependent on the amount or turning of the cash flows collected from the transferred financial asset or when a fixed fee is not paid in full due to non-performance of that asset. 1 July 2016 Annual Improvements 2012 – 2014 Cycle: These amendments clarify that the additional disclosure required by the recent amendments to IFRS 7 Disclosure--Offsetting Financial Assets and Financial Liabilities is not specifically required for all interim periods. However, the additional disclosure is required to be given in condensed interim financial statements that are prepared in accordance with lAS 34 Interim Financial Reporting when its inclusion would be necessary in order to meet the general principles of lAS 34 1 July 2016 IFRS 9 Financial Instruments IFRS 9 ‘Financial Instruments (2014)’ replaces IAS 39 ‘Financial Instruments: Recognition and Measurement’ 1 January 2018 AFRICAN DAWN ANNUAL REPORT 2016 57


AFRICAN DAWN Annual Report 2016
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