Annual Report 2022

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2022 52 The United Laboratories International Holdings Limited Annual Report 2022 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 (including the October 2020 and February 2022 Amendments to HKFRS 17) Insurance Contracts 1 Amendments to HKFRS 10 and HKAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture 2 Amendments to HKFRS 16 Lease Liability in a Sale and Leaseback 3 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 Non-current Liabilities with Covenants 3 Amendments to HKAS 1 and HKFRS Practice Statement 2 Disclosure of Accounting Policies 1 Amendments to HKAS 8 Definition of Accounting Estimates 1 Amendments to HKAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction 1 1 Effective for annual periods beginning on or after 1 January 2023. 2 Effective for annual periods beginning on or after a date to be determined. 3 Effective for annual periods beginning on or after 1 January 2024. 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.