Page 43 - 00_See Hup Seng_Cover.indd

SEE HUP SENG LIMITED
Annual Report 2012
41
Notes to the Financial Statements
31 DECEMBER 2012
2 Significant Accounting Policies (Continued)
(a) Basis of Preparation (Continued)
New or revised FRS that are issued but not yet effective (Continued)
FRS 27 (Revised) Separate Financial Statements
FRS 27 (Revised) Separate Financial Statements will now solely address separate financial statements,
the requirements for which are substantially unchanged. It is effective for annual periods beginning on or
after 1 January 2014 and will not have any impact on the financial performance or the financial position
of the Group and Company when implemented.
FRS 28 (Revised) Investments in Associates and Joint Ventures
FRS 28 (Revised) Investments in Associates and Joint Ventures changes in scope as a result of the
issuance of FRS 111 Joint Arrangements. It continues to prescribe the mechanics of equity accounting.
It is effective for annual periods beginning on or after 1 January 2014 and will not have any impact on
the financial performance or the financial position of the Group and Company when implemented.
FRS 110 Consolidated Financial Statements
FRS 110 Consolidated Financial Statements supersedes FRS 27 Consolidated and Separate Financial
Statements and INT FRS 12 Consolidation – Special Purpose Entities, and is effective for annual periods
beginning on or after 1 January 2014. It changes the definition of control and applies it to all investees to
determine the scope of consolidation. FRS 110 requirements will apply to all types of potential subsidiary.
FRS 110 requires an investor to reassess the decision whether to consolidate an investee when events
indicate that there may be a change to one of the three elements of control, i.e. power, variable returns
and the ability to use power to affect returns. The Group has reassessed which entities the Group controls
and expects no change.
FRS 112 Disclosure of Interests in Other Entities
FRS 112 Disclosure of Interests in Other Entities combines the disclosure requirements for subsidiaries,
joint arrangements, associates and structured entities within a comprehensive disclosure standard. FRS
112 specifies minimum disclosures that an entity must provide. It requires an entity to provide summarised
financial information about the assets, liabilities, profit or loss and cash flows of each subsidiary that has
non-controlling interests that are material to the reporting entity and to disclose the nature of its interests
in unconsolidated structured entities and the nature of the risks it is exposed to as a result. As this is a
disclosure standard, it will not have any impact on the financial performance or the financial position of
the Group and Company when implemented. FRS 112 is effective for annual periods beginning on or
after 1 January 2014.