IREIT Global.
annual report 2014
For the reporting period from 1 November 2013 (date of constitution) to 31 December 2014
Notes to the
Financial Statements
2.
SIGNIFICANT ACCOUNTING POLICIES
(Continued)
(a) Basis of preparation of financial statements
(Continued)
In addition, for financial reporting purposes, fair value measurements are categorised into
Level 1, 2, or 3 based on the degree to which the inputs to the fair value measurements are
observable and the significance of the inputs to the fair value measurement in its entirety,
which are described as follows:
•
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets
or liabilities that the entity can access at the measurement date;
•
Level 2 inputs are inputs, other than quoted prices included within Level 1, that are
observable for the asset or liability, either directly or indirectly; and
•
Level 3 inputs are unobservable inputs for the asset or liability.
NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS
At the date of authorisation of these financial statements, the following IFRSs and
amendments to IFRS that are relevant to the Group were issued but not effective:
IFRS 9
Financial Instruments
1
IFRS 15
Revenue from Contracts with Customers
2
Amendments to IAS 1
Disclosure Initiative
3
Amendment to IFRSs
Annual Improvements to IFRSs 2011-2013 Cycle
4
Amendment to IFRSs
Annual Improvements to IFRSs 2012-2014 Cycle
3
Amendments to IAS 27
Equity Method in Separate Financial Statements
3
1 Effective for annual periods beginning on or after 1 January 2018
2 Effective for annual periods beginning on or after 1 January 2017
3 Effective for annual periods beginning on or after 1 January 2016
4 Effective for annual periods beginning on or after 1 July 2014
IFRS 9 Financial Instruments
IFRS 9 issued in November 2009 introduced new requirements for the classification and
measurement of financial assets. IFRS 9 was subsequently amended in October 2010 to
include the requirements for the classification and measurement of financial liabilities
and for derecognition, and in November 2013 to include the new requirements for general
hedge accounting. Another revised version of IFRS 9 was issued in July 2014 mainly to
include a) impairment requirements for financial assets and b) limited amendments to
the classification and measurement requirements by introducing a “fair value through
other comprehensive income” (FVTOCI) measurement category for certain simple debt
instruments.
