CITIC Limited Half-Year Report 2019

40 CITIC Limited Half-Year Report 2019 For the six months ended 30 June 2019 2 Basis of preparation and changes in significant accounting policies (continued) (a) Basis of preparation (continued) The accounting policies adopted in the preparation of the Accounts are consistent with those adopted in the Company’s annual financial statements for the year ended 31 December 2018, except for the adoption of the following new standards and amendments: HKFRS 16 Leases (1) HK(IFRIC) 23 Uncertainty over Income Tax Treatments (2) HKFRS 9 (Amendments) Prepayment Features with Negative Compensation (2) HKAS 28 (Amendments) Long-term Interests in Associates and Joint Ventures (2) HKAS 19 (Amendments) Plan Amendment, Curtailment or Settlement (2) Annual Improvements to HKFRS Standards 2015-2017 Cycle (2) (1) The impact of the adoption of the new standards is disclosed in Note 2(b). (2) Adoption of the amendments and interpretation does not have a significant impact on the Accounts. The Group has not applied the following amendments to standards and new standards which are not yet effective for the financial year beginning on or after 1 January 2019 and which have not been early adopted in the Accounts: HKAS 28 and HKFRS 10 (Amendments) Sale or contribution of assets between an investor and its associate or joint venture (1) HKAS 1 and HKAS 8 (Amendments) Definition of Material (2) HKFRS 3 (Amendments) Revised Conceptual Framework for Financial Reporting (2) Definition of a Business (2) HKFRS 17 Insurance Contracts (3) (1) Originally effective for annual periods beginning on or after 1 January 2016. The effective date has not been determined. (2) Effective for the annual periods beginning on or after 1 January 2020. (3) Effective for the annual periods beginning on or after 1 January 2021. None of the above amendments to standards and new standards are expected to have a significant effect on the consolidated financial statements of the Group. Notes to the Consolidated Financial Statements