Note 2 - Adoption of New and Revised Standards

12 Months Ended

Mar. 31, 2018

Statement Line Items [Line Items]

Disclosure of changes in accounting policies [text block]

2 ADOPTION OF NEW AND REVISED STANDARDS

(a) New standards, amendments and interpretations

No

new standards, amendments or interpretations, effective for the

first

time for the financial year beginning on or after

April 1, 2018,

are expected to have a material impact on the group or parent company in fiscal

2019.

(b) New standards, amendments and interpretations

not

yet adopted

A number of new standards and amendments to standards and interpretations are effective for annual periods beginning after

April 1, 2018,

and have

not

been applied in preparing these financial statements.

None

of these is expected to have a significant effect on the financial statements of the group or parent company, except the following, set out below:

IFRS

9

Financial Instruments will replace IAS

39

Financial Instruments: Recognition and Measurement. It addresses the classification, measurement and derecognition of financial assets and financial liabilities. The new standard replaces the current multiple classification and measurement models for financial assets and liabilities with a single model that has only

two

classification categories: amortized cost and fair value. In

November 2013,

the IASB issued an amendment to IFRS

9

which includes a new hedge model that aligns accounting more closely with risk management as well as enhancements to the disclosures about hedge accounting and risk management. IFRS

9

has also been amended

not

to require the restatement of comparative period financial statements for the initial application of the classification and measuring requirements of IFRS

9,

but instead requires modified disclosures on transition to IFRS

9.

The IASB has deferred the effective date to annual periods beginning on or after

January 1, 2018

with early adoption permitted.

IFRS

9

also introduces the expected credit loss model for impairment of financial assets which replaces the incurred loss model used in IAS

39

“Financial instruments; recognition and measurement”. The Group has performed an initial impact assessment of IFRS

9

and does

not

expect to have a material effect on the financial statements given the Group’s credit risk management policies.

IFRS

15

Revenue from Contracts with Customers will replace all existing revenue standards including IAS

18

Revenue, IAS

11

Construction Contracts and related interpretations. IFRS

15

outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers, improves the comparability of revenue from contracts with customers, reduces the need for the development of case-by-case guidance for emerging revenue recognition issues, and improves disclosures about revenues. In

April 2016,

the IASB issued Clarifications to IFRS

15,

Revenue from Contracts with Customers, clarifying application of some of the more complex aspects of the standard. The IASB has deferred the effective date to annual periods beginning on or after

January 1, 2018

with early adoption permitted. IFRS

15

is based on a

five

step model framework and the principles of the standard are that revenue is recognized as the Group fulfils its performance obligations. The Group has performed an initial impact assessment of IFRS

15

and does

not

expect to have a material effect on the financial statements. Revenue recognition is unlikely to change significantly from the current recognition policy as set out in note

3.

IFRS

16

Leases will replace IAS

17

Leases and related interpretations. IFRS

16

eliminates the distinction between operating and finance leases and requires most leases to be recorded on the statement of financial position for lessees under a single model unless the lease term is

twelve

months or less or the underlying asset has a low value. Lessor accounting remains largely unchanged and the distinction between operating and finance leases is retained. The IASB has an effective date for annual periods beginning on or after

January 1, 2019

with early adoption permitted if IFRS

15

Revenue from Contracts with Customers has also been applied. The Company is currently assessing the impact of adopting this standard on its consolidated financial statements.