Hong Kong Ferry (Holdings) Company Limited Annual Report 2013
Notes to the Accounts (Continued)
1
SIGNIFICANT ACCOUNTING POLICIES (Continued)
(c)
Changes in accounting policies (Continued)
As a result of the adoption of revised HKAS 19, the Group has changed its accounting policy with respect to defined benefit plans, for which the corridor method was previously applied. This change in accounting policy has been applied retrospectively by restating the balances at 1 January 2012 and 31 December 2012, with consequential adjustments to comparatives for the year ended 31 December 2012 as follows:
The Group
Effect of
adoption
of revised
Consolidated profit and loss account for the year
As previously
reported
HK$'000
HKAS 19
HK$'000
As restated
HK$'000
ended 31 December 2012:
Administrative expenses
Profit for the year
42,839
398,355
1,111
43,950
(1,111)
397,244
Consolidated statement of comprehensive
income for the year ended 31 December 2012:
Remeasurement of employee benefits assets
1,102
1,102
Other comprehensive income for the year
150,738
1,102
151,840
Total comprehensive income for the year
549,093
(9)
549,084
Consolidated balance sheet as at 31 December 2012:
Employee benefits assets
10,796
(5,994)
4,802
Total non-current assets
2,055,729
(5,994)
2,049,735
Net assets/Total equity
5,149,444
(5,994)
5,143,450
Retained profits
3,230,282
(5,994)
3,224,288
Consolidated balance sheet as at 1 January 2012:
Employee benefits assets
11,189
(5,985)
5,204
Total non-current assets
1,776,930
(5,985)
1,770,945
Net assets/Total equity
Retained profits
4,728,609
(5,985)
4,722,624
2,960,185
(5,985)
2,954,200
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