NTUC Income AR 2019

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 35. NEW STANDARDS AND INTERPRETATIONS NOT ADOPTED A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1 January 2019, and have not been applied in preparing these financial statements. The Group does not plan to adopt these standards early. These new standards include, among others, FRS 117 Insurance Contracts. FRS 117 is effective for years beginning on or after 1 January 2021, and is to be applied retrospectively. If full retrospective application to a group of contracts is impractical, the modified retrospective or fair value methods may be used. The standard will replace FRS 104 Insurance Contracts and will materially change the recognition and measurement of insurance contracts and the corresponding presentation and disclosures in the Company’s financial statements. As FRS 117, when effective, will change the existing accounting standards and guidance applied by the Group in accounting for financial instruments, these standards are expected to be relevant to the Group. For FRS 117, the Group is currently assessing the impact on the financial statements of the Group. 36. AUTHORISATION FOR ISSUE These financial statements were approved by the Board of Directors at a meeting held on 27 March 2020 and authorised for release on 27 March 2020. 150 HERE FOR SURE