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Food Empire Holdings Limited Annual Report 2013
74
2. Summary of significant accounting policies (cont’d)
2.3
Standards issued but not yet effective (cont’d)
FRS 112
Disclosure of Interests in Other Entities
FRS 112
Disclosure of Interests in Other Entities
is effective for financial periods beginning on or after 1 January 2014.
FRS 112 is a new and comprehensive standard on disclosure requirements for all forms of interests in other entities, including joint
arrangements, associates, special purpose vehicles and other off balance sheet vehicles. FRS 112 requires an entity to disclose information
that helps users of its financial statements to evaluate the nature and risks associated with its interests in other entities and the effects
of those interests on its financial statements. As this is a disclosure standard, it will have no impact to the financial position and financial
performance of the Group when implemented in 2014.
2.4
Basis of consolidation and business combination
(a) Basis of consolidation
Basis of consolidation from 1 January 2010
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at the end of the
reporting period. The financial statements of the subsidiaries used in the preparation of the consolidated financial statements are
prepared for the same reporting date as the Company. Consistent accounting policies are applied to like transactions and events in
similar circumstances.
All intra-group balances, income and expenses and unrealised gains and losses resulting from intra-group transactions and dividends
are eliminated in full.
Subsidiaries are consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be
consolidated until the date that such control ceases.
Losses within a subsidiary are attributed to the non-controlling interest even if that results in a deficit balance.
notes to the financial statements
For the year ended 31 December 2013