The consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards (“IFRSs”) as issued by the International Accounting Standards
Board (“IASB”) and interpretations of the International Financial Reporting Issues Committee (“IFRIC”). The principal
accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently
applied to all years presented, unless otherwise stated.
These consolidated financial statements have been prepared on
a historical cost basis, modified where applicable. In addition, these consolidated financial statements have been prepared using the
accrual basis of accounting except for cash flow information.
Amendments to IFRSs that are mandatorily effective for the
current year
The Group has adopted the following amendments to IFRSs for the
first time for the current year’s consolidated financial statements.
| Amendments to IFRS 16 |
|
Lease Liability in a Sale and Leaseback |
| Amendments to IAS 1 |
|
Classification of Liabilities as Current or Non-current (the “2020
Amendments”) |
| Amendments to IAS 1 |
|
Non-current Liabilities with Covenants (the “2022 Amendments”) |
| Amendments to IAS 7 and IFRS 7 |
|
Supplier Finance Arrangements |
The nature and the impact of the amendments to IFRSs that are
applicable to the Group are described below:
| (a) | Amendments to IFRS 16 specify the requirements that a seller-lessee uses in measuring the lease liability
arising in a sale and leaseback transaction to ensure the seller-lessee does not recognize any amount of the gain or loss that relates
to the right of use it retains. Since the Group has no sale and leaseback transactions with variable lease payments that do not depend
on an index or a rate occurring from the date of initial application of IFRS 16, the amendments did not have any impact on the financial
position or performance of the Group. |
| (b) | The 2020 Amendments clarify the requirements for classifying liabilities as current or non-current, including
what is meant by a right to defer settlement and that a right to defer must exist at the end of the reporting period. Classification of
a liability is unaffected by the likelihood that the entity will exercise its right to defer settlement. The amendments also clarify that
a liability can be settled in its own equity instruments, and that only if a conversion option in a convertible liability is itself accounted
for as an equity instrument would the terms of a liability not impact its classification. The 2022 Amendments further clarify that, among
covenants of a liability arising from a loan arrangement, only those with which an entity must comply on or before the reporting date
affect the classification of that liability as current or non-current. Additional disclosures are required for non-current liabilities
that are subject to the entity complying with future covenants within 12 months after the reporting period. |
The Group has reassessed the terms and conditions of its liabilities
as at April 1, 2023 and 2024 and concluded that the classification of its liabilities as current or non-current remained unchanged upon
initial application of the amendments. Accordingly, the amendments did not have any impact on the financial position or performance of
the Group.
| (c) | Amendments to IAS 7 and IFRS 7 clarify the characteristics of supplier finance arrangements and require
additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements
in understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk.
As the Group does not have supplier finance arrangements, the amendments did not have any impact on the Group’s consolidated financial
statements. |
The adoption of the above amendments to IFRSs has had no significant
financial effect on this financial information. Other than above mentioned, the accounting policies adopted in the preparation of the
financial information are consistent with those used in the annual financial statements for the year ended March 31, 2024.
New and amendments to IFRSs issued but not yet effective
The following new standard, amendments to existing standards
and annual improvements have been issued, but are not effective for the financial year beginning on April 1, 2024 and have not been early
adopted:
| IFRS 18 |
|
Presentation and Disclosure in Financial Statements3 |
| IFRS 19 |
|
Subsidiaries without Public Accountability: Disclosures3 |
| Amendments to IFRS 9 and IFRS 7 |
|
Amendments to the Classification and Measurement of Financial Instruments2 |
| Amendments to IFRS 9 and IFRS 7 |
|
Contracts Referencing Nature-dependent Electricity2 |
|
Annual Improvements to IFRS Accounting Standards - Volume 11 |
|
Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 72 |
| Amendments to IFRS 10 and IAS 28 |
|
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture4 |
| Amendments to IAS 21 |
|
Lack of Exchangeability1 |
1 Effective for annual periods beginning on or after
1 January 2025
2 Effective for annual periods beginning on or after
1 January 2026
3 Effective for annual/reporting periods beginning
on or after 1 January 2027
4 No mandatory effective date yet determined but available
for adoption
The directors of the Group anticipate that the application of
all the new and amendments to IFRSs will have no material impact on the Group’s financial positions and performance and/or on the
disclosures to the Group in the foreseeable future.
|