Annual Report 2019

122 CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED Notes to the Consolidated Financial Statements For the year ended 31 December 2019 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.1 Basis of preparation (continued) (ii) New and amendments to HKFRSs in issue but are not yet effective for the financial year beginning 1 January 2019 and have not been early adopted by the Group Effective for annual periods beginning on or after (Note a) HKFRS 17 Insurance Contracts 1 January 2021 Amendments to HKFRS 3 Definition of a Business Note (b) Amendments to HKFRS 10 and HKAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Note (c) Amendments to HKAS 1 and HKAS 8 Definition of Material 1 January 2020 Amendments to HKFRS 9, HKAS 39 and HKFRS 7 Interest Rate Benchmark Reform 1 January 2020 Notes: (a) Early application permitted for these new standards or amendments to existing standards. (b) Effective for business combinations and asset acquisitions for which the acquisition date is on or after 1 January 2020. (c) Effective for annual periods beginning on or after a date to be determined. In addition to the above new and amendments to HKFRSs, a revised Conceptual Framework for Financial Reporting was issued in 2018. Its consequential amendments, the “Amendments to References to the Conceptual Framework in HKFRS Standards”, will be effective for annual periods beginning on or after 1 January 2020. The Group is assessing the impact of these new and amended standards. The Group will apply these new and amended HKFRSs, when they become effective in respective annual periods. Other than as set out below, the directors of the Company do not anticipate that the application of other new and amendments to HKFRSs will have material impact to the consolidated financial statements in the foreseeable future.