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b. New IFRSs in issue but not yet endorsed by the FSC
The Corporation has not applied the following New IFRSs issued by the IASB but not yet endorsed by the FSC. On March 10,
2016, the FSC announced the scope of IFRSs to be endorsed and will take effect from January 1, 2017. The scope includes
all IFRSs that were issued by the IASB before January 1, 2016 and have effective dates on or before January 1, 2017, which
means the scope excludes those that are not yet effective as of January 1, 2017 such as IFRS 9 "Financial Instruments"and
IFRS 15 "Revenue from Contracts with Customers"and those with undetermined effective date. In addition, the FSC announced
that the Corporation should apply IFRS 15 starting January 1, 2018. As of the date the financial statements were authorized
for issue, the FSC has not announced the effective dates of other new, amended and revised standards and interpretations.
Impact on assets, liabilities and equity December 31, 2014
Accrued pension liabilities
Net defined benefit liabilities January 1, 2014
Accrued pension liabilities
Net defined benefit liabilities Impact on total comprehensive
income for the year ended December 31, 2014
Items that will not be reclassified to profit or loss:
Remeasurements of defined benefit plan
Items that will be reclassified to profit or loss:
Exchange differences on translating foreign opearations
Share of the other comprehensive income of
associates and joint ventures
Unrealized gain (loss) on available-for-sale financial
assets
Income tax relating to items that will be reclassified
Total effect on other comprehensive income for the
year, net of income tax
$ 491,596
-
646,676
-
$ 85,821
478,430
(118,127)
(117,577)
(81,333)
161,393
$ 247,214
( $ 491,596 )
491,596
( 646,676 )
646,676
$ -
-
-
$ -
$ -
491,596
-
646,676
$ 85,821
478,430
(118,127)
(117,577)
(81,333)
161,393
$ 247,214
Carrying
Amount
Adjustments Arising
from Initial Application
Adjusted
Carrying Amount
5) Revision to IAS 19 "Employee Bene ts"
Revised IAS 19 requires the interest cost and expected return on plan assets used in current IAS 19 are replaced with
a "net interest" amount, which is calculated by applying the discount rate to the net defined benefit liability or asset. In
addition, the revised IAS 19 introduces certain changes in the presentation of the defined benefit cost, and also includes
more extensive disclosures.
In addition, in preparing the financial statements for the year ended December 31, 2015, the Corporation elects not to
present 2014 comparative information about the sensitivity of the defined benefit obligation. Please refer to Note 24 for
related disclosures.
The impact on the prior reporting year is summarized as follows:
Annual Improvements to IFRSs 2010-2012 Cycle
Annual Improvements to IFRSs 2011-2013 Cycle
Annual Improvements to IFRSs 2012-2014 Cycle
IFRS 9 "Financial Instruments"
Amendments to IFRS 9 and IFRS 7 "Mandatory Effective Date
of IFRS 9 and Transition Disclosures"
Amendments to IFRS 10 and IAS 28 "Sale or Contribution of
Assets between an Investor and its Associate or Joint Venture"
Amendments to IFRS 10, IFRS 12 and IAS 28 "Investment
Entities: Applying the Consolidation Exception"
Amendment to IFRS 11 "Accounting for Acquisitions of
Interests in Joint Operations"
July 1, 2014
(Note 2)
July 1, 2014
January 1, 2016
(Note 3)
January 1, 2018
January 1, 2018
To be determined by IASB
January 1, 2016
January 1, 2016
New IFRSs
Effective Date Announced by IASB
(Note 1)
44 CPC 2016