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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
IFRS 1 –
First-time adoption of IFRS
This is an amendment regarding the deletion of short-term exemptions for first-time adopters regarding IFRS 7,
IAS 19, and IFRS 10 effective 1 January 2018.
IFRS 12 –
Disclosure of interests in other entities
This is an amendment regarding clarification of the scope of the standard. The amendment clarified that the
disclosures requirement of IFRS 12 are applicable to interest in entities classified as held for sale except for summarised
financial information. Previously, it was unclear whether all other IFRS 12 requirements were applicable for these
interests. These amendments should be applied retrospectively for annual periods beginning on or after
1 January 2017.
IAS 28 –
Investments in associates and joint ventures
This is an amendment regarding measuring an associate or joint venture at fair value. IAS 28 allows venture capital
organisations, mutual funds, unit trusts and similar entities to elect measuring their investments in associates or joint
ventures at fair value through profit or loss (FVTPL). The Board clarified that this election should be made separately
for each associate or joint venture at initial recognition. Effective 1 January 2018.
Management is currently considering the effect of the changes.