WILLAS-ARRAY ELECTRONICS (HOLDINGS) LIMITED
68
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED MARCH 31, 2016
1.
GENERAL
Willas-Array Electronics (Holdings) Limited (the “Company”) is incorporated in Bermuda on August
3, 2000 as an exempted company with limited liability under the Companies Act 1981 of Bermuda
with its registered office at Canon’s Court, 22 Victoria Street, Hamilton HM12, Bermuda. Its
principal place of business is at 24/F, Wyler Centre Phase 2, 200 Tai Lin Pai Road, Kwai Chung,
New Territories, Hong Kong. The ordinary shares of the Company are listed on the Main Board of
Singapore Exchange Securities Trading Limited (the “SGX-ST”) and the Main Board of The Stock
Exchange of Hong Kong Limited (the “SEHK”). The consolidated financial statements are presented
in Hong Kong dollars (“HK$”) which is also the functional currency of the Company.
The principal activity of the Company is investment holding.
The principal activities of the subsidiaries are disclosed in Note 20 to the financial statements.
The consolidated financial statements of the Group and the statement of financial position
and statement of changes in equity of the Company for the year ended March 31, 2016 were
authorised for issue by the Board of Directors on May 27, 2016.
2.
APPLICATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS
The Group has applied the following amendments to International Financial Reporting Standards
(“IFRS”) and a new interpretation issued by the International Accounting Standards Board for the
first time in the current year:
Amendments to IAS 19
Defined Benefit Plans: Employee Contributions
Amendments to IFRSs
Annual Improvements to HKFRSs 2010 – 2012 Cycle
Amendments to IFRSs
Annual Improvements to HKFRSs 2011 – 2013 Cycle
The application of these amendments to IFRSs in the current year has no material impact on the
Company’s financial position and Group’s financial performance and positions for the current and
prior years and/or on the disclosures set out on their set out in this financial statements.
The Group has not early applied the following new and revised IFRSs that have been issued but are
not yet effective:
IFRS 9
Financial Instruments
1
IFRS 14
Regulatory Deferral Accounts
2
IFRS 15
Revenue from Contracts with Customers
1
IFRS 16
Leases
4
Amendments to IFRS 11
Accounting for Acquisitions of Interests in Joint Operations
3
Amendments to IAS 1
Disclosure Initiative
3
