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Notes to the fnancial statements
For the fnancial year ended 31 March 2012
2. Significant accounting policies (continued)
2.2 Changes in accounting policies
The accounting policies adopted are consistent with those of the previous fnancial year except in the current fnancial
year, the Company has adopted all the new and revised standards and Interpretations of FRS (“INT FRS”) that are
effective for annual periods beginning on or after 1 April 2011. The adoption of these standards and interpretations did
not have any effect on the fnancial performance or position of the Company.
2.3 Standards issued but not yet effective
The Company has not adopted the following standards and interpretations that have been issued but not yet effective:
The directors expect that the adoption of the standards above will have no material impact on the fnancial statements in
the period of initial application.
2.4 Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefts will fow to the Company and the
revenue can be reliably measured, regardless of when the payment is made. Revenue is measured at the fair value of the
consideration received or receivable, taking into account contractually defned terms of payment and excluding taxes or
duty. The Company has concluded that it is acting as a principal in all of its revenue arrangements. The following specifc
recognition criteria must also be met before revenue is recognised.
(a) Fees from provision of fund management (fund management fee, trustee fee, performance fee and acquisition fee
from a-iTrust) and other consultancy services are recognised when the services have been rendered.
(b) Dividend income is recognised when the Company’s right to receive payment is established.
Description Effective for annual periods
beginning on or after
Amendments to FRS 107 Disclosures – Transfer of Financial Assets 1 July 2011
FRS 113 Fair Value Measurements 1 January 2013
A-ITRUST ANNUAL REPORT 2011/2012 155