GOING
THE DISTANCE
EUROSPORTS
GLOBAL
.104
NOT E S TO T HE
F I NANC I A L S TAT EMEN T S
YEAR ENDED
31 MARCH, 2016
30.
CHANGES AND ADOPTION OF FINANCIAL REPORTING STANDARDS
For the current reporting year new or revised Singapore Financial Reporting Standards and the related Interpretations
to FRS (ˇ°INT FRSˇ±) were issued by the Singapore Accounting Standards Council. Those applicable to the reporting
entity are listed below. Theseapplicable new or revised standards did not require any modification of the measurement
methods or the presentation in the financial statements.
FRS No.
Title
FRS 1
Amendments to FRS 1: Disclosure Initiative (early application)
Various
Improvements to FRSs (Issued in January 2014). Relating to
FRS 103 Business Combinations
FRS 24 Related Party Disclosures
Various
Improvements to FRSs (Issued in February 2014). Relating to
FRS 103 Business Combinations
FRS 113 Fair Value Measurement
31.
NEW OR AMENDED STANDARDS IN ISSUE BUT NOT YET EFFECTIVE
The future reporting years new or revised Singapore Financial Reporting Standards and the related Interpretations
to FRS (ˇ°INT FRSˇ±) were issued by the Singapore Accounting Standards Council and these will only be effective
for future reporting years. Those applicable to the reporting entity for future reporting years are listed below. The
transfer to the applicable new or revised standards from the effective dates is not expected to result in material
adjustments to the financial position, results of operations, or cash flows for the following year.
FRS No.
Title
Effective date for
periods beginning
on or after
FRS 115
Revenue from Contracts with Customers
1 January 2018
FRS 109
Financial Instruments
1 January 2018
