Page 41 - AOB 2018 (ENG)

Audit
Oversight
Board
ANNUAL
REPORT
2018

• Amendments to MFRS 112, Income Taxes (Annual Improvements to MFRS Standards
2015-2017 Cycle)
• Amendments to MFRS 119, Employee Benefits – Plan Amendment, Curtailment or
Settlement
• Amendments to MFRS 123, Borrowing Costs (Annual Improvements to MFRS Standards
2015-2017 Cycle)
• Amendments to MFRS 128, Investments in Associates and Joint Ventures – Long-term
Interests in Associates and Joint Ventures

MFRSs, Interpretations and amendments effective for annual periods beginning on or
after 1 January 2020

• Amendments to MFRS 3, Business Combinations – Definition of a Business
• Amendments to MFRS 101, Presentation of Financial Statements and MFRS 108
Accounting Policies, Changes in Accounting Estimates and Errors – Definition of Material

MFRSs, Interpretations and amendments effective for annual periods beginning on or
after 1 January 2021

• MFRS 17, Insurance Contracts

MFRSs, Interpretations and amendments effective for annual periods beginning on or
after a date yet to be confirmed

• Amendments to MFRS 10, Consolidated Financial Statements and MFRS 128, Investments
in Associates and Joint Ventures – Sale or Contribution of Assets between an Investor and
its Associate or Joint Venture

The AOB plans to apply the abovementioned accounting standards, amendments and
interpretations that are applicable and effective from its annual period beginning on or after 1
January 2019 and 1 January 2020, respectively.

The AOB does not plan to apply MFRS 17, Insurance Contracts that is effective for annual
periods beginning on or after 1 January 2021 as it is not applicable to the AOB.

The initial application of the accounting standards, amendments or interpretations are not
expected to have any material financial impacts to the current period and prior period financial
statements of the AOB.

(b) Basis of measurement

The financial statements have been prepared on the historical cost basis other than as disclosed
in Note 3.

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