On January 1, 2019, the Company adopted new standards with respect to IFRIC
23 - Uncertainty over Income Tax Treatments and Amendment to IAS 28 - Long-term Interests in Associates and Joint Ventures.
The Group has retrospectively applied IFRIC
23 from 1 January 2019 recognising the cumulative effect of initially applying the interpretation as decreases to income tax payable of $51m and to trade and other payables of $3m, and a corresponding adjustment to the opening balance of retained earnings of $54m.
The status of all FASB -- IASB projects was reviewed as well as the latest updates in IFRS and International Financial Reporting Interpretations Committee (IFRIC
Philippine Interpretation IFRIC
15, Agreements for the Construction of Real Estate, covers accounting for revenue and associated expenses by entities that undertake the construction of real estate directly or through subcontractors.
With new directives around IFRIC
on the horizon, reward programmes need to stop the 'wasting of points' trend of yesterday by meeting or exceeding consumer expectations for tomorrow.
It is important to stay up to date on the recent pronouncements and current IASB and IFRIC
projects and ensure that finance executives are aware of changes as they occur.
Restated in accordance with IFRIC
15, revenues were SEK12.603bn for the year, as compared with SEK12.48bn in 2012.