NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2015
44 MARCO POLO MARINE LTD
ANNUAL REPORT 2015
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
Company were issued but not yet effective:
Effective date
(annual periods
beginning
on or after)
FRS 16, FRS 38 Amendments to FRS 16 and FRS 38: Clarification of
Acceptance Methods of Depreciation and Amortisation
1 January 2016
FRS 16, FRS 41 Amendments FRS 16 and FRS 41: Agriculture: Bearer Plants
1 January 2016
FRS 19
Amendments to FRS 19: Defined Employee Plans:
Employee Contributions
1 July 2014
FRS 110, FRS 28 Amendments to FRS 110 and FRS 28: Sale or Contribution of Assets
between an Investor and its Associate or Joint Venture
1 January 2016
FRS 27
Amendments to FRS 27: Equity Method in Separate
Financial Statements
1 January 2016
FRS 109
Financial Instruments
1 January 2018
FRS 111
Amendments to FRS 111: Accounting Acquisitions of
Interest in Joint Operations
1 January 2016
FRS 114
Regulatory Deferral Accounts
1 January 2016
FRS 115
Revenue from Contracts with Customers
1 January 2017
FRS 110, FRS 112,
FRS 28
Amendments to FRS 110, FRS 112, FRS 28: Investment entities:
Applying the consolidation exception (editorial corrections in June 2015)
1 January 2016
FRS 115
Amendments to FRS 115: Effective date of FRS 115
1 January 2018
Various
Improvements to FRSs (January 2014)
Various
Various
Improvements to FRSs (February 2014)
Various
Various
Improvements to FRSs (November 2014)
Various
Consequential amendments were also made to various standards as a result of these new/revised standards.
The Group and the Company have not early adopted any of the above new/revised standards, interpretations
and amendments to the existing standards in financial year ended 30 September 2015. Management is in the
process of making an assessment of their impact and is not yet in a position to state whether any substantial
changes to the Group’s and the Company’s significant accounting policies and presentation of the financial
information will result.
2.2
Basis of consolidation
The financial statements of the Group comprise the financial statements of the Company and its subsidiaries and
they incorporate its post-acquisition share of the results of joint ventures using the equity method of accounting.
Subsidiaries are entities (including structured entities) (i) over which the Group has power and the Group is (ii)
able to use such power to (iii) affect its exposure, or rights, to variable returns from then through its involvement
with them.
The Group reassesses whether it controls the subsidiaries if facts and circumstances indicate that there are
changes to the one or more of the three elements of control.
When the Group has less than a majority of the voting rights of an investee, it still has power over the investee
when the voting rights are sufficient, after considering all relevant facts and circumstances, to give it the practical
ability to direct the relevant activities of the investee unilaterally. The Group considers, among others, the extent
of its voting rights relative to the size and dispersion of holdings of the other vote holders, currently exercisable
substantive potential voting rights held by all parties, rights arising from contractual arrangements and voting
patterns at previous shareholders’ meetings.
