In the current year, the Group and the Bank have applied all of the new and revised Standards and Interpretations issued by the International Accounting Standards Board (“IASB”) and the International Financial Reporting Interpretations Committee (“IFRIC”) of the IASB that are relevant to its operations and effective for accounting periods beginning on 1 July 2020.
| IAS 1 | Presentation of Financial Statements – Amendments regarding the definition of material |
| IAS 8 | Accounting Policies, Change in Accounting Estimates and Errors – Amendments regarding the definition of material |
| IFRS 3 | Business Combinations – Amendments to clarify the definition of a business |
| IFRS 16 | Leases – Amendment to provide lessees with an exemption from assessing whether a COVID-19-related concession is a lease modification |
| Amendments to References to the Conceptual Framework in IFRS Standards |
Amendments to IFRS 2, IFRS 3, IFRS 6, IFRS 14, IAS 1, IAS 8, IAS 34, IAS 37, IAS 38, IFRIC 12, IFRIC 19, IFRIC 20, IFRIC 22, and SIC-32 to update those pronouncements with regards to references to and quotes from the framework or to indicate where they refer to a different version of the Conceptual Framework |
| IFRS 7 | Financial Instruments: Disclosures – Amendments regarding pre-replacement issues in the context of the IBOR reform |
| IFRS 9 | Financial Instruments – Amendments regarding pre-replacement issues in the context of the IBOR reform |
The amendments, which are applicable for financial reporting periods beginning on or after 1 January 2020, focus on hedge accounting issues related to uncertainties arising in the period leading up to the replacement of IBORs with alternative nearly risk-free rates, and provide reliefs to allow hedge accounting to continue during the period of uncertainty before an IBOR is replaced. The amendments are mandatory for all hedge relationships directly affected by interest rate benchmark reform, and are required to be applied on a retrospective basis.
The Group and the Bank do not apply hedge accounting and hence above amendments do not have an impact on the financial statements of 30 June 2021.
| IAS 1 | Presentation of Financial Statements – Amendments regarding the classification of liabilities (effective 1 January 2023) |
| IAS 1 | Presentation of Financial Statements – Amendments to defer the effective date of the January 2020 amendments (effective 1 January 2023) |
| IAS 1 | Presentation of Financial Statements – Amendments regarding the disclosure of accounting policies (effective 1 January 2023) |
| IAS 8 | Accounting Policies, Changes in Accounting Estimates and Errors - Amendments regarding the definition of accounting estimates (effective 1 January 2023) |
| IAS 12 | Income Taxes - Amendments regarding Deferred Tax related to Assets and Liabilities arising from a Single Transaction (effective 1 January 2023) |
| IAS 16 | Property, Plant and Equipment – Amendments prohibiting a company from deducting from the cost of property, plant and equipment amounts received from selling items produces while the company is preparing the asset for its intended use (effective 1 January 2022) |
| IAS 37 | Provisions, Contingent Liabilities and Contingent Assets – Amendments regarding the costs to include when assessing whether a contract is onerous (effective 1 January 2022) |
| IFRS 3 | Business Combinations – Amendments updating a reference to the Conceptual Framework (effective 1 January 2022) |
| IFRS 7 | Financial Instruments: Disclosures - Amendments regarding replacement issues in the context of the IBOR reform (effective 1 January 2021) |
| IFRS 9 | Financial Instruments - Amendments regarding replacement issues in the context of the IBOR reform (effective 1 January 2021) |
| IFRS 9 | Financial Instruments – Amendments resulting from Annual Improvements to IFRS Standards 2018-2020 (fees in the ’10 per cent’ test for derecognition of financial liabilities) (effective date 1 January 2022) |
| IFRS 16 | Leases - Amendments regarding replacement issues in the context of the IBOR reform (effective 1 January 2021) |
| IFRS 16 | Leases - Amendments to extend the exemption from assessing whether COVID-19 related rent concession is a lease modification (effective 1 April 2021) |