Page 50 - CPC 2018 Annual Report

48 CPC Corporation, Taiwan 2018
(ii) Transition
The Company plans to adopt IFRS 15 using the cumulative effect method. Therefore, the comparative information will not be restated. The cumulative effect of initially applying IFRS 15 will be recognized as an adjustment to the opening balance of retained earnings at 1 January 2018. The Company plans to use the practical expedient in paragraph C5(a) of IFRS 15, under which, for contracts that are completed at the date of the initial application ( i.e. 1 January 2018) will not be restated.
The Company estimates the adoption of IFRS 15 would not have any material impact on its financial statements.
Amendments to IAS 7 “Disclosure Initiative”
The amendments require disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flow and non-cash changes.
To satisfy the new disclosure requirements, the Company intends to present a reconciliation between the opening and closing balances for liabilities with changes arising from financing activities.
3. Amendments to IAS 12 “Recognition of Deferred Tax Assets for Unrealized Loss”
The amendments clarify the accounting for deferred tax assets for unrealized losses on debt instruments measured at fair value.
The Company estimated the application of the amendments would not have any material impact on its financial statements.
The actual impacts of adopting the standards may change depending on the economic conditions and events which may occur in the future.
(c) The impact of IFRS issued by IASB but not yet endorsed by the FSC
As of the date the following IFRSs that have been issued by the IASB, but not yet endorsed by the FSC:
New, Revised or Amended Standards and Interpretations
Effective date per IASB
Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets Between an Investor and Its Associate or Joint Venture”
IFRS 17 “Insurance Contracts”
Amendments to IAS 28 “Long-term interests in associates and joint ventures”
Amendments to IAS 19 “Plan Amendment, Curtailment or Settlement”
Effective date to be determined by IASB
January 1, 2021
January 1, 2019
January 1, 2019
IFRS 16 “Leases”
January 1, 2019
IFRIC 23 “Uncertainty over Income Tax Treatments”
January 1, 2019
Annual Improvements to IFRS Standards 2015-2017 Cycle
January 1, 2019