2013 — Page 55

Hong Kong Ferry (Holdings) Company Limited Annual Report 2013

Notes to the Accounts (Continued)

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SIGNIFICANT ACCOUNTING POLICIES (Continued)

(c)

Changes in accounting policies

The HKICPA has issued a number of new HKFRSS and amendments to HKFRSs that are first effective for the

current accounting period of the Group and the Company. Of these, the following developments are relevant to

the Group's accounts:

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Amendments to HKAS 1, Presentation of financial statements – Presentation of items of other comprehensive

income

HKFRS 10, Consolidated financial statements

HKFRS 12, Disclosure of interests in other entities

HKFRS 13, Fair value measurement

Revised HKAS 19, Employee benefits

The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period. Impacts of the adoption of the new or amended HKFRSS are discussed below:

یے

Amendments to HKAS 1, Presentation of financial statements Presentation of items of other

comprehensive income

The amendments require entities to present separately the items of other comprehensive income that would be reclassified to profit or loss in the future if certain conditions are met from those that would never be reclassified to profit or loss. The presentation of other comprehensive income in the consolidated statement of comprehensive income in these accounts has been modified accordingly.

HKFRS 10, Consolidated financial statements

HKFRS 10 replaces the requirements in HKAS 27, Consolidated and separate financial statements, relating to the preparation of consolidated accounts and HK-SIC 12, Consolidation Special purpose entities. It introduces a single control model to determine whether an investee should be consolidated, by focusing on whether the entity has power over the investee, exposure or rights to variable returns from its involvement with the investee and the ability to use its power to affect the amount of those returns.

As a result of the adoption of HKFRS 10, the Group has changed its accounting policy with respect to determining whether it has control over an investee. The adoption does not change any of the control conclusions reached by the Group in respect of its involvement with other entities as at 1 January 2013.

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Hong Kong Ferry (Holdings) Company Limited Annual Report 2013

Notes to the Accounts (Continued)