URA

102 (expressed in Hong Kong Dollars) NOTES TO THE FINANCIAL STATEMENTS 2. Significant accounting policies (Continued) (c) Standards, amendments to standards and interpretations that are not yet effective for the current year Up to the date of issue of these consolidated financial statements, the HKICPA has issued a number of amendments, new standards and interpretations which are not yet effective for the year ended 31 March 2018 and which have not been adopted in these consolidated financial statements. These include the following which may be relevant to the Group. Effective for accounting periods beginning on or after HKFRS 9, Financial instruments 1 January 2018 HKFRS 15, Revenue from contracts with customers 1 January 2018 Amendments to HKAS 40, Investment property:  Transfers of investment property 1 January 2018 HK(IFRIC) 22, Foreign currency transactions and advance consideration 1 January 2018 HKFRS 16, Leases 1 January 2019 The Group is in the process of making an assessment of what the impact of these amendments, new standards and interpretations is expected to be in the period of initial application. So far the Group has identified some aspects of the new standards which may have an impact on the consolidated financial statements and further details of the expected impacts are discussed below. While the assessment has been substantially completed, the actual impacts upon the initial adoption of the standards may differ as the assessment completed to date is based on the information currently available to the Group, and further impacts may be identified before the standards are initially applied in the Group’s financial statements for the year ending 31 March 2019. The Group may also change its accounting policy elections, including the transition options, until the standards are initially applied in the financial statements. HKFRS 9, Financial instruments HKFRS 9 will replace the current standard on accounting for financial instruments, HKAS 39, Financial instruments: Recognition and measurement . HKFRS 9 introduces new requirements for classification and measurement of financial assets, calculation of impairment of financial assets and hedge accounting. On the other hand, HKFRS 9 incorporates without substantive changes the requirements of HKAS 39 for recognition and derecognition of financial instruments and the classification of financial liabilities. Expected impacts of the new requirements on the Group’s financial statements are as follows: