A number of new standards, amendments to standards and interpretations are not yet effective for the year ended 28 February 2010, and have not been applied in preparing these consolidated financial statements. Those standards and interpretations which are applicable to the Group are presented below. 

The definition of a related party per IAS 24 has been amended to include that if an entity is identified as a related party in another entity’s financial statements then the other entity is also a related party in the aforementioned entity’s financial statements. This standard becomes mandatory for the Group’s 2012 financial statements, and may affect related party disclosure. 

In accordance with the amendments to IAS 27, acquisitions of additional non-controlling equity interests in subsidiaries have to be accounted for as equity transactions. Disposals of equity interests while retaining control are also accounted for as equity transactions. When control of an investee is lost, the resulting gain or loss relating to the transaction will be recognised in profit and loss. 

The amendments to IAS 27 also require that losses (including negative “other comprehensive income” as detailed in the revised IAS 1) have to be allocated to the non-controlling interest, even if doing so causes the non-controlling interest to be in a deficit position. The Group will in future change its accounting policies on the allocation of losses to non-controlling minority interests. In the past, losses would only have been allocated until the non-controlling interest had a zero balance (if applicable). 

This standard becomes mandatory for the Group’s 2011 financial statements. We do not foresee any material impact on the Group’s annual financial statements from the implementation of this amendment. 

An entity receiving goods or services (receiving entity) in either an equity-settled or a cash-settled share-based payment transaction is required to account for the transaction in its separate financial statements. This applies even if another Group entity or shareholder settles the transaction (settling entity) and the receiving entity has no obligation to settle the payment. The share-based payment transaction should be classified by each reporting entity as equity-settled or cash-settled from the respective entity. 

The revised IFRS 2 becomes mandatory for the Group’s 2011 financial statements and will have no effect on the Group annual financial statements. 

IFRS 3 applies to all new business combinations that occur after 1 January 2010. For these future business combinations, the Group will change its accounting policies to be in line with the revised IFRS 3. In future all transaction costs will be expensed and any contingent purchase consideration will be recognised at fair value at acquisition date. For successive share purchases, any gain or loss for the difference between the fair value and the carrying amount of the previously held equity interest in the acquiree will be recognised in the statement of comprehensive income. 

The revised IFRS 3 becomes mandatory for the Group’s 2011 financial statements. We do not foresee any material impact on the Group’s annual financial statements from the implementation of this statement. 

Under IFRS 9 there are two options in respect of the classification of financial assets, namely, financial assets measured at amortised cost or at fair value. Financial assets are measured at amortised cost when the business model is to hold assets in order to collect contractual cash flows and when they give rise to cash flows that are solely payments of principal and interest on the principal outstanding. All other financial assets are measured at fair value. 

The revised IFRS 9 becomes mandatory for the Group’s 2014 financial statements. The impact cannot be determined at this stage.