Page 78 - ar2013

2 Basis of preparation and significant accounting policies (Continued)

Adoption of standards and amendments

On 1 January 2013, the Group has adopted the following standards and amendments which are relevant to the Group’s

operations and are mandatory for the year ended 31 December 2013:

Amendments to HKFRS 7

Disclosures - Offsetting Financial Assets and Financial Liabilities

HKFRS 10

Consolidated Financial Statements

HKFRS 11

Joint Arrangements

HKFRS 12

Disclosure of Interests in Other Entities

HKFRS 13

Fair Value Measurement

Amendments to HKAS 1

Presentation of Items of Other Comprehensive Income

HKAS 19 (2011)

Employee Benefts

HKAS 27 (2011)

Separate Financial Statements

HKAS 28 (2011)

Investments in Associates and Joint Ventures

Annual Improvements

2009 – 2011 Cycle

Amendments to HKFRS 10,

Consolidated Financial Statements, Joint Arrangements and Disclosure

HKFRS 11 and HKFRS 12

of Interests in Other Entities: Transition Guidance

Except as described below, the adoption of the above standards and amendments have no material effects on the results and

fnancial position of the Group.

The adoption of HKAS 19 (2011) “Employee Benefts” on 1 January 2013 has retrospective effect. The revised standard

calculates interest expense/income by applying the discount rate to the net defned beneft liability/asset. This replaces the

interest cost on the defned beneft obligation and the expected return on plan assets. The effects on adoption of the revised

standard were as follows:

Consolidated income statement

2013

2012

HK$’000

Increase in cost of services rendered

51,415

45,340

Increase in staff costs

6,889

6,174

Decrease in proft attributable to unitholders of HPH Trust

58,304

51,514

HK cents

Decrease in earnings per unit attributable to unitholders of HPH Trust

0.67

0.59

NOTES TO

THE ACCOUNTS

HUTCHISON PORT HOLDINGS TRUST

76