Standards and amendments to existing standards

The following standards and amendments to existing standards have been published that are mandatory for the group’s accounting periods beginning on or after 1 April 2020 or later periods, which the group has not early adopted. The group has concluded on the impact of these new standards, interpretations and amendments that will be applied from the annual period beginning 1 April 2020, none of which is expected to have a material effect on the consolidated results of operations or financial position of the group. The group is concluding on the impact of the new standards, interpretations and amendments that will be applied from the annual period beginning on or after 1 April 2020.

• IFRS 3 Business Combinations (Amendment)
  

  The amendments give clarity on the definition of a business:

  (i)	Confirmed that a business must include inputs and a process, and clarified that: the process must be substantive; and the inputs and process must together significantly contribute to creating outputs;
  (ii)	Narrowed the definitions of a business by focusing the definition of outputs on goods and services provided to customers and other income from ordinary activities, rather than on providing dividends or other economic benefits directly to investors or lowering costs; and
  (iii)	Added a test that makes it easier to conclude that a company has acquired a group of assets, rather than a business, if the value of the assets acquired is substantially all concentrated in a single asset or group of similar assets.

IFRS 3 amended must be applied for financial years commencing on or after 1 January 2021. The group will apply the new standard from 1 April 2021.

• IAS 1 Presentation of Financial Statements (Amendment)
  

  The amendments clarify and align the definition of ‘material’ and provide guidance to help improve consistency in the application of that concept whenever it is used in IFRS.

  IAS 1 amended must be applied for financial years commencing on or after 1 January 2020. The group will apply the new standard from 1 April 2020.

• IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (Amendment)
  

  The amendments clarify and align the definition of ‘material’ and provide guidance to help improve consistency in the application of that concept whenever it is used in IFRS.

  IAS 8 amended must be applied for financial years commencing on or after 1 January 2020. The group will apply the new standard from 1 April 2020.

• Interest Rate Benchmark Reform
  

  Interest Rate Benchmark Reform resulted in amendments to IFRS 9 Financial Instruments, IAS 39 Financial Instruments: Recognition and Measurement and IFRS 7 Financial Instruments: Disclosures Requirements for Hedge Accounting to support the provision of useful financial information during the period of uncertainty caused by the phasing out of interest-rate benchmarks such as interbank offered rates (‘IBORs’) on hedge accounting. The amendments modify some specific hedge accounting requirements to provide relief from potential effects of the uncertainty caused by the IBOR reform. In addition, the amendments require companies to provide additional information to investors about their hedging relationships which are directly affected by these uncertainties.

  Interest Rate Benchmark Reform amendments must be applied for financial years commencing on or after 1 January 2020. The group will apply the amendments from 1 April 2020.

• Revised Conceptual Framework for Financial Reporting
  

  The IASB has issued a revised Conceptual Framework which will be used in standard-setting decisions with immediate effect.

  No changes will be made to any of the current accounting standards. However, entities that rely on the Framework in determining their accounting policies for transactions, events or conditions that are not otherwise dealt with under the accounting standards will need to apply the revised Framework from 1 January 2020. These entities will need to consider whether their accounting policies are still appropriate under the revised Framework.

  The revised Conceptual Framework for Financial Reporting must be applied for financial years commencing on or after 1 January 2020. The group will apply the new standard from 1 April 2020.