2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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
FRS 114 Regulatory Deferral Accounts
1 January 2016
Amendments to FRS 16 and FRS 41: Agriculture: Bearer Plants
1 January 2016
Amendments to FRS 27: Equity Method in Separate Financial Statements
1 January 2016
Amendments to FRS 16 and FRS 38: Clarification of Acceptable
Methods of Depreciation and Amortisation
1 January 2016
Amendments to FRS 111: Accounting for Acquisitions of Interests
in Joint Operations
1 January 2016
Improvements to FRSs (November 2014)
(a) Amendments to FRS 105 Non-current Assets Held for Sale and
Discontinued Operations
1 January 2016
(b) Amendments to FRS 107 Financial Instruments: Disclosures
1 January 2016
(c) Amendments to FRS 19 Employee Benefits
1 January 2016
(d) Amendments to FRS 34 Interim Financial Reporting
1 January 2016
Amendments to FRS 1: Disclosure Initiative
1 January 2016
Amendments to FRS 110, FRS 112 and FRS 28: Investment Entities:
Applying the Consolidation Exception
1 January 2016
Amendments to FRS 7: Disclosure Initiative
1 January 2017
Amendments to FRS 12: Recognition of Deferred Tax Assets
for Unrealised Losses
1 January 2017
FRS 115 Revenue from Contracts with Customers
1 January 2018
FRS 109 Financial Instruments
1 January 2018
Amendments to FRS 110 and FRS 28 Sale or Contribution of Assets
between an Investor and its Associate or Joint Venture
To be determined
1
1
The mandatory effective date of this Amendment had been revised from 1 January 2016 to a date to be
determined by the Accounting Standards Council Singapore (“ASC”) in December 2015 via Amendments to
Effective Date of Amendments to FRS 110 and FRS 28. At the date of this report, the mandatory effective date
has yet to be determined.
With the exception of 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 FRS 115 and
FRS 109 are described below.
FRS 115 establishes a five-step model that will apply to revenue arising from contracts with customers.
Under FRS 115, revenue is recognised at an amount that reflects the consideration which an entity
expects to be entitled in exchange for transferring goods or services to a customer. The principles
in FRS 115 provide a more structured approach to measuring and recognising revenue when the
promised goods and services are transferred to the customer i.e. when performance obligations are
satisfied.
54
NOTES TO THE
FINANCIAL STATEMENTS
For the financial year ended 31 December 2015
HG METAL MANUFACTURING LIMITED
ANNUAL REPORT 2015
