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Annual Report 2013 LifeBrandz Ltd
Notes to the Financial Statements
31 July 2013
3. Summary of significant accounting policies (cont’d)
3.3 Standards issued but not yet effective
The Group has not adopted the following standards and interpretations that have been issued but not yet effective:
Effective for annual
periods beginning
Description on or after
Revised FRS 19 Employee Benefts 1 January 2013
FRS 113 Fair Value Measurements 1 January 2013
Amendments to FRS 107 Disclosure – Offsetting Financial Assets and Financial Liabilities 1 January 2013
Improvements to FRSs 2012
- Amendment to FRS 1 Presentation of Financial Statements 1 January 2013
- Amendment to FRS 16 Property, Plant and Equipment 1 January 2013
- Amendment to FRS 32 Financial Instruments: Presentation 1 January 2013
INT FRS 120 Stripping Costs in Production Phase of a Surface Mine 1 January 2013
Revised FRS 27 Separate Financial Statements 1 January 2014
Revised FRS 28 Investments in Associates and Joint Ventures 1 January 2014
FRS 110 Consolidated Financial Statements 1 January 2014
FRS 111 Joint Arrangements 1 January 2014
FRS 112 Disclosure of Interests in Other Entities 1 January 2014
Amendments to FRS 32 Offsetting Financial Assets and Financial Liabilities 1 January 2014
Amendments FRS 36 Recoverable Amount Disclosures for Non-Financial Assets 1 January 2014
INT FRS 121 Levies 1 January 2014
The directors expect that the adoption of the standards and interpretations above will have no material impact on the
fnancial statements of the Group and the Company in the period of initial application.
3.4 Basis of consolidation and business combinations
(a) Basis of consolidation
The consolidated fnancial statements comprise the fnancial statements of the Company and its subsidiaries as
at the end of the reporting period. The fnancial statements of the subsidiaries used in the preparation of the
consolidated fnancial statements are prepared for the same reporting date as the Company. Consistent accounting
policies are applied to like transactions and events in similar circumstances.
All intra-group balances, income and expenses and unrealised gains and losses resulting from intra-group
transactions and dividends are eliminated in full.
Subsidiaries are consolidated from the date of acquisition, being the date on which the Group obtains control, and
continue to be consolidated until the date that such control ceases.
Losses within a subsidiary are attributed to the non-controlling interest even if that results in a defcit balance.
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:
– De-recognises the assets (including goodwill) and liabilities of the subsidiary at their carrying amounts at the
date when controls is lost;
– De-recognises the carrying amount of any non-controlling interest;
– De-recognises the cumulative translation differences recorded in equity;
– Recognises the fair value of the consideration received;
– Recognises the fair value of any investment retained;
– Recognises any surplus or defcit in proft or loss;
– Re-classifes the Group’s share of components previously recognised in other comprehensive income to proft or
loss or retained earnings, as appropriate.