Note 1:Unless stated otherwise, the above New IFRSs are effective for annual periods beginning on or after the
respective effective dates.
Note 2:The amendment to IFRS 2 applies to share-based payment transactions for which the grant date is on or after
July 1, 2014; the amendment to IFRS 3 applies to business combinations for which the acquisition date is
on or after July 1, 2014; the amendment to IFRS 13 is effective immediately; the remaining amendments are
effective for annual periods beginning on or after July 1, 2014.
Note 3: The IASB tentatively decided to require an entity to apply IFRS 9 for annual periods beginning on or after 1
January 2018.
b.Significant impending changes in accounting policy resulted from New IFRSs in issue but not yet effective
Except for the following, the initial application of the above New IFRSs has not had any material impact on the
Corporation’s accounting policies:
1)IFRS 9 “Financial Instruments”
Recognition and measurement of financial assets
With regards to financial assets, all recognized financial assets that are within the scope of IAS 39 “Financial
Instruments: Recognition and Measurement” are subsequently measured at amortized cost or fair value.
Specifically, financial assets that are held within a business model whose objective is to collect the contractual
cash flows, and that have contractual cash flows that are solely payments of principal and interest on the principal
outstanding are generally measured at amortized cost at the end of subsequent accounting periods. All other
financial assets are measured at their fair values at the end of reporting period. However, the Corporation may
make an irrevocable election to present subsequent changes in the fair value of an equity investment (that is not
held for trading) in other comprehensive income, with only dividend income generally recognized in profit or loss.
Recognition and measurement of financial liabilities
As for financial liabilities, the main changes in the classification and measurement relate to the subsequent
measurement of financial liabilities designated as at fair value through profit or loss. The amount of change
in the fair value of such financial liability attributable to changes in the credit risk of that liability is presented
in other comprehensive income and the remaining amount of change in the fair value of that liability is
presented in profit or loss, unless the recognition of the effects of changes in the liability’s credit risk in other
comprehensive income would create or enlarge an accounting mismatch in profit or loss. Changes in fair value
attributable to a financial liability’s credit risk are not subsequently reclassified to profit or loss. If the above
accounting treatment would create or enlarge an accounting mismatch in profit or loss, the Corporation presents
all gains or losses on that liability in profit or loss.
2)IFRS 13 “Fair Value Measurement”
IFRS 13 establishes a single source of guidance for fair value measurements. It defines fair value, establishes
a framework for measuring fair value, and requires disclosures about fair value measurements. The disclosure
requirements in IFRS 13 are more extensive than those required in the current standards. For example,
quantitative and qualitative disclosures based on the three-level fair value hierarchy currently required for
financial instruments only will be extended by IFRS 13 to cover all assets and liabilities within its scope.
3)Amendment to IAS 1 “Presentation of Items of Other Comprehensive Income”
The amendment to IAS 1 requires items of other comprehensive income to be grouped into those that (1) will
not be reclassified subsequently to profit or loss; and (2) will be reclassified subsequently to profit or loss when
specific conditions are met. Income taxes on related items of other comprehensive income are grouped on the
same basis. Under current IAS 1, there were no such requirements.
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Financial Statements
