Annual Report 2021

CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED 88 Notes to the Consolidated Financial Statements For the year ended 31 December 2021 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 on 1 January 2021 and have not been early adopted by the Group Effective for annual periods beginning on or after HKFRS 17 Insurance Contracts and the related Amendments 1 January 2023 Amendments to HKFRS 3 Reference to the Conceptual Framework 1 January 2022 Amendments to HKFRS 10 and HKAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Note Amendment to HKFRS 16 COVID-19-Related Rent Concessions beyond 30 June 2021 1 April 2021 Amendments to HKAS 1 Classification of Liabilities as Current or Non-current and related amendments to Hong Kong Interpretation 5 (2020) 1 January 2023 Amendments to HKAS 1 and HKFRS Practise Statement 2 Disclosure of Accounting Policies 1 January 2023 Amendments to HKAS 8 Definition of Accounting Estimates 1 January 2023 Amendments to HKAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction 1 January 2023 Amendments to HKAS 16 Property, Plant and Equipment - Proceeds before Intended Use 1 January 2022 Amendments to HKAS 37 Onerous Contracts - Costs of Fulfilling a Contract 1 January 2022 Amendments to HKFRSs Annual Improvements to HKFRSs 2018 - 2020 1 January 2022 Note: Effective for annual periods beginning on or after a date to be determined. The directors of the Company anticipate that the application of the new and amendments to HKFRSs will have no material impact on the consolidated financial statements in the foreseeable future.