81 Finsbury Food Group Annual Report & Accounts 2017


Notes to the Company’s Financial Statements


Presentation of Financial Statements


Basis of Preparation of Consolidated Financial Statements The Group has adopted the following IFRSs in these Financial Statements:


• Clarification of Acceptable Methods of Depreciation and Amortisation – Amendments to IAS 16 and IAS 38 (effective date 1 January 2016) • Equity Method in Separate Financial Statements – Amendments to IAS 27 (effective date 1 January 2016) • Annual Improvements to IFRSs – 2012-2014 Cycle (effective date 1 January 2016)


The application of the above standards and interpretations has not had a material effect on the net assets, results and disclosures of the Group.


The IASB and the IFRIC have also issued the following standards and interpretations with an effective date after the date of these Financial Statements.


New Standards and Interpretations Endorsed but not yet Effective • IFRS 9 Financial Instruments – effective 1 January 2018 • IFRS 15 Revenue from Contracts with Customers – effective 1 January 2018


Work will begin in the new financial year to assess the impact of the new standards and interpretations on the Group’s Financial Statements.


New Standards and Interpretations not yet Endorsed and not yet Effective • IFRS 16 Leases – effective from 1 January 2019 • IFRS 2 Classification and Measurement of Share-based Payment Transactions – effective 1 January 2018 • Annual Improvements to IFRSs – 2014-2016 Cycle (effective date 1 January 2018) • IFRIC Interpretation 22 Foreign Currency Transactions and Advance Consideration (effective date 1 January 2018)


Work will begin in the new financial year to assess the impact of the new standards and interpretations on the Group’s Financial Statements.


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