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Notes
to the Group annual financial statements
continued
For the year ended 31 May 2017
BLUE LABEL
INTEGRATED ANNUAL REPORT 2017
10. Accounting framework
continued
10.3 Standards, amendments and interpretations not yet effective continued
Amendment to IAS 7 –
Cash Flow Statements
In January 2016, the IASB issued an amendment to IAS 7 introducing an additional disclosure that will enable users
of financial statements to evaluate changes in liabilities arising from financing activities.
The amendment responds to requests from investors for information that helps them better understand changes in
an entity’s debt.
This statement is effective for periods beginning on or after 1 January 2017. The Group does not believe the
statement will have a significant impact as this amendment results only in additional disclosures; there is no financial
impact as a result of this amendment.
Amendment to IAS 12 –
Income Taxes
The amendments were issued to clarify the requirements for recognising deferred tax assets on unrealised losses.
The amendments clarify the accounting for deferred tax where an asset is measured at fair value and that fair value
is below the asset’s tax base. They also clarify certain other aspects of accounting for deferred tax assets.
This statement is effective for periods beginning on or after 1 January 2017. The Group does not believe the
statement will have a significant impact, given that this is a clarification to the existing standard; there is no change in
the underlying principles for the recognition of deferred tax assets.
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.
Amendments to IFRS 15 –
Revenue From Contracts With Customers
The IASB has amended IFRS 15 to clarify the guidance, but there were no major changes to the standard itself. The
amendments comprise clarifications of the guidance on identifying performance obligations, accounting for licences
of intellectual property and the principal versus agent assessment (gross versus net revenue presentation). New and
amended illustrative examples have been added for each of these areas of guidance. The IASB has also included
additional practical expedients related to transition to the new revenue standard.
This statement is effective for periods beginning on or after 1 January 2018. The Group is currently considering the
impact on the consolidated financial statements.
IFRIC 22 –
Foreign currency transactions and advance consideration
This IFRIC addresses foreign currency transactions or parts of transactions where there is consideration that is
denominated or priced in a foreign currency. The interpretation provides guidance for when a single payment/receipt
is made as well as for situations where multiple payment/receipts are made. The guidance aims to reduce diversity in
practice.
This interpretation is effective for periods beginning on or after 1 January 2018. The Group is currently considering
the impact on the consolidated financial statements.
Annual improvements project
In December 2016, the IASB issued annual improvements to IFRS 2014 – 2016 Cycle, which contains three
amendments to three standards, excluding consequential amendments. The amendments are effective for annual
periods beginning on or after 1 January 2017 and 1 January 2018