Page 48 - Inegrated Annual Report 2020-Eng

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | 31 DECEMBER 2020

The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are
changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group
obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities,
income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated
statements of profit or loss and other comprehensive income from the date the Group gains control until the date
the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income
(OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if
this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to
the financial statements of subsidiaries to align their accounting policies with the Group’s accounting policies.
All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between
members of the Group are eliminated in full on consolidation.

A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity
transaction. If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill),
liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized
in profit or loss. Any investment retained is recognized at fair value.

2.3 New And Amended International Financial Reporting Standards (IFRS) and Interpretations

a) Effective and adopted in the current year
• The accounting policies adopted are consistent with those of the previous financial year, except for the
following new and amended IFRS effective as of 1 January 2020 which did not have a material impact on the
consolidated financial statements of the Group:
• Amendments to IFRS 3: Definition of a Business;

• Amendments to IFRS 7, IFRS 9 and IAS 39: Interest Rate Benchmark Reform;
• Amendments to IFRS 16: Covid-19 Related Rent Concession;
• Amendments to IAS 1 and IAS 8: Definition of Material; and

• The Conceptual Framework for Financial Reporting;

b) Standards issued but not yet effective
The standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group’s
consolidated financial statements are disclosed below. The Group intends to adopt these standards, if applicable,
when they become effective.

• IFRS 17 Insurance contracts;
• Amendments to IAS 1: Classification of Liabilities as Current or Non-current;
• Reference to the Conceptual Framework – Amendments to IFRS 3;

• Property, Plant and Equipment: Proceeds before Intended Use – Amendments to IAS 16;
• Onerous Contracts – Costs of Fulfilling a Contract – Amendments to IAS 37;
• IFRS 1 First-time Adoption of International Financial Reporting Standards – Subsidiary as a first-time adopter;

• IFRS 9 Financial Instruments – Fees in the ’10 per cent’ test for derecognition of financial liabilities; and
• IAS 41 Agriculture – Taxation in fair value measurements.

Management anticipates that the adoption of the standards, interpretations and amendments issued but not yet
effective will have no material impact on the consolidated financial statements of the Group.

48 2020 Integrated Annual Report