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Notes to the Financial Statements
For the fnancial year ended 31 December 2012
3. Summary of significant accounting policies (cont’d)
3.3 Standards issued but not yet effective
The Group has not adopted the following standards and interpretations that have been issued but not yet effective:
FRS Description
Effective for annual
periods beginning
on or after
FRS 1 Amendments to FRS 1 Presentation of Items of Other
Comprehensive Income
1 July 2012
FRS 19 Employee Benefts 1 January 2013
FRS 113 Fair Value Measurement 1 January 2013
FRS 107 Disclosures – Offsetting Financial Assets and Financial Liabilities 1 January 2013
– Improvements to FRSs 2012 1 January 2013
FRS 101 Amendments to FRS 101 – Government Loans 1 January 2013
FRS 27 Separate Financial Statements 1 January 2014
FRS 28 Investments in Associates and Joint Ventures 1 January 2014
FRS 110 Consolidated Financial Statements 1 January 2014
FRS 111 Joint Arrangements 1 January 2014
FRS 112 Disclosure of Interest in Other Entities 1 January 2014
FRS 32 Offsetting Financial Assets and Financial Liabilities 1 January 2014
FRS 110, FRS 111 and FRS 112 Amendments to the transition guidance of FRS 110 Consolidated
Financial Statements, FRS 111 Joint Arrangements and FRS 112
Disclosure of Interests in Other Entities
1 January 2014
FRS 110, FRS 111 and FRS 27 Amendments to FRS 110, FRS 111 and FRS 27:
Investment Entities
1 January 2014
Except for the Amendments to FRS 1 and FRS 112, the directors expect that the adoption of the other standards and interpretations
above will have no material impact on the fnancial statements in the period of initial application. The nature of the impending
changes in accounting policy on adoption of the Amendments to FRS 1 and FRS 112 are described below.
Amendments to FRS 1 Presentation of Items of Other Comprehensive Income
The Amendments to FRS 1 Presentation of Items of Other Comprehensive Income (OCI) is effective for fnancial periods beginning
on or after 1 July 2012.
The Amendments to FRS 1 changes the grouping of items presented in OCI. Items that could be reclassifed to proft or loss at
a future point in time would be presented separately from items which will never be reclassifed. As the Amendments only affect
the presentations of items that are already recognised in OCI, the Group does not expect any impact on its fnancial position or
performance upon adoption of this standard.
FRS 112 Disclosure of Interests in Other Entities
FRS 112 Disclosure of Interests in Other Entities is effective for fnancial periods beginning on or after 1 January 2014.
FRS 112 is a new and comprehensive standard on disclosure requirements for all forms of interests in other entities, including joint
arrangements, associates, special purpose vehicles and other off balance sheet vehicles. FRS 112 requires an entity to disclose
information that helps users of its fnancial statements to evaluate the nature and risks associated with its interests in other entities
and the effects of those interests on its fnancial statements. As this is a disclosure standard, it will have no impact to the fnancial
position and fnancial performance of the Group when implemented in 2014.
Indofood Agri Resources Ltd. • Annual Report 2012 69