Axiom 2014 Annual Report - page 91

Notes to the Financial Statements
for the year ended 30 September 2014
89
2014 Annual Report
2. Basis of presentation (continued)
3.2 Changes in accounting policies and disclosures
The Company has adopted the following new and revised standards and interpretation for the first time for the current
year’s financial statements:
Amendments to HKFRSs
Annual Improvements to HKFRSs 2009-2011 Cycle
Amendments to HKAS 1 (Revised)
Presentation of Items of Other Comprehensive Income
Amendments to HKFRS 7
Disclosures — Offsetting Financial Assets and Financial Liabilities
Amendments to HKFRS 10, HKFRS 11
and HKFRS 12
Consolidated Financial Statements, Joint Arrangement and Disclosure of
Interests in Other Entities: Transition Guidance
HKFRS 10
Consolidated Financial Statements
HKFRS 11
Joint Arrangements
HKFRS 12
Disclosure of Interests in Other Entities
HKFRS 13
Fair Value Measurement
HKAS 19 (as revised in 2011)
Employee Benefits
HKAS 27 (as revised in 2011)
Separate Financial Statements
HKAS 28 (as revised in 2011)
Investments in Associates and Joint Ventures
HK(IFRIC) – Int 20
Stripping Costs in the Production Phase of a Surface Mine
The application of the amendments to HKFRSs in
the current year has had no material effect on the
Company’s financial performance and positions for the
current years.
3.3 Issued but not yet effective HKFRSs
The Company has not early applied any of the new and
revised HKFRSs that have been issued but are not yet
effective for the accounting period ended 30 September
2014, in these financial statements.
The Company is in the process of making an assessment
of the impact of these new and revised HKFRSs upon
initial application. So far, the Company considers
these new and revised HKFRSs are unlikely to have
a significant impact on the Company’s results of
operations and financial position.
In addition, the requirements of Part 9 “Accounts and
Audit” of the Hong Kong Companies Ordinance (Cap. 622)
will come into operation as from the Company’s first
financial year commencing after 3 March 2014 in
accordance with section 358 of that Ordinance, which
will be the year ending 31 October 2015. The Company is
in the process of making an assessment of the expected
impact of the changes in the period of initial application
of Part 9 of the Ordinance. So far it has concluded that
the impact is unlikely to be significant and will primarily
affect the presentation and disclosure of information in
the financial statements.
4. Summary of significant accounting
policies
Subsidiaries
A subsidiary is an entity (including a structured entity),
directly or indirectly, controlled by the Company.
Control is achieved when the Company is exposed, or
has rights, to variable returns from its involvement with
the investee and has the ability to affect those returns
through its power over the investee (i.e. existing rights
that give the Company the current ability to direct the
relevant activities of the investee).
When the Company has, directly or indirectly, less
than a majority of the voting or similar rights of an
investee, the Company considers all relevant facts and
circumstances in assessing whether it has power over an
investee, including:
a. the contractual arrangement with the other vote
holders of the investee;
b. rights arising from other contractual arrangements;
and
c. the Company’s voting rights and potential voting
rights.
COMPANY FINANCIAL REPORT
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