Page 57 - QFCRA Annual Report 2014
P. 57
es to the Financial
Statements
FOR THE YEAR ENDED 31 DECEMBER 2014
4. SIGNIFICANT ACCOUNTING POLICIES (continued)
4.13 Standards, amendments and Amendments to IAS 36 on Authority does not plan to early
interpretations issued recoverable amount disclosures for adopt these standards.
non-financial assets IFRS 9 - Financial Instruments
New standards, amendments and The amendments to IAS 36 remove IFRS 9 published in July 2014,
interpretations issued and that are the requirement to disclose the replaces the existing IAS 39
effective on or after 1 January 2014 recoverable amount of a cash- Financial Instruments: Recognition
During the current year, the QFC generating unit (CGU) to which and Measurement. IFRS 9
Regulatory Authority adopted goodwill or other intangible assets includes revised guidance on the
all the below new and revised with indefinite useful lives had classification and measurement of
International Financial Reporting been allocated when there has financial instruments, including a
Standards that are relevant to its been no impairment or reversal of new expected credit loss model for
operations and are effective as of 1 impairment of the related CGU. calculating impairment on financial
January 2014: Furthermore, the amendments assets, and the new general hedge
Amendments to IAS 32 on offsetting introduce additional disclosure accounting requirements. It also
financial assets and financial liabilities requirements applicable to when carries forward the guidance on
The amendments to IAS 32 clarify the recoverable amount of an recognition and derecognition of
the requirements relating to the asset or a CGU is measured at fair financial instruments from IAS 39.
offset of financial assets and value less costs of disposal. These IFRS 9 is effective for annual
financial liabilities. Specifically, the new disclosures include the fair reporting periods beginning on or
amendments clarify the meaning of value hierarchy, key assumptions after 1 January 2018, with early
‹currently has a legally enforceable and valuation techniques used adoption permitted.
right of set-off› and ‹simultaneous which are in line with the disclosure The QFC Regulatory Authority is
realisation and settlement›. The required by IFRS 13 “Fair Value assessing the potential impact on its
amendments have been applied Measurements”. There was no financial statements resulting from the
retrospectively. There was no effect on the accounting policies of application of IFRS 9.
material effect on the accounting the QFC Regulatory Authority as a IFRS 15 – Revenue from Contracts
policies of the QFC Regulatory result of the adoption. with Customers
Authority as a result of the adoption. IFRIC 21 Levies IFRS 15 establishes a comprehensive
Amendments to IFRS 10, IFRS 12 and IFRIC 21 on Levies (amendments to framework for determining whether,
IAS 27 on investment entities IAS 32) provide guidance on the how much and when revenue is
The amendments to IFRS 10 define accounting for levies in the financial recognized. It replaces existing
an investment entity and require statements of the entity that is revenue recognition guidance,
a reporting entity that meets the paying the levy. There was no effect including IAS 18 Revenue, IAS 11
definition of an investment entity on the accounting policies of the Construction Contracts and IFRIC 13
not to consolidate its subsidiaries but QFC Regulatory Authority as a result Customer Loyalty Programmes.
instead to measure its subsidiaries of the adoption. IFRS 15 is effective for annual
at fair value through profit or loss New standards, amendments and reporting periods beginning on or
in its consolidated and separate interpretations issued but not yet after 1 January 2017, with early
financial statements. Consequential effective adoption permitted.
amendments have been made to A number of new standards, The QFC Regulatory Authority is
IFRS 12 and IAS 27 to introduce new amendments to standards and assessing the potential impact on its
disclosure requirements for investment interpretations are effective for financial statements resulting from the
entities. There was no effect on the annual periods beginning on or after application of IFRS 15.
accounting policies of the QFC 1 January 2015, and have not been
Regulatory Authority as a result of applied in preparing these financial
the adoption. statements. The QFC Regulatory
ANNUAL REPORT 2014 57
Statements
FOR THE YEAR ENDED 31 DECEMBER 2014
4. SIGNIFICANT ACCOUNTING POLICIES (continued)
4.13 Standards, amendments and Amendments to IAS 36 on Authority does not plan to early
interpretations issued recoverable amount disclosures for adopt these standards.
non-financial assets IFRS 9 - Financial Instruments
New standards, amendments and The amendments to IAS 36 remove IFRS 9 published in July 2014,
interpretations issued and that are the requirement to disclose the replaces the existing IAS 39
effective on or after 1 January 2014 recoverable amount of a cash- Financial Instruments: Recognition
During the current year, the QFC generating unit (CGU) to which and Measurement. IFRS 9
Regulatory Authority adopted goodwill or other intangible assets includes revised guidance on the
all the below new and revised with indefinite useful lives had classification and measurement of
International Financial Reporting been allocated when there has financial instruments, including a
Standards that are relevant to its been no impairment or reversal of new expected credit loss model for
operations and are effective as of 1 impairment of the related CGU. calculating impairment on financial
January 2014: Furthermore, the amendments assets, and the new general hedge
Amendments to IAS 32 on offsetting introduce additional disclosure accounting requirements. It also
financial assets and financial liabilities requirements applicable to when carries forward the guidance on
The amendments to IAS 32 clarify the recoverable amount of an recognition and derecognition of
the requirements relating to the asset or a CGU is measured at fair financial instruments from IAS 39.
offset of financial assets and value less costs of disposal. These IFRS 9 is effective for annual
financial liabilities. Specifically, the new disclosures include the fair reporting periods beginning on or
amendments clarify the meaning of value hierarchy, key assumptions after 1 January 2018, with early
‹currently has a legally enforceable and valuation techniques used adoption permitted.
right of set-off› and ‹simultaneous which are in line with the disclosure The QFC Regulatory Authority is
realisation and settlement›. The required by IFRS 13 “Fair Value assessing the potential impact on its
amendments have been applied Measurements”. There was no financial statements resulting from the
retrospectively. There was no effect on the accounting policies of application of IFRS 9.
material effect on the accounting the QFC Regulatory Authority as a IFRS 15 – Revenue from Contracts
policies of the QFC Regulatory result of the adoption. with Customers
Authority as a result of the adoption. IFRIC 21 Levies IFRS 15 establishes a comprehensive
Amendments to IFRS 10, IFRS 12 and IFRIC 21 on Levies (amendments to framework for determining whether,
IAS 27 on investment entities IAS 32) provide guidance on the how much and when revenue is
The amendments to IFRS 10 define accounting for levies in the financial recognized. It replaces existing
an investment entity and require statements of the entity that is revenue recognition guidance,
a reporting entity that meets the paying the levy. There was no effect including IAS 18 Revenue, IAS 11
definition of an investment entity on the accounting policies of the Construction Contracts and IFRIC 13
not to consolidate its subsidiaries but QFC Regulatory Authority as a result Customer Loyalty Programmes.
instead to measure its subsidiaries of the adoption. IFRS 15 is effective for annual
at fair value through profit or loss New standards, amendments and reporting periods beginning on or
in its consolidated and separate interpretations issued but not yet after 1 January 2017, with early
financial statements. Consequential effective adoption permitted.
amendments have been made to A number of new standards, The QFC Regulatory Authority is
IFRS 12 and IAS 27 to introduce new amendments to standards and assessing the potential impact on its
disclosure requirements for investment interpretations are effective for financial statements resulting from the
entities. There was no effect on the annual periods beginning on or after application of IFRS 15.
accounting policies of the QFC 1 January 2015, and have not been
Regulatory Authority as a result of applied in preparing these financial
the adoption. statements. The QFC Regulatory
ANNUAL REPORT 2014 57
