Page 80 - Neal and Massy Holdings Annual Report 2012

78 2012
NOTES TO THE Consolidated FINANCIAL STATEMENTS
September 30, 2012
Expressed in Thousands of Trinidad and Tobago dollars
2 Summary Of Significant Accounting Policies (continued)
2.1 Basis of preparation (continued)
c) Standards, amendments and interpretations that are not yet effective for the financial year beginning October
1, 2011 and are not early adopted by the Group. The impact of the following standards has not yet been
evaluated: (continued)
• IFRS 13 (continued)
between IFRSs and US GAAP, do not extend the use of fair value accounting but provide guidance on how it should be
applied where its use is already required or permitted by other standards within IFRS or US GAAP.
• IAS 27 (revised 2011). ‘Separate financial statements’ (effective from periods beginning on or after January 1, 2013).
This standard includes the provisions on separate financial statements that are left after the control provisions of IAS 27
have been included in the new IFRS 10.
• IAS 28 (revised 2011). ‘Associates and joint ventures’ (effective from periods beginning on or after January 1, 2013).
This standard includes the requirements for joint ventures, as well as associates, to be equity accounted following the
issue of IFRS 11.
• Amendment to IFRS 7, ‘Financial instruments: disclosures’, on offsetting financial assets and financial liabilities (effective
from periods beginning on or after January 1, 2013). This amendment reflects the joint IASB and FASB requirements
to enhance current offsetting disclosures. These new disclosures are intended to facilitate comparison between those
entities that prepare IFRS financial statements and those that prepare US GAAP financial statements.
• Amendment to IAS 32, ‘Financial instruments: presentation’, on offsetting financial assets and financial liabilities
(effective from periods beginning on or after January 1, 2013). This amendment updates the application guidance in
IAS 32, ‘Financial instruments: presentation’, to clarify some of the requirements for offsetting financial assets and
financial liabilities on the balance sheet.
• Amendment to IFRS 1, ‘First time adoption’, on government loans (effective from periods beginning on or after January
1, 2013). This amendment addresses how a first-time adopter would account for a government loan with a below-
market rate of interest when transitioning to IFRS. It also adds an exception to the retrospective application of IFRS,
which provides the same relief to first-time adopters granted to existing preparers of IFRS financial statements when
the requirement was incorporated into IAS 20 in 2008.