Page 146 - ar2013.pdf

NOTES TO THE FINANCIAL STATEMENTS
For the Ànancial year ended 31 December 2013
144
COSCO Corporation (Singapore) Limited
F i nanc i a l Statement s
40. New or revised accounting standards and interpretations
Below are the mandatory standards, amendments and interpretations to existing standards that have been
published, and are relevant for the Group’s accounting periods beginning on or after 1 January 2013 or later periods
and which the Group has not early adopted.
z FRS 110 Consolidated Financial Statements (effective for annual periods beginning on or after 1 January
2014)
FRS 110 replaces all of the guidance on control and consolidation in FRS 27 “Consolidated and Separate
Financial Statements” and INT FRS 12 “Consolidation – Special Purpose Entities”. The same criteria are now
applied to all entities to determine control. Additional guidance is also provided to assist in the determination
of control where this is difficult to assess.
The Group will apply FRS 110 from 1 January 2014, but this is not expected to have any significant impact
on the financial statements of the Group.
z FRS 111 Joint Arrangements (effective for annual periods beginning on or after 1 January 2014)
FRS 111 introduces a number of changes. The “types” of joint arrangements have been reduced to two: joint
operations and joint ventures. The existing policy choice of proportionate consolidation for jointly controlled
entities has been eliminated and equity accounting is mandatory for participants in joint ventures. Entities that
participate in joint operations will follow accounting much like that for joint assets or joint operations currently.
The Group will apply FRS 111 from 1 January 2014, but this is not expected to have any significant impact
on the financial statements of the Group.
z FRS 112 Disclosure of Interests in Other Entities (effective for annual periods beginning on or after 1 January
2014)
FRS 112 requires disclosure of information that helps financial statement readers to evaluate the nature,
risks and financial effects associated with the entity’s interests in (1) subsidiaries, (2) associates, (3) joint
arrangements and (4) unconsolidated structured entities.
The Group will apply FRS 112 from 1 January 2014, but this is not expected to have any significant impact
on the financial statements of the Group.
41. Authorisation of financial statements
These financial statements were authorised for issue in accordance with a resolution of the Board of Directors of
COSCO Corporation (Singapore) Limited on 3 March 2014.