SEO Version
FORTERRA
ANNUAL REPORT 2013
NOTES TO THE
FINANCIAL STATEMENTS
94
3
SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(p) New standards and interpretations not yet adopted (Continued)
Applicable for the Group’s 2014 financial statements (Continued)
•
FRS 112
Disclosure of Interests in Other Entities
brings together into a single
standard all the disclosure requirements about an entity’s interests in subsidiaries,
joint arrangements, associates and unconsolidated structured entities. The Group
is currently assessing the disclosure requirements for interests in subsidiaries and
associates and unconsolidated structured entities in comparison with the existing
disclosures. FRS 112 requires the disclosure of information about the nature, risks and
financial effects of these interests.
•
Amendments to FRS 32
Financial Instruments: Presentation – Offsetting Financial
Assets and Financial Liabilities
, which clarifies the existing criteria for net presentation
on the face of the statement of financial position.
Under the amendments, to qualify for offsetting, the right to set off a financial
asset and a financial liability must not be contingent on a future event and must
be enforceable both in the normal course of business and in the event of default,
insolvency or bankruptcy of the entity and all counterparties.
The Group does not expect any material financial impact on the results and financial
position from the adoption of these amendments.
4
INVESTMENT PROPERTIES
Group
2013
2012
$’000
$’000
At 1 January
2,236,656 2,668,647
Additions
69,837
48,455
Changes in fair value
(13,954)
70,381
Reclassification to assets held for sale
–
(419,702)
Effect of movements in exchange rates
145,940
(131,125)
At 31 December
2,438,479 2,236,656
Investment properties with an aggregate carrying value of $2,150 million (2012: $1,972 million)
as at 31 December 2013 are pledged as security for banking facilities granted to the subsidiaries
(see Note 10).
Powered by FlippingBook Publisher