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2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.3 Standards issued but not yet effective
The standards and interpretations that are issued but not yet effective up to the date of issuance of the Group’s and the
Bank’s financial statements are disclosed below. The Group and the Bank intend to adopt these standards, if applicable,
when they become effective.
Description
Effective for annual periods beginning on or after
Amendments to MFRS 132: Offsetting Financial Assets
and Financial Liabilities
1 January 2014
Amendments to MFRS 10, MFRS 12 and MFRS 127:
Investment Entities
1 January 2014
Amendments to MFRS 136: Recoverable Amount Disclosures
for Non-Financial Assets
1 January 2014
Amendments to MFRS 139: Novation of Derivatives and
Continuation of Hedge Accounting
1 January 2014
Amendments to MFRS 119: Defined Benefit Plans:
Employee Contributions
1 July 2014
Annual Improvements to MFRSs 2010–2012 Cycle
1 July 2014
Annual Improvements to MFRSs 2011–2013 Cycle
1 July 2014
MFRS 9 Financial Instruments (IFRS 9 issued by
IASB in November 2009)
To be announced
MFRS 9 Financial Instruments (IFRS 9 issued by IASB in
October 2010)
To be announced
MFRS 9 Financial Instruments: Hedge Accounting and
amendments to MFRS 9, MFRS 7 and MFRS 139
To be announced
The directors expect that the adoption of the above standards and interpretations will have no material impact on the
financial statements in the period of initial application except as discussed below:
MFRS 9 Financial Instruments
MFRS 9 reflects the first phase of work on the replacement of MFRS 139 and applies to classification and measurement
of financial assets and financial liabilities as defined in MFRS 139. The standard was initially effective for annual periods
beginning on or after 1 January 2013, but Amendments to MFRS 9: Mandatory Effective Date of MFRS 9 and Transition
Disclosures, issued in March 2012, moved the mandatory effective date to 1 January 2015. Subsequently, on 14 February
2014, it was announced that the new effective date will be decided when the project is closer to completion.
The adoption of the first phase of MFRS 9 will have an effect on the classification and measurement of the Group’s
financial assets, but will not have an impact on classification and measurements of the Group’s financial liabilities.
The Group will quantify the effect in conjunction with the other phases, when the final standard including all phases
is issued.
Amendments to MFRS 139: Novation of Derivatives and Continuation of Hedge Accounting
These amendments provide relief from discontinuing hedge accounting when novation of a derivative designated as a
hedging instrument meets certain criteria. The Group has not novated its derivatives during the current period. However,
these amendments would be considered for future novation.
EXIM Bank Annual Report 2013
109