TUNG LOK RESTAURANTS (2000) LTD / Annual Report
2016
47
Notes to the financial statements
For the financial year ended 31 March 2016
2.
Summary of significant accounting policies (cont’d)
2.3
Standards issued but not yet effective (cont’d)
Description
Effective for annual
periods beginning
on or after
Improvements to FRSs (November 2014)
(a)
Amendments to FRS 105
Non-current Assets Held for Sale and Discontinued Operations
1 January 2016
(b)
Amendments to FRS 107
Financial Instruments: Disclosures
1 January 2016
(c)
Amendments to FRS 19
Employee Benefits
1 January 2016
Amendments to FRS 1
Disclosure Initiative
1 January 2016
Amendments to FRS 110, FRS 112 and FRS 28
Investment Entity: Applying the Consolidation
Exception
1 January 2016
Amendments to FRS 7
Disclosure Initiative
1 January 2017
Amendments to FRS 12
Recognition of Deferred Tax Assets for Unrealised Losses
1 January 2017
FRS 115
Revenue from Contracts with Customers
1 January 2018
Amendments to FRS 115 Clarifications to FRS 115
Revenue from Contracts with Customers
1 January 2018
FRS 109
Financial Instruments
1 January 2018
The directors expect that the adoption of the standards above will have no material impact on the financial statements
in the period of initial application.
2.4
Basis of consolidation and business combinations
(a)
Basis of consolidation
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries
as at the end of the reporting period. The financial statements of the subsidiaries used in the preparation of
the consolidated financial statements are prepared for the same reporting date as the Company. Consistent
accounting policies are applied to like transactions and events in similar circumstances.
All intra-group balances, income and expenses and unrealised gains and losses resulting from intra-group
transactions and dividends are eliminated in full.
Subsidiaries are consolidated from the date of acquisition, being the date on which the Group obtains control,
and continue to be consolidated until the date that such control ceases.
Losses within a subsidiary are attributed to the non-controlling interest even if that results in a deficit balance.
