Page 111 - CCL AR 2017 Final

Improvements to Accounting Standards Issued by the IASB in September 2014

IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations - Changes in methods of
disposal

IFRS 7 - Financial Instruments: Disclosures - Servicing contracts

IFRS 7 - Financial Instruments: Disclosures - Applicability of the offsetting disclosures to condensed
interim financial statements

IAS 19 - Employee Benefits - Discount rate: Regional market issue

IAS 34 - Interim Financial Reporting

The adoption of the above amendments, improvements to accounting standards and interpretation did
not have any material effect on the financial statements.

2.4 Standards not yet effective

The following standards, amendments and interpretations with respect to the approved accounting
standards as applicable in Pakistan would be effective from the dates mentioned below against the
respective standard or interpretation.

Effective date (annual periods
beginning on or after)

IFRS 2 - Share-based Payments – Classification and Measurement
of Share-based Payments Transactions (Amendments) 01 January 2018

IFRS 10 - Consolidated Financial Statements and IAS 28
Investment in Associates and Joint Ventures - Sale or
Contribution of Assets between an Investor and its
Associate or Joint Venture (Amendment) Not yet finalized

IAS 7 - Statement of Cash flows 01 January 2017

IAS 12 - Income Taxes – Recognition of Deferred Tax Assets
for Unrealized Losses (Amendments) 01 January 2017

IFRS 4 - Insurance Contracts: Applying IFRS 9 Financial
Instruments with IFRS 4 Insurance Contracts –
(Amendments) 01 January 2018

IAS 40 - Investment Property: Transfers of Investment
Property (Amendments) 01 January 2018

IFRIC 22 - Foreign Currency Transactions and Advance
Consideration 01 January 2018

IFRIC 23 - Uncertainty over Income Tax Treatments 01 January 2019

The above standards and amendments are not expected to have any material impact on the Company’s
financial statements in the period of initial application.

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