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NOTESTOTHEFINANCIALSTATEMENTS
31 DECEMBER 2013
2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.2 Changes in accounting policies (cont’d)
Description
Effective for annual periods beginning on or after
MFRS 13 Fair Value Measurement
1 January 2013
MFRS 119 Employee Benefits (IAS 19 as amended by IASB
in June 2011)
1 January 2013
MFRS 127 Separate Financial Statements
(IAS 27 as amended by IASB in May 2011)
1 January 2013
MFRS 128 Investment in Associate and Joint Ventures
(IAS 28 as amended by IASB in May 2011)
1 January 2013
Amendments to MFRS 7: Disclosures – Offsetting Financial
Assets and Financial Liabilities
1 January 2013
Annual Improvements 2009–2011 Cycle
1 January 2013
Amendments to MFRS 1: Government Loans
1 January 2013
Amendments to MFRS 10, MFRS 11 and MFRS 12:
Consolidated Financial
1 January 2013
Statements, Joint Arrangements and Disclosure of
Interests in Other Entities: Transition Guidance
1 January 2013
The adoption of the MFRSs and amendments to MFRSs and Ics above did not have any material impact on the financial
statements of the Group and the Bank in the current financial year except for those discussed below:
MFRS 12 Disclosures of Interests in Other Entities
MFRS 12 includes all disclosure requirements for interests in subsidiaries, joint arrangements, associates and structured
entities. A number of new disclosures are required. This standard affects disclosures only and has no impact on the Group’s
financial position or performance.
MFRS 13 Fair Value Measurement
MFRS 13 establishes a single source of guidance under MFRS for all fair value measurements. MFRS 13 does not change
when an entity is required to use fair value, but rather provides guidance on how to measure fair value under MFRS. MFRS
13 defines fair value as an exit price. As a result of the guidance in MFRS 13, the Group re-assessed its policies for measuring
fair values, in particular, its valuation inputs such as non-performance risk for fair value measurement of liabilities. MFRS 13
also requires additional disclosures.
Application of MFRS 13 has not materiality impacted the fair value measurement of the Group. Additional disclosures where
required, are provided in the individual notes relating to the assets and liabilities whose fair values were determined.
Amendments to MFRS 101: Presentation of Items of Other Comprehensive Income
The amendments to MFRS 101 introduce a grouping of items presented in other comprehensive income. Items that will
be reclassified (“recycled”) to profit or loss at a future point in time (eg. net loss or gain on available-for-sale financial
assets) have to be presented separately from items that will not be reclassified (eg. revaluation of land and buildings). The
amendments affect presentation only and have no impact on the Group’s financial position or performance.
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EXIM Bank Annual Report 2013