Annual Report 2021

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2021 50 The United Laboratories International Holdings Limited Annual Report 2021 2. APPLICATION OF AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (Continued) New and amendments to HKFRSs in issue but not yet effective The Group has not early applied the following new and amendments to HKFRSs that have been issued but are not yet effective: HKFRS 17 Insurance Contracts and related Amendments 3 Amendments to HKFRS 3 Reference to the Conceptual Framework 2 Amendments to HKFRS 10 and HKAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture 4 Amendment to HKFRS 16 Covid-19-Related Rent Concessions beyond 30 June 2021 1 Amendments to HKAS 1 Classification of Liabilities as Current or Non-current and related amendments to Hong Kong Interpretation 5 (2020) 3 Amendments to HKAS 1 and HKFRS Practice Statement 2 Disclosure of Accounting Policies 3 Amendments to HKAS 8 Definition of Accounting Estimates 3 Amendments to HKAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction 3 Amendments to HKAS 16 Property, Plant and Equipment – Proceeds before Intended Use 2 Amendments to HKAS 37 Onerous Contracts – Cost of Fulfilling a Contract 2 Amendments to HKFRSs Annual Improvements to HKFRSs 2018 – 2020 2 1 Effective for annual periods beginning on or after 1 April 2021. 2 Effective for annual periods beginning on or after 1 January 2022. 3 Effective for annual periods beginning on or after 1 January 2023. 4 Effective for annual periods beginning on or after a date to be determined. Except for the amendments to HKFRSs mentioned below, the directors of the Company anticipate that the application of all other new and amendments to HKFRSs will have no material impact on the consolidated financial statements in the foreseeable future.