Baker Technology LimitedAnnual Report 2014
81
2.
Summary of significant accountingpolicies (cont’d)
2.2
Standards issuedbut not yet effective
TheGrouphasnotadopted the followingstandardsand interpretations thathavebeen issuedbutnotyeteffective:
Description
Effective for annual periods
beginningonor after
Amendments toFRS19DefinedBenefitPlans:EmployeeContributions
1 July 2014
Improvements toFRSs (January 2014)
(a)
Amendments toFRS 102ShareBasedPayment
1 July 2014
(b)
Amendments toFRS 103BusinessCombinations
1 July 2014
(c)
Amendments toFRS 108OperatingSegments
1 July 2014
(d)
Amendments toFRS 113Fair ValueMeasurement
1 July 2014
(e)
Amendments toFRS 16Property, Plant andEquipment and
FRS 38 IntangibleAssets
1 July 2014
(f)
Amendments toFRS 24RelatedPartyDisclosures
1 July 2014
Improvements toFRSs (February 2014)
(a)
Amendments toFRS 103BusinessCombinations
1 July 2014
(b)
Amendments toFRS 113Fair ValueMeasurement
1 July 2014
FRS 115 Revenue fromContractswithCustomers (November 2014)
1 January 2017
FRS 109 Financial Instruments (December 2014)
1 January 2018
With theexceptionof FRS115, thedirectorsexpect that theadoptionof theother standardsabovewill have
nomaterial impact on the financial statements in theperiodof initial application.
FRS 115 was issued in November 2014 and establishes a new five-step model that will apply to revenue
arising from contractswith customers. Under FRS115, revenue is recognisedat anamount that reflects the
consideration to which an entity expects to be entitled in exchange for transferring goods or services to
a customer. The principles in FRS 115 provide amore structured approach tomeasuring and recognising
revenue. The new revenue standard is applicable to all entities and will supersede all current revenue
recognition requirements under FRS. Either a full or modified retrospective application is required for
annual periods beginningonor after 1 January 2017withearly adoptionpermitted. TheGroup is currently
assessing the impact of FRS115 andplans to adopt thenew standardon the requiredeffectivedate.
NOTES TO THE
FINANCIAL STATEMENTS
For the financial year ended 31December 2014
