Notes to the financial statements Year ended 31 December 2024 3. MATERIAL ACCOUNTING POLICIES (continued) (r) Segment reporting (continued) Segment results that are reported to the CODMs include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly financial derivative assets and liabilities, other receivables, cash and cash equivalents, trade and other payables, and interest-bearing borrowings. Segment capital expenditure is the total cost incurred during the year for acquisition of plant and equipment and capital expenditure on investment properties. (s) Standards issued but not effective The Group and the Trust have not early adopted the new standards, interpretations and amendments to standards that have been issued but not yet effective in preparing these consolidated financial statements. FRS 118: Presentation and Disclosure in Financial Statements FRS 118 will replace FRS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. The new standard introduces the following key new requirements. • Entities are required to classify all income and expenses into five categories in the statement of profit or loss, namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly-defined operating profit subtotal. Entities’ net profit will not change. • Management-defined performance measures (MPMs) are disclosed in a single note in the financial statements. • Enhanced guidance is provided on how to group information in the financial statements. In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method. The Group is still in the process of assessing the impact of the new standard, particularly with respect to the structure of the Group’s statement of total return, the statement of cash flows and the additional disclosures required for MPMs. The Group is also assessing the impact on how information is grouped in the financial statements, including the items currently labelled as “Others”. Other accounting standards The following amendments to FRSs are not expected to have a significant impact on the Group’s consolidated financial statements. • Amendments to FRS 21: Lack of Exchangeability • Amendments to FRS 109 and FRS 107: Amendments to the Classification and Measurement of Financial Instruments • Annual Improvements to FRSs – Volume 11 • FRS 119: Subsidiaries without Public Accountability: Disclosures • Amendments to FRS 109 and FRS 107: Contracts Referencing Nature-dependent Electricity 117 Annual Report 2024
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