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AFRICAN DAWN 2015 Annual Report

Standard Details of amendment AFRICAN DAWN 67 ANNUAL REPORT 2015 Annual periods beginning on or after IAS 19 Employee Benefits Amendments to Defined Benefit Plans: Employee Contributions whereby the requirements in IAS 19 for contributions from employees or third parties that are linked to service have been amended. Annual Improvements 2012-2014 Cycle: Clarification of the requirements of to determine the discount rate in a regional market sharing the same currency (for example, the Eurozone). 1 July 2014 1 January 2016 IAS 24 Related Party Disclosures Annual Improvements 2010-2012 Cycle: Amendments to the definitions and disclosure requirements for key management personnel. 1 July 2014 IAS 27 Consolidated and Separate Financial Statements Requirement to account for interests held by ‘Investment Entities’ at fair value under IFRS 9, Financial Instruments, or IAS 39, Financial Instruments: Recognition and Measurement, in the separate financial statements of a parent. Amendments to IAS 27 will allow entities to use the equity method to account for investments in subsidiaries, joint ventures and associates in their separate financial statements. 1 January 2014 1 January 2016 IAS 28 Investments in Associates and Joint Ventures Investment Entities: Applying the Consolidation Exception: Narrow-scope amendments to IFRS 10, IFRS 12 and IAS 28 introduce clarifications to the requirements when accounting for investment entities. The amendments also provide relief in particular circumstances, which will reduce the costs of applying the Standards. Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28): Narrow scope amendment to address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS 28 (2011), in dealing with the sale or contribution of assets between an investor and its associate or joint venture. 1 January 2016 1 January 2016 IAS 36 Impairment of Assets Amendments to address the disclosure of information about the recoverable amount of impaired assets if that amount is based on fair value less costs of disposal. 1 January 2014 IAS 38 Intangible Assets Annual Improvements 2010-2012 Cycle: Amendments to the Revaluation method – proportionate restatement of accumulated depreciation. Amendments to IAS 16 and IAS 38 to clarify the basis for the calculation of depreciation and amortisation, as being the expected pattern of consumption of the future economic benefits of an asset. Amendment to both IAS 16 and IAS 38 establishing the principle for the basis of depreciation and amortisation as being the expected pattern of consumption of the future economic benefits of an asset. Clarifying that revenue is generally presumed to be an inappropriate basis for measuring the consumption of economic benefits in such assets. 1 July 2014 1 January 2016 1 January 2016 IAS 39 Financial Instruments: Recognition and Measurement Amendments for novation of derivatives in regards to the continuation of hedge accounting. 1 January 2014 IAS 40 Investment Property Annual Improvements 2011-2013 Cycle: Amendments to clarify the interrelationship between IFRS 3 and IAS 40 when classifying property as investment property or owner-occupied property. 1 July 2014 Accounting Policies continued 2.1 Standards and interpretations not yet effective (continued)


AFRICAN DAWN 2015 Annual Report
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