140
3 SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
3.15 New standards and interpretations not adopted (cont’d)
The new standards include, among others, FRS 115
Revenue from Contracts with Customers
and FRS 109
Financial
Instruments
which are mandatory for adoption by the Stapled Group on 1 January 2018. FRS 115 establishes a
comprehensive framework for determining whether, how much and when revenue is recognised. It also introduces
new cost guidance which requires certain costs of obtaining and fulfilling contracts to be recognised as separate assets
when specified criteria are met. When effective, FRS 115 replaces existing revenue recognition guidance, including FRS
18
Revenue
, FRS 11
Construction Contracts
, INT FRS 113
Customer Loyalty Programmes
, INT FRS 115
Agreements
for the Construction of Real Estate
, INT FRS 118
Transfers of Assets from Customers
and INT FRS 31
Revenue –
Barter Transactions Involving Advertising Services
. FRS 109 replaces most of the existing guidance in FRS 39
Financial
Instruments: Recognition and Measurement
. It includes revised guidance on classification and measurement of financial
instruments, a new expected credit loss model for calculating impairment on financial assets, and new general hedge
accounting requirements.
As FRS 115 and FRS 109, when effective, will change the existing accounting standards and guidance applied by
the Stapled Group in accounting for revenue and financial instruments, these standard are expected to be relevant.
The Stapled Group do not plan to adopt the standard early.
4 PROPERTY, PLANT AND EQUIPMENT
Leasehold
Capital work-
Furniture
land
Building in-progress and fixtures Total
$’000
$’000
$’000
$’000
$’000
HBT Group
Cost
At 1 January 2015
–
–
–
–
–
Acquisition of business (Note 26)
52,477
61,958
–
18,251 132,686
Additions
–
–
475
37
512
Write-off
–
–
–
(142)
(142)
Translation differences
(1,333)
(1,574)
–
(463)
(3,370)
At 31 December 2015
51,144
60,384
475
17,683 129,686
Accumulated depreciation
and impairment losses
At 1 January 2015
–
–
–
–
–
Depreciation
46
388
–
615
1,049
Translation differences
*
1
–
*
1
At 31 December 2015
46
389
–
615
1,050
Carrying amounts
At 1 January 2015
–
–
–
–
–
At 31 December 2015
51,098
59,995
475
17,068 128,636
*
Amount less than $1,000
NOTES TO THE FINANCIAL STATEMENTS
