Sustainability and Governance Report
Notes to the FINANCIAL STATEMENTS
[Not
2. Summary of significant accounting policies (cont'd)
2.2 Changes in accounting policies and disclosures (cont'd)
Amendment to SFRS(I) 16: COVID-19 Related Rent Concessions
The Group early adopted Amendment to SFRS(I) 16: COVID-19 Related Rent Concessions that is effective for annual periods beginning on or after 1 June 2020.
As a practical expedient, the amendment to SFRS(I) 16 allows a lessee to elect not to assess whether a rent concession that meets the conditions in paragraph 46B is a
lease modification. A lessee that makes this election shall account for any change in lease payments resulting from the rent concession the same way it would account for
the change applying this standard if the change were not a lease modification.
The Group has applied the practical expedient to all rent concessions that meet the confitions set out.
2.3
Standard issued but not yet effective
The Group has not adopted the following standards that have been issued but not yet effective:
Description
Amendments to References to the Conceptual Framework in SFRS(I) Standards
Amendments to SFRS(1) 3: Definition of a Business
Amendments to SFRS(I) 1-1 and SFRS(I) 1-8: Definition of Material
Amendments to SFRS(I) 9, SFRS(I) 1-39 and SFRS(I) 7: Interest Rate Benchmark Reform
SFRS(I) 17 Insurance Contracts
Amendments to SFRS(I) 1-1: Classification of Liabilities as Current or Non-current
Amendments to SFRS(I) 10 and SFRS(1) 1-28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
Effective for annual periods
beginning on or after
1 January 2020
1 January 2020
1 January 2020
1 January 2020
1 January 2021
1 January 2022
Date to be determined
The directors expect that the adoption of the other standards above will have no material impact on the financial statements in the period of initial application.
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