NOTE 3 — RECENT ACCOUNTING PRONOUNCEMENTS

RECENT ACCOUNTING STANDARDS 

The Company’s adoption of the standards above had no material impact on the consolidated financial statements in the year of initial application.

IFRS 18 will replace IFRS 1 Presentation of Financial Statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive, in particular those related to the statement of financial performance (comprising of the statement of profit or loss and other comprehensive income) and providing management-defined performance measures within the financial statements.

Although the adoption of IFRS 18 will have no impact on the Group’s net profit, the Group expects that grouping items of income and expenses in the statement of profit or loss into the new categories will impact how operating profit is calculated and reported. The line items presented on the primary financial statements might change as a result of the application of the concept of ‘useful structured summary’ and the enhanced principles on aggregation and disaggregation.

Management is currently assessing the detailed implications of applying the new standard on the Group’s consolidated financial statements.