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A M A R Q U E A B O V E T H E R E S T 96 E U R O S P O R T S G L O B A L L I M I T E D 97
2 0 1 4 A N N U A L R E P O R T
31 March 2014 31 March 2014
NOTES TO THE NOTES TO THE
F INANCI AL STATEMENTS F INANCI AL STATEMENTS
27. Changes and Adoption of Financial Reporting Standards
For the current reporting year the following new or revised Singapore Financial Reporting Standards were
adopted. The new or revised standards did not require any material modification of the measurement
methods or the presentation in the financial statements.
FRS No. Title
FRS 1 Amendments to FRS 1 – Presentation of Items of Other Comprehensive Income
FRS 1 Amendment to FRS 1 Presentation of Financial Statements (Annual Improvements)
FRS 16 Amendment to FRS 16 Property, Plant and Equipment (Annual Improvements)
FRS 19 Employee Benefits (Revised)
FRS 32 Amendment to FRS 32 Financial instruments: Presentation (Annual Improvements)
FRS 107 Amendments to FRS 32 and 107 titled Offsetting Financial Assets and Financial Liabilities
FRS 113 Fair Value Measurements
INT FRS 120 Stripping Costs in the Production Phase of a Surface Mine(*)
Note:
( * ) Not relevant to the entity.
28. Future Changes in Financial Reporting Standards
The following new or revised Singapore Financial Reporting Standards that have been issued will be effective
in future. The transfer to the new or revised standards from the effective dates is not expected to result
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FRS No. Title
Effective date for
periods beginning
on or after
FRS 27 Consolidated and Separate Financial Statements (Amendments to) 1 July 2013
FRS 27 Separate Financial Statements (Revised) 1 January 2014
FRS 28 Investments in Associates and Joint Ventures (Revised)(*) 1 January 2014
FRS 36 Amendments to FRS 36: Recoverable Amount Disclosures
for Non-Financial Assets (relating to goodwill)
1 January 2014
FRS 39 Amendments to FRS 39: Novation of Derivatives and Continuation
of Hedge Accounting(* )
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
FRS 110 Amendments to FRS 110, FRS 111 and FRS 112 1 January 2014
INT FRS 121 Levies(*) 1 January 2014
Note:
( * ) Not relevant to the entity.
24. Operating Lease Payment Commitments
At the end of the reporting year the total of future minimum lease payment commitments under non-
cancellable operating leases are as follows:
Group
2014
$’000
2013
$’000
Not later than one year 3,415 290
Later than one year and not later than five years 17,979 919
Rental expense for the year 453 498
Operating lease payments are for rentals payable for warehouses, office and showroom premises. The lease
rental terms are negotiated for an average term of six years and rentals are subject to an escalation clause
but the amount of the rent increase is not to exceed a certain percentage.
25. Operating Lease Income Commitments
At the end of the reporting year the total of future minimum lease receivables committed under non-
cancellable operating leases are as follows:
Group
2014
$’000
2013
$’000
Not later than one year 388 564
Later than one year and not later than five years – 388
Rental income for the year 729 606
Operating lease income commitments are for office premises. The lease rental income terms are negotiated
for an average term of five years.
26. Contingent Liabilities and Other Commitments
Group
2014
$’000
2013
$’000
Banker’s guarantee in favour of suppliers of certain subsidiaries (secured) 4,228 1,137
Corporate guarantee in favour of a customer – 800