NOTES TO FINANCIAL STATEMENTS
December 31, 2015
2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
Amendments to FRS 1
Presentation of Financial Statements: Disclosure Initiative
The amendments have been made to the following:
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information and materiality considerations apply to the primary statements, notes and any specific disclosure
requirements in FRSs.
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line items to be presented in these statements can be aggregated or disaggregated as relevant. Guidance on
subtotals in these statements has also been included.
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An entity’s share of OCI of equity-accounted associates and joint ventures should be presented in aggregate
as single items based on whether or not it will subsequently be reclassified to profit or loss.
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to determine a systematic order of the notes. In addition, unhelpful guidance and examples with regard to the
identification of significant accounting policies are removed.
Management anticipates that the initial application of the Amendments to
FRS 1 Presentation of Financial Statements:
Disclosure Initiative
may result in changes to the presentation of financial statements. Management has commenced
an assessment of the possible impact of implementing the Amendments to FRS 1. It is currently impracticable to
disclose any further information on the known or reasonably estimable impact to the Group’s financial statements in
the period of initial application as the management has yet to complete its detailed assessment. Management does
not plan to early adopt the Amendments to FRS 1.
BASIS OF CONSOLIDATION – The consolidated financial statements incorporate the financial statements of the
Company and entities (including structured entities) controlled by the Company and its subsidiaries. Control is
achieved when the Company:
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The Company reassesses 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 listed above.
YANLORD LAND GROUP LIMITED
ANNUAL REPORT 2015
68
