The group has adopted all the new, revised or amended accounting pronouncements as issued by the IASB which became effective to the group on 1 July 2013, including some of the more significant changes as listed below:

IFRS 10 Consolidated financial statements

The objective of IFRS 10 is to provide the framework on when an entity is controlled and must be consolidated.

IFRS 11 Joint arrangements

Where joint arrangements exists, the investor is required to assess whether the joint arrangement is a joint operation or a joint venture based on the legal structure of the investee and the investor’s right to and obligation for the underlying assets and liabilities of the investee. IFRS 11 requires equity accounting for joint ventures and eliminates the proportionate consolidation option of accounting.

IFRS 12 Disclosure of interest in other entities

IFRS 12 is a disclosure standard and is applicable to entities that have interests in subsidiaries, joint arrangements, associates and unconsolidated entities. In general, the disclosure requirements in IFRS 12 are more extensive.

IFRS 13 Fair value measurement

IFRS 13 improves consistency and reduces complexity by providing a single definition of fair value and a source of fair value measurement and disclosure requirements for use across all accounting standards.

IAS 19 Employee benefits

The amendments to IAS 19 require all actuarial gains and losses to be recognised immediately in other comprehensive income so that the pension asset or liability reflects the full value of the plan deficit or surplus.

The new, revised or amended standards were adopted in accordance with their transitional provisions, with the adoption of IAS 19 resulting in the only restatement of the comparative amounts as follows: