ASCENDAS india trust ANNUAL REPORT 2014/15
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
For the financial year ended 31 March 2015
2.
Significant accounting policies
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:
Description
Effective For Periods
Beginning On or After
Amendments to
FRS
19
Defined Benefit Plans: Employee Contributions
1 July 2014
Amendments to FRS 102
Share Based Payment
1 July 2014
Amendments to FRS 16
Property, Plant and Equipment
1 July 2014
Amendments to FRS 24
Related Party Disclosures
1 July 2014
Improvements to FRSs (February 2014)
– FRS 103
Business Combinations
1 July 2014
– FRS 113
Fair Value Measurement
1 July 2014
– FRS 40
Investment Property
1 July 2014
FRS 114
Regulatory Deferral Accounts
1 January 2016
Amendments to FRS 27:
Equity Method in Separate Financial Statements
1 January 2016
Amendments to FRS 16 and FRS 38:
Clarification of Acceptable Methods of
Depreciation and Amortisation
1 January 2016
Amendments to FRS 16 and FRS 41:
Agriculture: Bearer Plants
1 January 2016
Amendments to FRS 111:
Accounting for Acquisitions of Interests in Joint Operations
1 January 2016
Amendments to FRS 110 and FRS 28:
Sale or Contribution of Assets between an
Investor and its Associate or Joint Venture
1 January 2016
Improvements to FRSs (November 2014)
– FRS 105
Non-current Assets Held for Sale and Discontinued Operations
1 January 2016
– FRS 107
Financial Instruments: Disclosures
1 January 2016
– FRS 19
Employee Benefits
1 January 2016
– FRS 34
Interim Financial Reporting
1 January 2016
Amendments to FRS 1:
Disclosure Initiative
1 January 2016
Amendments to FRS 110, FRS 112 and FRS 28:
Investment Entities: Applying the
Consolidation Exception
1 January 2016
FRS 115
Revenue from Contracts with Customers
1 January 2017
FRS 109
Financial Instruments
1 January 2018
The management expects that the adoption of the standards above will have no material impact on the financial statements
in the period of initial application.
2.4 Revenue Recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow 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 defined terms of payment and excluding taxes or duty. The following
specific 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.
