Page 124 - URA Annual Report 2020-21

NOTES TO THE FINANCIAL STATEMENTS
(expressed in Hong Kong Dollars)
2.
Significant accounting policies (Continued)
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URA ANNUAL REPORT 2020-21
(b)
Relevant standards effective in the current year
The HKICPA has issued certain amendments to HKFRSs that are first effective for the current accounting period of the Group:
Amendments to HKFRS 3, Definition of a Business
Amendments to HKFRS 16, Covid-19-Related Rent Concessions
None of these developments have had a material effect on how the Group’s results and financial position for the current or prior periods have been prepared or presented. The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period.
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 and a new standard, HKFRS 17, Insurance Contracts, which are not yet effective for the year ended 31 March 2021 and which have not been adopted in these consolidated financial statements. These include the following which may be relevant to the Group.
(c)
Amendments to HKFRS 16, Covid-19-Related Rent Concessions beyond 30 June 2021
Amendments to HKFRS 3, Reference to the Conceptual Framework
Amendments to HKAS 16, Property, Plant and Equipment: Proceeds before Intended Use
Amendments to HKAS 37, Onerous Contracts - Cost of Fulfilling a Contract
Annual Improvements to HKFRSs 2018-2020 Cycle
Effective for accounting periods beginning on or after
1 April 2021
1 January 2022
1 January 2022
1 January 2022 1 January 2022
The Group is in the process of making an assessment of what the impact of these developments is expected to be in the period of initial application. So far it has concluded that the adoption of them is unlikely to have a significant impact on the consolidated financial statements.