NOTES TO THE FINANCIAL STATEMENTS
31 December 2014
2.
Summary of significant accounting policies (cont’d)
2.2 Changes in accounting policies (cont’d)
FRS 111 Joint Arrangements and Revised FRS 28 Investments in Associates and Joint Ventures (cont’d)
Impact on cash flows statement:
2.3 Standards issued but not yet effective
The Group has not adopted the following standards that have been issued but not yet effective:
Description
Effective for annual periods
beginning on or after
Except for Amendments to FRS 27, FRS 115 and FRS 109, the Directors expect that the adoption of the other standards above
will have no material impact on the financial statements in the period of initial application. The nature of the impending changes
in accounting policy on adoption of Amendments to FRS 27, FRS 115 and FRS 109 is described below.
Group
Previously
reported
2013
Restatement
due to
adoption of
FRS 111
Restated
2013
S$’000
S$’000
S$’000
Operating
17,061
11,928
28,989
Investing
(1,791)
(10,259)
(12,050)
Financing
(19,407)
(6,315)
(25,722)
Net decrease in cash and cash equivalents
(4,137)
(8,783)
Amendments to FRS 19
Defined Benefit Plans: Employee Contributions
1 July 2014
Improvements to FRSs (January 2014)
Amendments to FRS 102
Share Based Payment
1 July 2014
Amendments to FRS 103
Business Combinations
1 July 2014
Amendments to FRS 108
Operating Segments
1 July 2014
Amendments to FRS 113
Fair Value Measurements
1 July 2014
Amendments to FRS 16
Property, Plant and Equipment and FRS 38 Intangible Assets
1 July 2014
Amendments to FRS 24
Related Party Disclosures
1 July 2014
Improvements to FRSs (February 2014)
Amendments to FRS 103
Business Combinations
1 July 2014
Amendments to FRS 113
Fair Value Measurement
1 July 2014
Amendments to FRS 1
Disclosure Initiative
1 January 2016
Amendments to FRS 27
Equity Method in Separate Financial Statements
1 January 2016
Amendments to FRS 28
Investments in Associates and Joint Ventures
1 January 2016
Amendments to FRS 110
Consolidated Financial Statements
1 January 2016
Amendments to FRS 111
Joint Arrangements
1 January 2016
Amendments to FRS 112
Disclosure of Interests in Other Entities
1 January 2016
FRS 115
Revenue from Contracts with Customers
1 January 2017
FRS 109
Financial Instruments
1 January 2018
Hock Lian Seng Holdings Limited
Annual report 2014
47
