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ACHIEVING THE RIGHT BALANCE COSMOSTEEL ANNUAL REPORT 2013 104
notes to
the f inanc i al statements ( cont ’d)
30 September 2013
32. CHANGES AND ADOPTION OF FINANCIAL REPORTING STANDARDS
For the current reporting year the following new or revised Singapore Financial Reporting
Standards were adopted. The new or revised standards did not require any material modification
of the measurement methods or the presentation in the financial statements.
FRS No. Title
FRS 1 Amendments to FRS 1 – Presentation of Items of Other Comprehensive Income
FRS 1 Amendment to FRS 1 Presentation of Financial Statements (Annual
Improvements)
FRS 16 Amendment to FRS 16 Property, Plant and Equipment (Annual Improvements)
FRS 19 Employee Benefits (Revised)
FRS 27 Consolidated and Separate Financial Statements (Amendments to)
FRS 32 Amendment to FRS 32 Financial instruments: Presentation (Annual
Improvements)
FRS 107 Amendments to FRS 32 and 107 titled Offsetting Financial Assets and
Financial Liabilities
INT FRS 120 Stripping Costs in the Production Phase of a Surface Mine (*)
(*) Not relevant to the entity.
33. FUTURE CHANGES IN FINANCIAL REPORTING STANDARDS
The following new or revised Singapore Financial Reporting Standards that have been issued
will be effective in future. The transfer to the new or revised standards from the effective
dates is not expected to result in material adjustments to the financial position, results of
operations, or cash flows for the following year.
FRS No. Title
Effective date for
periods beginning
on or after
FRS 27 Separate Financial Statements (Revised) 1 Jan 2014
FRS 28 Investments in Associates and Joint Ventures (Revised) (*) 1 Jan 2014
FRS 32 Amendment to FRS 32 Financial instruments: Offsetting
Financial Assets and Financial Liabilities
1 Jan 2014
FRS 110 Consolidated Financial Statements 1 Jan 2014
FRS 111 Joint Arrangements (*) 1 Jan 2014
FRS 112 Disclosure of Interests in Other Entities 1 Jan 2014
FRS 110 Amendments to FRS 110, FRS 111 and FRS 112 1 Jan 2014
FRS 113 Fair Value Measurements 1 Jan 2013
(*) Not relevant to the entity.