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| MARCO POLO MARINE LTD
ANNUAL REPORT 2014
44
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2014
(Amounts in thousands of Singapore dollars unless otherwise stated)
2. Significant accounting policies (Continued)
2.1 Basis of preparation (Continued)
FRS and INT FRS issued but not yet effective
At the date of authorisation of these financial statements, the following FRS and INT FRS that are relevant to the
Group were issued but not yet effective.
Effective date
(annual periods
beginning on or
after)
FRS 19 Amendment to FRS 19: Defined benefit plans: employee contributions 1 July 2014
FRS 27 Separate financial statements 1 January 2014
FRS 28 Investments in associates and joint ventures 1 January 2014
FRS 32 Amendments to FRS 32 – Offsetting of financial assets and financial liabilities 1 January 2014
FRS 36 Amendments to FRS 36: Recoverable amount disclosures for non-financial assets 1 January 2014
FRS 39 Amendments to FRS 39: Novation of derivatives and continuation of hedge accounting 1 January 2014
FRS 110 Consolidated financial statements 1 January 2014
FRS 110,
FRS 111, FRS 112,
FRS 27 & FRS 28
Amendments to FRS 110, FRS 111, FRS 112, FRS 27 (2011) and FRS 28 (2011):
Mandatory effective date
1 January 2014
FRS 110, FRS 111
& FRS 112
Amendments to FRS 110, FRS 111 and FRS 112: Transition guidance 1 January 2014
FRS 111 Joint arrangements 1 January 2014
FRS 110, FRS 112
and FRS 27
Amendments to FRS 110, FRS 112 and FRS 27: Investment entities 1 January 2014
FRS 112 Disclosure of interests in other entities 1 January 2014
INT FRS 121 Levies 1 January 2014
Various Improvements to FRSs (January 2014) Various
Various Improvements to FRSs (February 2014) Various
Consequential amendments were also made to various standards as a result of these new/revised standards.
The management anticipates that the adoption of the above FRS and INT FRS in future periods will not have a
material impact on the financial statements, and in particular, to the financial position and financial performance, of
the Group and the Company in the period of their initial adoption except as disclosed below:
FRS 112 Disclosure of interests in other entities
FRS 112 is a new standard on disclosure requirements for all forms of interests in entities, including joint
arrangements, associates, special purpose vehicles and other off-balance sheet vehicles. Under FRS 112, the
Group is required to disclose information to enable the users of its financial statements to better evaluate the nature
and risks associated with its interests in other entities and the effects of such interests on its financial statements.
The adoption of FRS 112 will not have any impact to the financial position and financial performance of the Group.