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NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS
CONTINUED
For the year ended 31 May 2015
100
BLUE LABEL INTEGRATED ANNUAL REPORT 2015
1.
SIGNIFICANT ACCOUNTING POLICIES continued
Standards, amendments and interpretations not yet effective continued
Amendment to IAS 16 –
Property, Plant and Equipment
and IAS 38 –
Intangible Assets
– on
depreciation and amortisation
In this amendment the IASB has clarified that the use of revenue-based methods to calculate the
depreciation of an asset is not appropriate because revenue generated by an activity that includes
the use of an asset generally reflects factors other than the consumption of the economic benefits
embodied in the asset. The IASB has also clarified that revenue is generally presumed to be an
inappropriate basis for measuring the consumption of the economic benefits embodied in an
intangible asset.
This statement is effective for periods beginning on or after 1 January 2016. The Group is currently
considering the impact on the consolidated financial statements.
Amendments to IAS 16 –
Property, Plant and Equipment
and
IAS 41 – Agriculture –
on bearer
plants
This statement is effective for periods beginning on or after 1 January 2016 and is not applicable to
the Group.
Amendments to IAS 27 –
Separate Financial Statements
– on equity accounting
In this amendment the IASB has restored the option to use the equity method to account for
investments in subsidiaries, joint ventures and associates in an entity’s separate financial statements.
This statement is effective for periods beginning on or after 1 January 2016 and is not applicable to
the Group. The Company does not believe the statement will have a significant impact, given that the
Company does not intend on applying this option.
IFRS 15 –
Revenue From Contracts with Customers
This statement establishes principles for reporting useful information to users of the financial
statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from
an entity’s contracts with customers.
This statement is effective for periods beginning on or after 1 January 2017. The Group is currently
considering the impact on the consolidated financial statements.